Key Changes in Income Tax Return Forms for A.Y. 2022-23 - An Introduction

The Central Board of Direct Taxes (CBDT) vides a Notification dated 30^th March 2022 has notified the Income-tax (Fourth Amendment) Rules, 2022. With this amendment, CBDT notified five income tax return (ITR) forms for the assessment year 2022-23 for the Assessment Year (AY) 2022-23 relevant to the financial year (FY) 2021-22. The new ITR forms for the financial year 2022-23 seek details of more disclosures, including details of investment in unincorporated entities, and income from overseas retirement benefit accounts from taxpayers.The CBDT has well in advance notified the Income-tax Return (ITR) Forms for the AY 2022-23 vide Notification No. 21/2022 dated 30-03-2022 & Notification No. 23/2022 dated 01-04-2022. There are various changes in the disclosure requirements in the new ITR Forms.CBDT has so far notified the new ITR forms, from ITR Form 1 to ITR Form 7. Largely all the ITR forms have been kept unchanged from the last year, except few small changes. This timely notification will provide enough time for assesses to collate the information required to be disclosed for the year starting April 1. This also ensures that tax authorities have enough time to develop utility for the ITR forms, ensuring no last-minute glitches.Income of FY 2021-22 will be accessed in AY 2022-23.All ITR forms will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding 2.5 lakh a year.

Amendment in Rule 12 - Manner of filing ITR

There is no change in the manner of filing ITR Forms as compared to last year. CBDT has amended Rule 12 of the Income Tax Rules, 1962 to incorporate the changes related to ITR forms for the AY 2022-23.Rule 12 of Income Tax Rules, 1962 prescribes the manner of filing the income tax return in ITR. The following amendments are notified for the ITR forms ITR-1 to ITR-6 for the AY 2022-23

In Rule 12(1), the year '2022' is replaced for the figure '2021' to make the changes applicable for AY 2022-23.

In Rule 12(5), the year '2021' is replaced for the figure '2020' to make the ITR forms applicable for the AY 2021-22 or earlier assessment years which were notified for respective years.
This amended rule shall come into force with effect from the 1^st day of April 2022.
New ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, and ITR-V have been substituted for the AY 2022-23.

Though ITR forms for the AY are notified, no utility on the e-filing portal is yet given for the online filing of the return.

Accounting for crypto-currency tax

In the budget 2022, finance minister introduced TDS on digital currency transactions and adequate changes where expected in ITR for reporting of the same.However, "the forms do not mention about taxation for crypto-currencies at all. Hence, there is still ambiguity about how the incomes from cryptos shall be reported for FY 2021-22

These additional disclosure requirements would result in more comprehensive disclosure in the income tax return forms leading to reduced instances of scrutiny cases.

Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, HUF, company, etc.

What is Income Tax Return (ITR)?

ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed. As stated earlier, Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:

1. If your gross annual income is more than the basic exemption limit as specified below-

Particulars	Amount
For individuals below 60 years	2.5 Lakh
For individuals above 60 years but below 80 years	3.0 Lakh
For individuals above 80 years	5.0 Lakh

2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.

Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:

Have deposited an aggregate amount of more than 1 crore in one or more current bank accounts; or
Have incurred an aggregate expenditure of more than 2 lakh on foreign travel for self or any other person; or
Have incurred an expenditure aggregate of more than 1 lakh towards electricity consumption.

Applicability- Which ITR to file?

ITR Form	Applicable to	Salary	House Property	Business Income	Capital Gains	Other Sources	Exempt Income	Lottery Income	Foreign Assets/Foreign Income	Carry Forward Loss
ITR 1 / Sahaj	Individual, HUF (Residents)	Yes	Yes(One House Property)	No	No	Yes	Yes (Agricultural Income less than 5,000)	No	No	No
ITR 2	Individual, HUF	Yes	Yes	No	Yes	Yes	Yes	Yes	Yes	Yes
ITR 3	Individual or HUF, partner in a Firm	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
ITR 4	Individual, HUF, Firm	Yes	Yes(One House Property)	Presumptive Business Income	No	Yes	Yes (Agricultural Income less than 5,000)	No	No	No
ITR 5	Partnership Firm/ LLP	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
ITR 6	Company	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
ITR 7	Trust	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Form to be used by a taxpayer to file the Income-tax return for the assessment year 2022-23

Nature of income	ITR 1*	ITR 2	ITR 3	ITR 4 *
Salary Income
Income from salary/pension (for ordinarily resident person)	Yes	Yes	Yes	Yes
Income from salary/pension (for not ordinarily resident and non-resident person)	No	Yes	Yes	No
Any individual who is a Director in any company	No	Yes	Yes	No
If payment of tax in respect of ESOPs allotted by an eligible start-up has been deferred	No	Yes	Yes	No
Income from House Property
Income or loss from one house property (excluding brought forward losses and losses to be carried forward)	Yes	Yes	Yes	Yes
Individual has brought forward loss or losses to be carried forward under the head House Property	No	Yes	Yes	No
Income or loss from more than one house property	No	Yes	Yes	No
Income from Business or Profession
Income from business or profession	No	No	Yes	No
Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for person resident in India)	No	No	No	Yes
Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for not ordinarily resident and non-resident person)	No	No	Yes	No
Interest, salary, bonus, commission or share of profit received by a partner from a partnership firm	No	No	Yes	No
Capital Gains
Taxpayer has held unlisted equity shares at any time during the previous year	No	Yes	Yes	No
Capital gains/loss on sale of investments/property	No	Yes	Yes	No
Capital Gains
Family Pension (for ordinarily resident person)	Yes	Yes	Yes	Yes
Family Pension (for not ordinarily resident and non-resident person)	No	Yes	Yes	No
Income from other sources (other than income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head)	Yes	Yes	Yes	Yes
Income from other sources (including income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head)	No	Yes	Yes	No
Dividend income exceeding 10 lakhs taxable under Section 115BBDA	No	Yes	Yes	No
Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under Section 115BBE	No	Yes	Yes	No
Person claiming deduction under Section 57 from income taxable under the head 'Other Sources' (other than deduction allowed from family pension)	No	Yes	Yes	No

Nature of income	ITR 1*	ITR 2	ITR 3	ITR 4 *
Deductions
Person claiming deduction under section 10AA or Part-C of Chapter VI-A	No	No	Yes	No
Total Income
Agricultural income exceeding 5,000	No	Yes	Yes	No
Total income exceeding 50 lakhs	No	Yes	Yes	No
Assessee has any brought forward losses or losses to be carried forward under any head of income	No	Yes	Yes	No
Computation of Tax liability
If an individual is taxable in respect of an income but TDS in respect of such income has been deducted in hands of any other person (i.e., clubbing of income, Portuguese Civil Code, etc.)	No	Yes	Yes	No
Claiming relief of tax under sections 90, 90A or 91	No	Yes	Yes	No
Others
Assessee has: Income from foreign sources Foreign Assets including financial interest in any foreign entity Signing authority in any account outside India	No	Yes	Yes	No
Income has to be apportioned in accordance with Section 5A	No	Yes	Yes	No
If the tax has been deducted on cash withdrawal under Section 194N	No	Yes	Yes	Yes
* ITR-1 can be filed by an Individual only who is ordinarily resident in India. ITR-4 can be filed only by an Individual or HUF who is ordinarily resident in India and by a firm (other than LLP) resident in India.
Other Assessees

