ITR-1 Return Filing in Kochi
Income tax return filing for an individual with salary income of less than Rs.5 lakhs.
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ITR-1 Return Filing in Kochi
ITR 1 filing in Kochi is to be done by the individuals whose income is not more than Rs.50 Lakh in a financial year. Taxpayers filing ITR 1 in Kochi can opt for Existing as well as New Tax regime. The taxpayers can now choose between the old and the new tax regime. The decision has to be taken at the beginning of the financial year.
Income tax rates according for ITR 1 return filing in Kochi under the old tax regime are
For individuals up to the age of 60 years
| Taxable Income | Income Tax Rate |
| Up to INR 2,50,000 | Nil |
| Rs. 2,50,000- Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
For Individuals ageing between 60-80 years (Senior Citizen)
| Taxable Income | Income Tax Rate |
| Up to INR 3,00,000 | Nil |
| INR 3,00,000 - INR5,00,000 | 5% |
| INR 5,00,000 – INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
For individuals above 80 years of age (Super Senior Citizen)
| Taxable Income | Income Tax Rate |
| Up to INR 5,00,000 | Nil |
| INR 5,00,000 – INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
Under the new tax regime, the taxpayer has an option to choose either to file the ITR in Kochi at a lower interest rate under the New Tax Regime on a condition that they are forgoing certain permissible exemptions and deductions that are available under the current Income tax regime. Or pay taxes under the current tax regime and avail the rebates and the benefits.
The Income tax rates under the New Tax Regime for ITR 1 filing by individuals and HUFs is as follows:
| Income Slab | New regime tax slab rate(Applicable for all individuals and HUF) |
| Up to INR 2,50,000 | Nil |
| INR 2,50,000 - 3,00,000 | 5% (Tax rebate u/s 87 a is available) |
| INR 3,00,000 - 5,00,000 | 5% (Tax rebate u/s 87 a is available) |
| INR 5,00,000 - 7,50,000 | 10% |
| INR 7,50,000 - 10,00,000 | 15% |
| INR 10,00,000 - 12,50,000 | 20% |
| INR 12,50,000 - 15,00,000 | 25% |
| More than INR 15,00,000 | 30% |
Conditions for Option New Tax Regime in Kochi
The taxpayer that is opting for the concessional rates in the new tax regimes will have to give up the exemptions and the deduction that can be availed in the existing old tax regime. In total there are 70 deductions and exemptions that are not allowed. Here we have listed some of them below:
