The Union Budget 2020 introduced a new personal tax regime in addition to the existing Old Tax Regime for individual taxpayers. However, the New Tax Regime is optional. To put it simply, the assessee can choose between the New Tax Regime and the Old Tax Regime depending on what is best suitable from a tax planning point of view. The Income Tax Department has provided help for making a comparison between old and new tax regime and  is available on the website: https://www.incometaxindiaefiling.gov.in/Tax_Calculator/index.html?lang=eng  where you can input the total income (before exemptions and deductions) and the total exemptions and deductions separately […]

If you want to file your Income Tax return on your own, you can do it; 1. If you are a first-time return-filer, register yourself on the income tax department‘s official e-filing portal www.incometaxindiaefiling.gov.in. Your permanent account number (PAN) acts as your user ID. 2. Keep key documents handy, including the Form 16, Form 26AS (tax credit statement), bank statements, copy of return filed last year, capital gains statement from mutual funds and brokers. 3. Go to the ‘Download’ tab to download the ITR preparation software (JAVA or Excel utility) for the relevant assessment year (Current one is 2018-19). 4. […]