Status of Assessee	ITR 4	ITR 5	ITR 6	ITR 7
Firm (excluding LLPs) opting for presumptive taxation scheme of section 44AD, 44ADA or 44AE	Yes	No	No	No
Firm (including LLPs)	No	Yes	No	No
Association of Persons (AOPs)	No	Yes	No	No
Body of Individuals (BOI)	No	Yes	No	No
Local Authority	No	Yes	No	No
Artificial Juridical Person	No	Yes	No	No
Companies other than companies claiming exemption under Section 11	No	No	Yes	No
Persons including companies required to furnish return under: § Section 139(4A); § Section 139(4B); § Section 139(4C); § Section 139(4D);	No	No	No	Yes
Business Trust	No	Yes	No	No
Investment Fund as referred to in Section 115UB	No	Yes	No	No

Synopsis of Income-tax (Fourth Amendment) Rules, 2022-Changes in the ITR Forms for AY 2022-23

No new condition has been added to squeeze the applicability of simple ITR forms (ITR 1 and ITR 4) to existing small taxpayers. The new ITR forms seek additional disclosures of the date of purchase and sale of land and building. An individual has to choose the suitable option in support of his selection of a residential status, i.e., an individual has to choose one out of four options if he is an ordinarily resident in India. Many changes in the ITR forms are consequential to the amendments made by the Finance Act 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.The CBDT Vide its notification no 21/2022 dated 30/03/2022 has notified the Income-tax Return (ITR) Forms ('New ITR Forms') for the Assessment Year 2022-23 [Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Acknowledgement]. There are many changes in the ITR forms which are consequential to the amendments made by the Finance Act 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The information in the database of the income tax department has increased drastically and so are the reporting requirements of the reporting in the ITR forms. Artificial intelligence is going to play a vital role in tax administration. Taxpayers need to be all the more careful and cautious while filing the income tax returns.

(1). Category of Pensioners

forms, for Nature of Employment, an individual receiving pension had to choose the option of 'Pensioners'. In new ITR forms, the following options have been incorporated for pensioners:

Pensioners - Central Government,
Pensioners - State Government,
Pensioners - Public Sector Undertaking and
Pensioners - Others.

(2). Residential status in India ITR

Part-A General: residential Status: More selection criteria provided to choose [ITR 2&3].The income tax rules and perks of NRI are different from those applicable to resident Indians. For example, from the financial year 2017-18, ITR 1 is not available for non-residents. NRIs are supposed to file returns in ITR 2 in all cases, except for business income. NRIs with business income are supposed to file returns in ITR 3.If you lived outside India in the last Financial Year, whether your income will be taxed in India or not depends upon your residential status.Determining the residential status of an individual in India is quite a tedious exercise. The new ITR forms give a suitable description of different clauses due to which the residential status is determined. These options are self-explanatory. The assessee has to choose the relevant option in support of his selection of residential status.For a resident, their Global income is taxable in India.For NRIs, income earned within India is taxable income. If you earned interest on an NRE account and an FCNR account is non-taxable in India. But interest earned on an NRO account is taxable in India for an NRI. Income that is earned outside India is not taxable income in India.Examples of Income earned and are taxable income in India:

Salary received in India
Salary for service provided in India
Income from Indian house property(Rental)
Capital gains on transfer of Indian assets(sale of property etc)
Income from Fixed Deposits
Interest on the savings bank account

New ITR forms give a suitable description of different clauses due to which the residential status is determined. The assessee has to choose the relevant option in support of his selection of a residential status. The following options are available for selection:

Resident and Ordinarily Resident

You were in India for 182 days or more during the previous year [Section 6(1)(a)];
You were in India for 60 days or more during the previous year, and have been in India for 365 days or more within the 4 preceding years [section (6)(1)(c)] [where Explanation 1 to section 6 is not applicable];
You are a citizen of India, who left India, for the purpose of employment, as a member of the crew of an Indian ship and were in India for 182 days or more during the previous year and 365 days or more within the preceding 4 years [Explanation 1(a) of section (6)(1)(c)];
You are a citizen of India or a person of Indian origin and have come on a visit to India during the previous year and were in India for:
182 days or more during the previous year and 365 days or more within the preceding 4 years; or
120 days or more during the previous year and 365 days or more within the preceding 4 years if the total income, other than income from foreign sources, exceeds 15 lakh.

Resident but not Ordinarily Resident

You have been a non-resident in India in 9 out of 10 preceding years [section 6(6)(a)];
You have been in India for 729 days or less during the 7 preceding years [section 6(6)(a)];
You are a citizen of India or person of Indian origin, who comes on a visit to India, having total income, other than the income from foreign sources, exceeding 15 lakh and have been in India for 120 days or more but less than 182 days during the previous year [section 6(6)(c)];
You are a citizen of India having total income, other than the income from foreign sources, exceeding 15 lakh during the previous year and not liable to tax in any other country or territory by reason of your domicile or residence or any other criteria of similar nature [section 6(6)(d) read with section 6(1A)].

Non-Resident

If individual declares that he is a non-resident in India during the previous year, he has to disclose the following information (same as in old ITR Forms):
Jurisdiction(s) of residence during the previous year and Taxpayer Identification Number;
If he is a Citizen of India or a Person of Indian Origin (POI), he has to specify:
Total period of stay in India during the previous year (in days); and
Total period of stay in India during the 4 preceding years (in days).

(3). Reporting of Interest Income from EPF

The Finance Act 2021 has amended Sections 10(11) and 10(12) to provide that no exemption shall be allowed in respect of interest income accrued during the previous year in the recognized and statutory provident fund to the extent it relates to the amount or the aggregate of amounts of the contribution made by the employee exceeding 2,50,000 in any previous year on or after 01-04-2021.

The interest income accruing in respect of the employee's contribution over 2,50,000 shall be taxable under the head of “income from other sources”. However, if such person has contributed to a fund in which there is no contribution by the employer, the limit of 2,50,000 shall be increased to 5,00,000. The method for the computation of such interest income has been prescribed in Rule 9D. In This respect EPFO office issued one guideline/ clarification on dated 05/04/2022, regarding manner of calculation and deduction of taxable interest relating to contribution in a provident fund exceeding specified limit.

You may be aware that if an employee contribution crosses more than 2,50,000 a year (financial year), then interest accrued on such additional contribution is taxed as an “Income from Other Sources”. Now onwards, you have to declare such interest income on yearly basis and pay the tax.However, if such a person has contributed to a fund in which there is no contribution by the employer, the limit of 2,50,000 shall be increased to 5,00,000.In the new ITR forms, the Schedule OS (Other Sources) has been amended to incorporate the reporting requirement of such interest income from EPF contributions [ITR 2 & 3].

(4). Additional disclosure in case of Capital Gains [ITR 2, 3, 5 & 6]

New ITR Forms require the following additional disclosures in the Schedule CG (Capital Gains) both Long term and Short term

Date of purchase and sale of land/building
If there is any income arising from the transfer of land or building is taxable under the head of 'Capital Gains'. It will be mandatory to furnish the date of purchase and date of sale of such land or building in the ITR. This additional disclosure would enable the taxman to verify the eligibility of the assessee to claim of exemption under Section 54, 54EC and 54F of the Income-tax Act, 1961 ('the Act').
Country and Zip Code if the property is situated in a foreign country
It was mandatory to furnish in the ITR forms the details of the buyers and the address of the property transferred. The new ITR Forms now require the Country Code and ZIP Code as well if the property is situated outside India.
Disclosure of Fair Market Value (FMV) of capital assets and consideration received in a slump sale transaction
As per amended provision of section 50B vide Finance Act 2021 in case of a slump sale, the Fair Market Value (FMV) of undertaking or division transferred shall be deemed as the full value of the consideration received or accruing as a result of the transfer of such capital asset. CBDT vide its Notification NO 68 dated 24-05-2021 has inserted a new Rule 11UAE. It provides that the higher of the following on the date of slump sale shall be deemed as Full value of consideration:

Fair Market Value of the capital assets transferred by way of slump sale; or
Fair Market Value of the consideration received or accruing due to transfer by way of slump sale.

