Income Tax Return (ITR) 1 Filing Form 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

For Individuals ageing between 60-80 years (Senior Citizen)

For individuals above 80 years of age (Super Senior Citizen)

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:

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:

• Leave Travel Allowance (LTA)
• House Rent Allowance (HRA)
• Conveyance Allowance
• Daily expenses in the course of employment
• Relocation allowance
• Helper allowance
• Children education allowance
• Other special allowances
• Standard deduction on the Salary
• Professional Tax
• Interest on housing loans (Section 24)
• Deduction under Chapter VI-A deduction ( 80C, 80D, 80 E and so on) (Except Section 80 CCD (2))