The new ITR forms require reporting of the FMVs calculated as per Rule 11UAE.

Year-wise details of the cost of improvement to land/building
It is required to give year-wise details of the cost of improvement (if any) incurred on the land/building transferred during the relevant year. The new ITR forms ask for the following additional details from the taxpayers:

Cost of improvement;
Year of improvement; and
Cost of improvement with indexation.

Separate disclosure of cost of acquisition and indexed cost of acquisition.
Earlier the assessee was required to disclose only the indexed cost of acquisition of property transferred. Now as per new ITR Forms assessee required to mention both the 'cost of acquisition' and the 'indexed cost of acquisition'
Further, new ITR 5 has been suitably amended for disclosure of deduction allowable u/s 48(iii) in respect of the capital gains of firm u/s 45(4).
Deduction in respect of capital gains charged under Section 45(4) which is attributable to assets, remained with firm [ITR 5]The Finance Act 2021 has made the partnership firm liable to pay tax on the business income or the capital gains arising from the transfer of assets to the partner on dissolution or reconstitution of the firm. The computation of income from such distribution shall be made as per Section 9B and Section 45(4). Section 48(iii) allows an additional deduction for the capital gains charged to tax under section 45(4), which is attributable to the capital asset remaining with the firm. The CBDT has inserted Rule 8AB to prescribe the manner in which such attributable amount is to be computed.The new ITR 5 has amended Schedule CG (Capital Gains) to disclose the deduction allowable under Section 48(iii) in respect of the capital gains charged to tax under section 45(4), which is attributable to the capital asset remaining with the firm.

(5). Reporting of tax-deferred on ESOP: [ITR 2 & 3]

An employee can defer the payment or deduction of tax in respect of shares allotted under ESOP (specified securities or sweat equity shares) by an eligible start-up referred under Section 80-IAC. The tax is paid or deducted in respect of such ESOPs within 14 days from the earliest of the following period:

After the expiry of 48 months from the end of the assessment year relevant to the financial year in which ESOPs are allotted;
From the date the assessee ceases to be an employee of the organization; or
From the date of sale of shares allotted under ESOP.

The Part B of Schedule TTI (Total Taxable Income-Computation of tax liability on total income) in ITR Forms of AY 2021-22 shows the disclosure of the tax amount deferred in this respect.The New ITR Forms have inserted a “Schedule: Tax-Deferred on ESOP”. The Schedule seeks the following disclosures:

Amount of tax-deferred in ITR filed for AY 2021-22;
Date of sale of specified securities and amount of tax attributable to such sale;
Date on which he ceased to be an employee of the organization;
Amount of tax payable in current assessment year;
Balance amount of tax deferred to be carried forward to next assessment years.

As the outer limitation period of 48 months from the end of the assessment year relevant to the financial year in which ESOPs are allotted is not yet over, the employee shall be liable to pay tax deferred in the assessment year 2021-22 in the previous year 2025-26.The new Schedule has been inserted to keep track of the amount of tax deferred by the employee and the year it should be taxed. The tax payable in the current assessment year is exported in a new row introduced in Schedule Part B - TTI (Total Taxable Income- Computation of tax liability on total income).

(6). Reporting of foreign assets: shift from Accounting Year to Calendar year [ITR 2, 3, 5 & 6].

The ITR Forms (except ITR 1 and ITR 4) require a resident taxpayer to disclose his foreign assets such as shares (ESOPs, RSUs), and property in Schedule FA.The reporting requirement is mandatory only for a taxpayer who is a resident in India. Schedule FA is not required to be filed up by a taxpayer who is 'not ordinarily resident' or is a 'non-resident'. Under this schedule disclosure of various foreign assets such as Foreign Depository Account, Immovable Property, trusts created outside India, etc., is required.The requirement to disclose arises if the person had held them at any time during the 'relevant accounting period. The 'accounting period' is not defined in the Act.

Here there was confusion as in India FY will start from 1^st April to 31^st March. However, in few countries, it is usually from 1^st January to 31^st December. Hence, to avoid the confusion, the CBDT has clarified that a taxpayer shall be required to report foreign assets only if such assets have been held at any time during the “previous year” (of India) as also during the 'relevant accounting period' (on the foreign tax jurisdiction).Example:

Previous Year:	01-04-2021 to 31-03-2022
Calendar Year:	01-01-2021 to 31-12-2021
Date of purchase of shares of Amazon Inc USA	Feb, 2021	Feb, 2022
Is the assessee required to furnish the details regarding the foreign assets acquired In AY 2022-23?	Yes - The assessee is required to furnish the details of Amazon Inc share in ITR applicable for Assessment Year 2022-23 even if he has not held the foreign asset in the relevant previous year ( FY 21-22).	No- The shares of Amazon were acquired within the previous year but after the end of the relevant calendar year. Thus, the assessee is not required to furnish the details of Amazon Inc share in ITR applicable for Assessment Year 2022-23. The disclosure requirement for such investment shall arise in the Assessment Year 2023-24 only.

(7). Relief under Section 89A from taxation of income from retirement benefits account maintained in notified countries

Where a non-resident becomes a resident in India, the amount of income in his foreign retirement benefits account is chargeable to tax in India on an accrual basis. However, some countries tax such an amount at the time of receipt. Due to a mismatch in the year of taxability of such income in retirement funds, the taxpayers (generally non-residents who have permanently returned to India) face difficulties in availing of the foreign tax credit in respect of tax paid outside India on such income.Section 89A, inserted with effect from the assessment year 2022-23, removed the aforesaid difficulty by providing that the income of a specified person from the specified account shall be taxed in such manner and for such year as may be prescribed by rules. The Board has not notified any rules yet. However, the new ITR Forms have amended Schedule S (Details of Income from Salary) to disclose:

Income from retirement benefits account maintained in a notified country under Section 89A.
Income from retirement benefits account maintained in a country other than notified country under Section 89A.

The eligible taxpayer is allowed to claim a deduction of 'Income claimed for relief from taxation on the application of Section 89A'. It is not clear yet how such a deduction shall be computed?
A similar disclosure has to be made in the Schedule OS (Income from Other Sources) in respect of the family pension.

(8). Additional information not opting for the presumptive tax scheme

Part-A: Audit Information: Additional information sought from the assessee not opting for the presumptive tax scheme [ITR 3, 5 & 6] The audit under Section 44AB is mandatory if the total sales, turnover, or gross receipt from the business during the previous year exceeds 1 crore. However, if the cash receipt and cash payment does not exceed 5%, the audit shall be mandatory if the turnover of the business assessee exceeds 10 crores during the financial year. For the purpose of computing the limit of 5%, payment or receipt by cheque drawn on a bank or by a bank draft, which is not an account payee, shall be deemed to be the payment or receipt in cash only. The old ITR Forms required the assessee to furnish the response regarding cash receipts and payments only, and it did not consider the receipt or payment through a non-account payee cheque or DD.The following additional disclosures are required regarding Audit Information:

Whether total sales, turnover or gross receipt is between 1 crore and 10 crores. If not, is it below 1 crore or exceeds 10 crores?
The new ITR forms require aggregation of receipts and payment in cash and non-account payee cheque or DD while computing the limit of 5% as mentioned above.

(9). New tax regime opted under Section 115BAC

Do remember that those with an income from business or profession cannot opt in and opt-out of the new tax regime every year. Once a non-salaried opts out of the new tax regime, they cannot opt-in again for the new tax regime in the future. Form 10IE is a declaration made by the return filers for choosing the 'New Tax Regime'For AY 2021-22 only information required was if one has opted for the new tax regime or not. However, for the AY 2022-23, you have to choose from the following options: Whether you have opted for the new tax regime under Section 115BAC and filed Form 10-IE in AY 2021-22. For the AY 2022-23, you have to choose from the following options as shown in the image below.

Opting in now
Not opting

Continue to opt
Opt-out

(10). Taxpayers who have opted for alternative tax regime U/s 115BA/115BAA/ 115BAB/ 115BAD: [ITR 6]

All taxpayers who have opted for alternative lower tax regime are now required to give the details of the year wherein the option was first exercised as well as the details of having filed the prescribed form (like Form No. 10IB, 10 IC etc). Similarly, if the taxpayer is continuing the option then the details of filing such a prescribed form in an earlier year is also required to be given.The following disclosures are required in ITR 6 in respect of the alternative tax regime of Section 115BA/115BAA/115BAB:

Where the domestic company has opted for the alternative tax regime, it has to furnish the AY in which said option is exercised for the first time and the date of filing of the relevant form (10-IB/ 10-IC/ 10-ID) with acknowledgement number;
Where the domestic company is choosing to opt for alternative tax regime this year, it has to furnish the date of filing of the relevant form (10-IB/ 10-IC/ 10-ID) with acknowledgement number.

(11). New Schedule IF: Information regarding investment in unincorporated entities [ITR 6]

The new ITR Form 6 inserted a new Schedule IF (Information regarding investment in unincorporated entities) that requires the companies to disclose the following information in respect of the investment made in the unincorporated entity:

Name of the entity;
Type of the entity;
PAN of the entity;
Whether the entity is liable for the audit?
Whether section 92E is applicable to the entity?
Share in the profit of the entity;
Amount of share in the profit; and
Capital balance on 31^st March in the entity.

(12). Schedule- 80-IA & 80-IB: Changes due to sun set clause: [ITR 3, 5 & 6]

An assessee deriving profit from the eligible business can claim a deduction under Section 80-IA / Section 80-IB. There are specific sun set clauses are available in respect of each eligible business. Due to the sun-set date, the deduction under this section is not available for certain businesses, like, telecommunication services, cross-country natural gas distribution network, multiplex theatres, convention centre, etc. Schedule 80-IA and 80-IB have been amended to remove the rows allowing deduction under the above obsolete provisions.

(13). Part-A - OI: Other Information: Disclosure of interest paid to Deposit-taking NBFCs or Systemically Important Non-deposit Taking NBFCs (U/s 43B). [ITR 3, 5 & 6]

Section 43B specifies that certain expenditures are allowed as deduction only on actual payment, even if the assessee follows the mercantile system of accounting. However, these expenditures are allowed as deduction in the year of accrual if the payment thereof is made either in the previous year itself or in the subsequent year on or before the due date specified for the filing of return of income. Section 43B (da) was amended vide Finance act 2019 to includes any sum payable by the assessee as interest on any loan or advances from a Deposit-taking NBFCs or Systemically Important Non-deposit Taking NBFCs.
The new ITR Forms have inserted a new row in Part A-OI “Other Information” requiring the assessee to disclose the amount of interest on any loan or advances from a Deposit-taking NBFCs or Systemically Important Non-deposit Taking NBFCs which was disallowed in the earlier year, but it is allowable during the previous year.

(14). Schedule EI (Details of Exempt Income): Additional disclosure required of income exempt under certain clauses of Section [ITR 5 &6 ]

The New ITR Form requires disclosure of the following income in Schedule EI (Details of Exempt Income):

Section 10(23FB): Exemption to Venture Capital Fund or Venture Capital Company
Section 10(23FBA): Exemption to Investment Fund
Section 10(23FC)/10(23FCA): Exemption to Business Trust
Section 10(23FE): Exemption to wholly owned subsidiary of ADIA or Sovereign wealth fund or pension fund
Section 10(23FF): Capital gains from transfer of shares of a company resident in India on account of relocation of offshore funds
Section 10(4D): Exemption to Specified Fund.

(15). Withdrawal of Option U/s 153A & 153C [ITR 1 TO 6]

Provision prior to 01-04-2021: Prior to amendment in Finance Act 2021, where the search is initiated under Section 132 or books of account, other documents, or any assets are requisitioned under Section 132A, an assessment was made in the case of the assessee, or any other person, under Sections 153A, and 153C. The Finance Act, 2021 had introduced a sun-set clause and accordingly, the provisions of Section 153A/153C were made inapplicable from 01-04-2021.

Provision after 01-04-2021: Where the search is initiated or requisition is made on or after 01-04-2021, the assessments, reassessments or re-computation is made under Section 147, and the notice for the same is issued under Section 148. Hence, the assessee shall now file his return in such cases in response to notice under section 148 in new ITR forms. The new ITR Forms remove the check-boxes of Sections 153A and 153C from the field of filing status of return income.

(16). Disclosures in respect of Significant Economic Presence [ITR 3, 5 & 6] -In case of only Non Resident

Due to amendment in Finance Act 2020 i.e. w.e.f. AY 01-04-2022, and as per Explanation 2A to Section 9(1)(i) , It provides that 'Significant Economic Presence' (SEP) of a non-resident in India shall constitute a business connection in India. For this purpose, 'Significant Economic Presence' shall mean:

Transaction in respect of any goods, services or property carried out by a non-resident with any person in India, including the provision of download of data or software in India if the aggregate of payments arising from such transaction or transactions during the previous year exceeds 2 crores; or
Systematic and continuous soliciting of business activities or engaging in interaction with 3 lakh users in India.

In the new ITR forms, the non-resident has to confirm if there is a Significant Economic Presence (SEP) in India or not. If there is a SEP in India, the details of the transactions & users are to be incorporated in the ITR Form.

(17). Disclosure of Deemed Dividend separately: as per section 2(22) (e) [ITR 2, 3, 5 & 6].

As per Section 2 clause (22) (e) of Income tax act, Dividend includes, any payment by way of loan or advance, by a closely held company, to a shareholder who is the beneficial owner of 10% or more equity capital of the company, or to a concern in which the shareholder has a substantial interest is deemed to be a dividend to the extent it is covered by the accumulated profits, excluding capitalized profits. Until last year, there was no separate disclosure of dividend income taxable u/s 2(22) (e) i.e., Deemed Dividend. Now, in the new ITR forms, Dividend income taxable u/s 2(22) (e) has to be reported separately U/s 2(22) (e) of Income Tax Act 1961.

(18). Capping the surcharge on dividend income: [ITR 2, 3 & 5]

The Finance Act 2020 abolished the Dividend Distribution Tax (DDT) , consequently shareholders or unit-holders are liable to pay tax on dividend income. As the dividend income is taxable in the hands of the investors, the Finance Act 2020 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 removed the enhanced surcharge on the dividend income. In case of Individual, HUF, AOP, BOI, or AJP, ,the surcharge on tax on dividend income is attracted @ 10% if it exceeds 50 lakh but does not exceed 1 Cr and @ 15% if it exceeds 1 crore. The consequential change has been done in Schedule Part B - TTI (Computation of tax liability on total income).The consequential changes have been made in Schedule Part B - TTI (Computation of tax liability on total income) to limit the rate of surcharge on dividend income taxable under Section 115AD and other dividend income

Disclosure of income of FII and specified fund chargeable under section 115AD. Section 115AD contains a special regime for taxation of Foreign Institutional Investor (FII) and Specified Fund.It provides that the dividend or interest income earned by the FPIs is chargeable to tax at a concessional rate of 20%. Where interest income is received or receivable in respect of investment made by an FPI in Rupee-Denominated Bond of an Indian company, Government Securities or municipal debt securities as referred to in Section 194LD, the tax shall be charged at the reduced rate of 5%.In the case of a specified fund, the dividend or interest income earned by the specified fund is chargeable to tax at a concessional rate of 10%.The new ITR forms have been amended to incorporate the above changes introduced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the Finance Act, 2021 in Schedule OS (Other Sources).

(19). Schedule-BP: Exclusion of 'Dividend income'. [ITR 3, 5 & 6]

Background Schedule BP (Computation of income from business or profession) provides for the exclusion of certain incomes/receipts, which are credited to the profit and loss account but are taxable under other heads of income. This list includes income/receipt taxable under:

House Property
Capital Gains
Other Sources

Section 115BBF (income from patent)
Section 115BBG (income from transfer of carbon credits)

The new ITR Forms specifically added “Dividend” in the list to exclude it from the Schedule BP if it is credited to the Profit and Loss account. This categorical exclusion of dividend income from Schedule BP is in line with Section 56(2)(i), which provides that the dividend income is taxable under the head of “income from other sources”.
The new ITR Forms add “dividend” in the list to exclude it from the Schedule BP if it is credited to the Profit and Loss account. This explicit exclusion of dividend income from Schedule BP is in line with Section 56(2)(i), which provides that the dividend income is taxable under the head of “income from other sources”. It should be noted that where the dividend is received in respect of shares or securities held as stock-in-trade, various courts have held that it should be treated as the income arising in the course of business, though for the purpose of chargeability, it is included under the head of “income from other Sources”.

(20). Adjustment of unabsorbed depreciation (pertaining to additional depreciation) from WDV of the block of assets as on 01-4-2020

An assessee opting for Section 115BAC is not eligible to set off the unabsorbed depreciation attributable to additional depreciation. Such unabsorbed depreciation relating to additional depreciation which has not been given full effect shall be adjusted to the written down value (WDV) of the block of assets as on 01-04-2020 in the prescribed manner. Third proviso to Rule 5(1) provides that the WDV of the block of asset as on 01-04-2020 shall be increased by such depreciation not allowed to set off.In the new ITR Forms, Schedule DPM, which deals with depreciation on Plant and Machinery, has been amended. It provides that the WDV of the block as on 01-04-2020 shall be increased by the amount of unabsorbed depreciation (pertaining to additional depreciation), which was not allowed to be adjusted on account of opting for Section 115BAC.Similar changes have been made in Schedule DPM of ITR-5, if a co-operative society has opted for the alternative tax regime under Section 115BAD.

(21). Disclosure of interest income taxable at a concessional rate of 4% under Section 194LC

Section 194LC provides a specified company or a business trust to deduct tax at a concessional rate of 5% from interest paid to the non-residents. The tax is deducted at the concessional rate if the borrowing is made before 01-07-2023. The Finance Act 2020 has reduced the rate of TDS to 4% in respect of interest payment to a non-resident against borrowings in foreign currency through issues of long-term bonds and Rupee Denominated Bonds, which are listed on a recognized stock exchange in any IFSC.The new ITR form makes the consequential changes in Schedule OS (Other Sources). A new row has been inserted in the Schedule to disclose the interest referred to in Section 194LC, which is taxable at the rate of 4%.

(22). Separate disclosure of Income from Units located in IFSC in Schedule AMT [ITR 3 & 5]

Alternative Minimum Tax (AMT) is payable by a non-company assessee whose regular tax on total income is less than 18.5% of 'Adjusted total income'. However, if an assessee is a unit in an International Financial Services Center (IFSC) deriving income solely in convertible foreign exchange, the alternative minimum tax rate shall be 9% instead of 18.5%.The new ITR forms in 'Schedule AMT' have sought separate disclosure of computation of adjusted total income under Section 115JC in respect of:

Units located in IFSC; and
Other Units.

Now, the income from units located in IFSC shall be reported separately in the Schedule AMT for computing the adjusted total income and tax payable thereon.

(23). Separate disclosure of Income from Units located in IFSC in Schedule MAT [ITR 6]

Minimum Alternate Tax (MAT) is payable by companies whose tax on total income is less than 15% of 'book profit'. However, if the company is a unit in an International Financial Services Center (IFSC) deriving income solely in convertible foreign exchange, the alternative minimum tax rate shall be 9% instead of 15%.The new ITR forms in 'Schedule MAT' have sought separate disclosure of computation of adjusted total income under Section 115JB in respect of:

Units located in IFSC; and
Other Units.

Now, the income from units located in IFSC shall be reported separately in the Schedule MAT for computing the book profit and tax payable thereon.

(24). Schedule 80GGA has been inserted for the partners deriving only profit from firm [ITR 3]

Section 80GGA of the Act allows deduction in respect of amount contributed to specified association or institutions. This deduction is allowed to an assessee who is not having any income taxable under the head “profits and gains of business or profession”.A Schedule 80GGA (Details of donations for scientific research or rural development) has been inserted in ITR-3. This Schedule is applicable in the case of a partner of a firm deriving only profit from the firm. The following disclosures are required in this Schedule if partner of a firm seeks to claim deduction under Section 80GGA, and he is not earning any business or professional income except the share of profit from the firm:

Relevant clause under which deduction is claimed;
Name and address of Donee;
PAN of Donee;

Amount of donation (In cash and other mode); and
Eligible amount of donation.

(25). Total secondary adjustments made to be disclosed [ITR 3, 5 & 6]

Section 92CE provides that the assessee shall be required to carry out secondary adjustment where primary adjustment to transfer price has been made. If due to primary adjustment, there is an increase in total income or reduction in the loss of the assessee, the excess money shall be deemed to be an advance made to associated enterprise and the interest on such advance, shall be computed.Section 92CE(2A) also provides that where the excess money has not been repatriated in time, then the assessee will have an option to pay additional income tax at the rate of 18% plus surcharge on such excess money or part thereof. The old ITR Forms require the details of such tax on secondary adjustment.In the new ITR forms, the Schedule TPSA (Transfer Pricing Secondary Adjustments) provides that the assessee needs to indicate the total adjustments made in respect of all the assessment years.
Schedule TPSA required the taxpayer to provide details of Tax on secondary adjustments as per section 92CE (2A) as per the schedule provided in e-filing utility as follows:

Amount of primary adjustments on which option u/s 92CE (2A) is exercised & such excess money has not been repatriated within the prescribed time.
Calculation of Amount of Tax Payable on above
Tax Paid Challan

(26). Separate disclosure is required of interest and dividend incomes taxable under Section 115AC [ITR 3, 5 & 6]

Schedule SI (Special Income) seeks details of the income chargeable to tax at special rates. Earlier, this Schedule required the combined disclosure of total income taxable Section 115AC (Income of a non-resident from bonds or GDR purchased in foreign currency).Now, the new ITR Forms have amended 'Schedule SI' to seek separate disclosure of the following income taxable under Section 115AC:

Income by way of interest received by a non-resident from bonds purchased in foreign currency; and
Income by way of dividend received by a non-resident from GDRs purchased in foreign currency.

Further, a residuary clause has been provided in Schedule SI to report any other income taxable at a special rate.

(27). Removal of reference of Section 153A and 153C for the return filed in response to a notice [ITRs 1 to 6]

As per the old provisions, where the search is initiated under Section 132 or books of account, other documents, or any assets are requisitioned under Section 132A, an assessment was made in the case of the assessee, or any other person, under Sections 153A, and 153C. The Finance Act, 2021 had introduced a sun-set clause and accordingly, the provisions of Section 153A/153C were made inapplicable from 01-04-2021.Where the search is initiated or requisition is made on or after 01-04-2021, the assessments, reassessments or re-computation is made under Section 147, and the notice for the same is issued under Section 148. Hence, the assessee shall now file his return in such cases in response to notice under section 148 in new ITR forms.The new ITR Forms remove the check-boxes of Sections 153A and 153C from the field of filing status of return income.

(28). Details of investment/deposits made under Section 11(5) as on 31^st March, 2022 that includes:

Details of investment made out of corpus,
Income accumulated u/s 11(2),
Income of earlier years up to 15% accumulated or set apart
Loans and borrowings

Key Changes in Income Tax Return Forms for A.Y. 2021-22

ITR-1 cannot be filed in case tax has been deducted under Section 194N: (ITR 1)
Section 194N provides that every banking company, or co-operative bank or post office, which is responsible for payment of cash to a person, from one or more accounts maintained by him, shall be required to deduct tax if the amount of cash withdrawn by the person during the year exceeds-

Exceeds 20 lakhs in case of certain non-filers of return
Exceeds 1 crore in all other cases

Therefore, if the tax has been deducted u/s 194N, a person cannot furnish return of income in ITR-1.

No option to carry forward TDS deducted under section 194N: (ITR 2 to 7)
In case of tax deducted under section 194N, credit for such tax deducted shall be allowed in the assessment year relevant to previous year in which such tax has been deducted. If any excess TDS is deducted during the year under section 194N, then it shall be claimed as refund in the same year only.Hence, there is no option to carry forward TDS deducted under section 194N to subsequent years; it can be claimed in the A.Y. relevant to previous year in which such TDS has been deducted.
Taxability of dividend income from A.Y.2021-22: (ITR-1 to 7)
Dividend income is taxable in hands of recipient shareholders from the A.Y.2021-22 and onwards and thus various provisions of IT Act have been amended. The ITR forms have also been amended to incorporate all these changes. Earlier Schedule OS required disclosure of dividend income only which is not exempt in the hands of taxpayer. In the new ITR form, Schedule OS has been amended to include disclosure of all dividend income earned by the taxpayers. Section 57 allows a taxpayer to claim deduction of interest expenses subject to a threshold limit incurred in relation to dividend income in certain cases. A new row has been inserted in Schedule OS to allow deduction of interest expenses.

Increase in threshold limit for Tax Audit: (ITR-3 & 6)
The threshold limit to get the books of account audited has been increased from 1 Crore to 10 Crores by the Finance Act, 2021 (w.e.f. A.Y 2021-22) if the following conditions are satisfied:

All receipts in cash during the previous year do not exceed 5% of such receipts.
All payments in cash during the previous year does not exceeds 5% of such payments

The ceiling limit for the A.Y 2020-21 was 5 Crores as against 10 Crores for the A.Y 2021-22 and hence necessary changes have been brought in the ITR forms to enhance the limit.

Assessee cannot file ITR-1 & ITR-4 in case of deferment of tax on ESOPs: (ITR 1 & 4)
The Finance Act, 2020 has allowed to defer the payment or deduction of tax on ESOPs allotted by an eligible start-up referred under Section 80-IAC.Consequently, Rule 12 has been amended to provide that an assessee in whose case payment or deduction of tax in respect of such ESOPs has been deferred shall not be eligible to furnish his return of income in ITR-1 and ITR-4. Corresponding changes have been made to ITR-1 and ITR-4. Therefore, reporting of amount deferred in respect of ESOPs needs to be disclosed in ITR 2 or ITR 3 in Part-B of schedule TTI (computation of tax liability on total income).
Assessee is required to show effect of marginal relief separately: (ITR-2, 3, 5)
Marginal relief is allowed when taxable income is beyond the threshold limit after which surcharge is payable, but the net income in excess of threshold limit is less than the amount of surcharge.Earlier no separate effect of marginal relief was required to be shown in the ITR. Now, the ITR forms for A.Y.2021-22 have been amended which requires the special disclosure of 'surcharge computed before marginal relief' and 'surcharge computed after marginal relief'.

Exercise of option prescribed under section 115BAC OR 115BAD (ITR-1 to 5)
From A.Y.2021-22 option is available to individual, HUF and to co-operative societies whether to opt for special tax regime or Not.Section 115BAC was inserted to provide special tax regime (also known as 'alternate tax regime') for Individuals or HUF wherein they have an option to pay taxes at concessional rates subject to fulfillment of certain conditions. The assesse having income from business and profession is required to exercise this option on or before the due date for furnishing the returns of income by filing Form 10-IE.Section 115BAD was inserted to provide for special tax regime (also known as 'alternate tax regime') for co-operative societies. The Co-operative society has to exercise this option on or before the due date for furnishing the returns of income by filing Form 10-IF.In Part-A (General Information) the assessee is required to choose whether he is opting for the alternative tax regime of Sections 115BAC / Section 115BAD or not.Further, in case of assesse having income from business and profession or in case of co-operative societies, it is required to mention the date of filing of Form 10-IE or 10- IF with the Acknowledgement number if the assesse is exercising the option of section 115BAC or 115BAD.
Adjustment of unabsorbed depreciation if assessee has opted for Section 115BAC or 115BAD [ITR 3 & 5]
Section 115BAC provides a special taxation regime for Individuals or HUF. Similarly, Section 115BAD provides a special taxation regime for co-operative societies. These, regimes can be opted by an assessee subject to fulfillment of certain conditions. One of such conditions is that the assessee cannot claim additional depreciation. Further, any unabsorbed depreciation relating to such additional depreciation shall be deemed to have been given full effect to and no further deduction for such depreciation shall be allowed for any subsequent year. However, as a one-time relief, the proviso to subsection (3) of Section 115BAC and Section 115BAD allow the assessee to increase the WDV of the block of asset by the amount of the unabsorbed depreciation provided he opts for the alternative tax regime in the assessment year 2021-22. Such adjustment shall be made in accordance with Rule 5.Accordingly, the ITR forms notified for Assessment Year 2021-2022 has amended Schedule DPM (Depreciation on Plant and Machinery) to make such one-time adjustment to the WDV of the respective block of asset. Further, Schedule UD [Unabsorbed Depreciation and allowance under Section 35(4)] has also been amended to make the corresponding adjustment to the unabsorbed depreciation for the amount of depreciation already adjusted with the WDV of the respective block of asset.

Adjustment of carried forward losses if assessee has opted for Section 115BAC or 115BAD [ITR 3 & 5]
Assessee opting for alternative tax regime of Section 115BAC or Section 115BAD has to forego various exemptions and deductions. Further, carried forward losses attributable to such exemptions and deduction are not allowed to be set off. These losses are deemed to have been given full effect to and no further deduction for such loss shall be allowed for any subsequent year.ITR Forms notified for Assessment Year 2021-2022 have been amended to require the adjustment of such losses which are not allowed to be carried forward and set off.
Introduction of Section 80M [ITR 6]
Section 80M was introduced by the Finance Act, 2020 to provide a deduction to a domestic company for the amount received as dividend from another domestic company, a foreign dividend to the shareholders.Deduction can be claimed for an amount received by way of dividend to the extent it is further distributed as dividend on or before one month prior to the due date of furnishing the return of income. ITR forms for the assessment year 2021-22 have been accordingly modified to include Section 80M in Schedule VI-A so as to enable the company to claim the said deduction.
Deletion of Schedule DI [ITR 1 to 6]
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, has extended the time-limit to make investments, deposits, payments, etc. for the financial year 2019-20 for claiming deduction under Chapter VI-A, section 10AA and section 54 to 54GB till 30-06-2020. This date was further extended to 31-07-2020 in case of investments or payment eligible for deduction under Chapter VI-A and 30- 09-2020 in case of investments eligible for deduction under section 54 to 54GB.To allow taxpayers to avail the deduction for the investments/deposits made during the extended period, the ITR forms notified for the Assessment Year 2020-2021 inserted a new Schedule DI (Detail of Investments/deposit/payment for the purpose of claiming deduction). Since there is no extension of time limit to make above such investments for the A.Y 2021-22, Schedule DI has been removed.Needless to mention, that investment made during such extended period, which has already been claimed as deduction or exemption during the A.Y 2020-21 cannot be claimed again in the A.Y 2021-22.

Clause-wise disclosure in respect of interest taxable under Section 115A read with Section 194LC [ITR 2, 3, 5, 6 & 7]
Section 115A specifies the tax rates on the specified incomes in the hands of a nonresident assessee, namely, dividend, interest, royalty and fee for technical services. In respect of interest income referred to in section 194LC, it provides that such income shall be taxable at the rate provided in the respective Section.The Finance Act, 2020 has amended Section 194LC to provide for deduction of tax shall be done at 5% except in case the interest is payable in respect of monies borrowed from a source outside India by way of issue of any long-term bond or rupee denominated bond, TDS is required to be tax was required to be deducted under Section 194LC at the flat rate of 5%. Previously in ITR a single disclosure was required in respect of the income which is taxable under Section 115A read with Section 194LC.Since, two different rates have been prescribed under Section 194LC (4% and 5%), ITR forms have been amended to require a separate disclosure in respect of the income taxable at the rate of 4% and 5%.
Increase in safe harbor limit prescribed under Section 50C [ITR 2, 3, 5 & 6]
Section 50C lays down the special provision for determination of full value of consideration in case of transfer of land or building or both. As per the said provision, where the consideration received/accrued is less than the stamp duty value (SDV) adopted by the state government, then such stamp duty shall be deemed to be the full value of consideration.Earlier, this provision was not applicable if the value adopted for the payment of stamp duty was upto 105% of the consideration received. The Finance Act, 2020, has increased such tolerable limit from 105% to 110% from Assessment Year 2021-2022. Consequential changes have been made in the ITR forms.
Date of cash donation in case of deduction under Section 80GGA [ITR 2, 5 & 6]
Section 80GGA provides deduction for the donations made by an assessee who is not earning income under the head 'profits and gains of business or profession'. No deduction is allowed for the cash donation in excess of 2,000. ITR-2, 5 and 6 contain a Schedule 80GGA which requires separate reporting of the donation made in cash and donation made through other modes.The ITR forms notified for Assessment year 2021-2022 requires additional disclosures of the date on which such cash donation has been made.
Reference of Form 16D has been inserted in Schedule of Tax payments [ITR 3 to 7]
Section 194M provides that every Individual or HUF (who is not required to deduct tax under Section 194C, Section 194H and Section 194J) shall deduct tax at source under this provision at the rate of 5% from the payment made to a contractor or commission agent or broker or professional. The CBDT has amended Rule 31 to provide that certificate of tax deducted under Section 194M shall be issued in Form No. 16D.ITR forms require details of tax deducted at source as per the certificate issued by the Deductor. The ITR Forms for A.Y 2021-2022 have included a reference of Form 16D.

Nature of security to be furnished in Schedule 112A and Schedule 115AD [ITR 2, 3, 5, 6]
Section 112A is applicable in case of long-term capital gains arising from transfer of securities, being equity shares, units of equity-oriented mutual fund or units of business trust, provided transfer of such capital asset is chargeable to Securities Transaction Tax (STT). Tax shall be charged at the rate of 10% on long-term capital gains in excess of 1 lakh. Schedule 112A and Schedule 115AD requires the assessee to furnish various details of the securities so transferred if the resultant capital gains are taxable under these sections. Such details included number of shares/units so transferred, cost of acquisition, fair market value, sale consideration etc.The ITR forms notified for the Assessment year 2021-2022 have inserted one new column in both the schedules requiring the assessee to provide the nature of the securities transferred viz., shares or units.
Nature of business code to be mentioned if assessees is claiming deduction under Section 80P [ITR5]
Schedule 80P of the ITR requires the assessee to furnish, various information relating to income and the amount of deduction. ITR form for the assessment year 2021-22 has inserted one more column in the Schedule 80P. This column requires the assessee to provide the nature of business code in front of various types of income of such person.
STCG other than those covered under section 111A can't be shown in Schedule PTI [ITR3]
Short term capital gains other than those covered under section 111A cannot be disclosed in Schedule PTI.
No need to bifurcate carried forward losses into Pass through losses and Normal losses [ITR 2, 3, 5 & 6]
Losses carried forward by an assessee have same treatment under the Income-tax Act even if they are in nature of pass-through losses. Old ITR forms bifurcated the losses under the head House property and Capital gains in Schedule CFL between passthrough losses and Normal losses. However, ITR utilities issued by the department do not require any such bifurcation.To bring the ITR forms in line with the ITR utilities issued by department, ITR forms notified for the assessment year 2021-2022 has removed such bifurcation and now consolidated figure of such losses is to be disclosed.
Additional question for ensuring the compliance under Section 92E [ITR 3, 5, 6]
ITR forms for Assessment year 2021-22 has inserted a new question as to if the assessee was liable to obtain a Transfer Pricing report under section 92E, then whether he has actually complied with such requirement or not. And after clicking yes, the assessee is required to furnish the date of filing of report.
Finance Act, 2021 has amended section 43(6) to provide that if goodwill forms a part of an existing block of assets, then the WDV as on 01/04/2020 of that block of asset has to be recomputed in the prescribed manner. Apparently, it seems that the ITR forms notified does not require the assessee to report the prescribed manner of calculation.

Returns and Forms Applicable for Domestic Company for AY 2022-23

As per Section 2(22A), Domestic Company means an Indian Company, or any other Company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

S. No.	Forms	Description
1.	ITR-6	Applicable for Companies other than those claiming exemption u/s 11. Company includes: Indian Company Body corporate incorporated by or under the laws of country outside India Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.
2.	ITR-7	Applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D) 139(4A) - Income derived from Property held under Trust wholly / in part for charitable or religious purposes 139(4B) - Chief Executive Officer of every Political Party 139(4C) - Various entities like Research Association, News Agency, etc. mentioned in Section 10 139(4D) - University, College or other Institution referred in Section 35
3.	Form 26AS - Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to the e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax paid Specified Financial Transactions Demand / Refund Pending / Completed proceedings
4.	Form 3CA-3CD	Provided by Taxpayer requiring mandatory audit under any other law and who is required to get their accounts audited by an Accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts and Statement of Particulars required to be furnished under Section 44AB of the Income Tax Act, 1961
5.	Form 3CEB	Submitted by Taxpayer who enters into an international transaction or specified domestic transaction is required to obtain a report from a chartered accountant u/s 92E. To be furnished at least one month before due date of filing of return u/s 139(1) i.e. 31^st October of the Assessment Year Details provided in the form Report from a chartered accountant containing details of all international transaction(s) or specified domestic transaction(s)
6.	Form 16A -Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.
7.	Form 29B	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 115JB of the Income Tax Act, 1961. The same is to be furnished at least one month before the due date for filing of return u/s 139(1) Details provided in the form Report in a case of Company to which Section 115JB applies certifying that the book profit has been computed in accordance with the provisions of Section 115JB
8.	Form 67-Statement of Income from a Country or Specified Territory outside India and Foreign Tax Credit	Submitted by Taxpayer, to be furnished on or before the due date specified for furnishing ITRs under section139(1) Details provided in the form Income from a country or specified territory outside India and foreign tax credit claimed.
9.	10-IC	Submitted by Taxpayer, to be furnished on or before the due date for filing ITR Details provided in the form Domestic Companies willing to opt for taxation u/s 115BAA at the rate of 22%, need to exercise the option by filing Form 10- IC
10.	Form 10-ID	Submitted by Taxpayer Details provided in the form Form 10-ID needs to be filed by New Manufacturing Domestic Companies incorporated after 1^st October 2019 who are willing to opt for the special tax rate of 15 % u/s 115BAB
11.	10-CCB	Submitted by Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE of the Income Tax Act, 1961. Details provided in the form Audit Report in Form 10-CCB is a mandatory requirement to claim deduction u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE. It is to be filed one month before the due date for filing ITR u/s 139(1).
12.	10-CCBBA	Submitted by Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-ID(3)(iv) of the Income Tax Act, 1961 Details provided in the form Audit Report in Form 10-CCB is a mandatory requirement to claim deduction u/s 80-ID (3)(iv) .It is to be filed one month before the due date for filing ITR u/s 139(1).
13.	10-CCBC	Submitted by Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-IB (11B) of the Income Tax Act,1961 Details provided in the form Audit Report in Form 10-CCBC is a mandatory requirement to claim deduction u/s 80-IB (11B). It is to be filed one month before the due date for filing ITR u/s 139(1).

Tax Slabs for Domestic Company for AY 2022-23

Condition	Income Tax Rate (excluding surcharge and cess)
Turnover or Gross Receipt in previous year 2018-19 not exceed 400 crores	25%
If opted for Section 115BA	25%
If opted for Section 115BAA	22%
If opted for Section 115BAB	15%
Any other Domestic Company	30%

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

7% - Taxable income above 1 crore- Up to 10 crore
12% - Taxable income above 10 crore
10% - If Company opting for taxability u/s 115BAA or Section 115BAB

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the apayable as surcharge shall not exceed the amount of income earned exceeding 1 crore and 10 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Points to remember

A Company shall be liable to pay Minimum Alternate Tax (MAT) at 15% of book profit (plus surcharge and Health and Education cess as applicable) where the normal tax liability of the Company is less than 15% of book profit.
A Company, being a unit of an International Financial Services Centre and deriving its income solely in convertible foreign exchange, MAT shall be payable at 9% (plus cess and surcharge as applicable)
A Company opting for special rate taxation under Section 115BAA and 115BAB are exempt from paying MAT.
The Companies opting for special rate of taxation u/s 115BAA or 115BAB will not be allowed certain deductions like section 80IA, 80IAB, 80IAC, 80IB and so on, except deduction u/s 80JJAA and 80M.

Investments/ Payments / Incomes on which Tax Benefit can be availed
Tax deductions specified under Chapter VI-A of the Income Tax Act

S. No.	Forms	Description	Benefit
1.	80G	Deduction towards donations made to prescribed funds, charitable institutions, etc. Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000/-.
2.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000 or if gross total income includes income from Profit / Gains from Business / Profession.
3.	80GGB	Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)	Deduction of total amount paid through any mode other than cash.
4.	80IA	Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions)	100% of profit for 10 consecutive AYs falling within a period of 15 AY beginning with the AY in which Assessee develops /begins operating and maintaining infrastructure facility.(No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)
5.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government.No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017
6.	80IAC	Profit and Gains derived by an Eligible Start-up from Specified Business	100% of profit for 3 consecutive assessment years out of 10 years beginning from the year in which the eligible Start-up is incorporated
7.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1^st April 2007)100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings
8.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
9.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a company) for next 5 AY to manufacture or produce specified article or thing
10.	80IE	Deduction to certain Undertakings set up in North-Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
11.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits from activity of collecting, processing and treating bio degradable waste for 5 consecutive AYs
12.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
13.	80LA	Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions)	100% / 50% of specified income for 5 / 10 AY, as per specified conditions
14.	80M	Inter-corporate dividend shall be allowed to be reduced from Total Income of Company receiving the dividend if same is further distributed to shareholders	Where the Gross Total Income of Domestic Company in any previous year includes any income by way of dividends from any other Domestic Company or Foreign Company or a Business Trust ,there shall, in accordance with and subject to provisions of this section, be allowed in computing the Total Income of such Domestic Company, a deduction of an amount equal to so much of the amount of income by way of dividend received from another Domestic Company as does not exceed the amount of dividend distributed to shareholder one month prior to the due date of filing of return.
15.	80PA	Producer Company engaged in an Eligible Business of Marketing, Purchase or Processing of Agricultural Produce of its Members.	100% of profits for a period of 5 years from the AY 2019-20 subject to the condition that the total turnover of Company shall be less than 100 crores during the FY

Returns and Forms Applicable for Foreign Company for AY 2022-23

As per Section 2(23A) Foreign Company means a company which is not a Domestic Company.
“Foreign company” means any company or body corporate incorporated outside India which,—

has a place of business in India whether by itself or through an agent, physically or through electronic mode; and
Conducts any business activity in India in any other manner.

Essentially, equating the foreign companies controlled by Indian citizens or corporates to a domestic company that is incorporated in India.

S.NO.	Forms	Description
1	ITR-6	Applicable for Companies other than those claiming exemption u/s 11. foreign Company includes: Indian Company Body corporate incorporated by or under the laws of country outside India Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.
2	Form 26AS - Annual Information Statement	Provided by Income Tax Department(It is available on the TRACES portal that may be accessed after logging on to the e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Tax Deducted / Collected at Source Specified Financial Transactions Demand / Refund Pending / Completed proceedings
3	Form 3CA-3CD	Provided by Taxpayer requiring mandatory audit under any other law and who is required to get their accounts audited by an Accountant u/s 44AB. To be furnished on or before 30^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts and Statement of Particulars required to be furnished under Section 44AB of the Income Tax Act, 1961
4	Form 3CE	Non-resident taxpayer or Foreign Company doing business in India who is required to obtain a report from a accountant u/s 44DA for receipt of specified incomes from specified persons. To be furnished at least 1 month before due date of filing of return u/s 139(1) i.e. 30^th September of Assessment Year Details provided in the form- Report from an Accountant relating to receipt of income by way of royalty or fees for technical services from Government or an Indian concern.
5	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.
6	Form 29B	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 115JB of the Income Tax Act, 1961. The same is to be furnished at least one month before the due date for filing of return u/s 139(1) Details provided in the form Report in a case of Company to which Section 115JB applies certifying that the book profit has been computed in accordance with the provisions of Section 115JB
7	10-CCB	Submitted by Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE of the Income Tax Act, 1961. Details provided in the form Audit Report in Form 10-CCB is a mandatory requirement to claim deduction u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE. It is to be filed one month before the due date for filing ITR u/s 139(1).

Tax Slabs for Foreign Company for AY 2022-23

Condition	Income Tax Rate (excluding surcharge and cess)
Royalty from Government or an Indian concern in pursuance of an agreement made with the Indian concern after 31 ^st March 1961, but before 1^st April 1976, or fees for rendering technical services in pursuance of an agreement made after 29^th February 1964 but before 1^st April 1976 and where such agreement has, in either case, been approved by the Central Government	50%
Any other income	40%

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

2% - Taxable income above 1 crore- Up to 10 crore
5% - Taxable income above 10 crore

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 1 crore and 10 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Points to remember

A Foreign Company not falling under Exp.4 of section 115JB shall be liable to pay Minimum Alternate Tax (MAT) at 15% of book profit (plus surcharge and Health and Education cess as applicable) where the normal tax liability of the Company is less than 15% of book profit.
A Company shall be liable to pay Minimum Alternate Tax (MAT) at 15% of book profit (plus surcharge and Health and Education cess as applicable) where the normal tax liability of the Company is less than 15% of book profit. However, a foreign company shall not be liable to pay MAT on following incomes if income-tax payable thereon under the normal provisions is at a rate less than 15%

capital gains arising from transfer of securities,
interest,
royalty and
Dividend and
fees for technical services

Further, MAT provisions shall not be applicable with effect from April 1, 2001 to a foreign company, if—

the assessee is a resident of a country or a specified territory with which India has an Double Taxation Avoidance Agreement ('DTAA) or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India; or
the assessee is a resident of a country with which India does not have a DTAA and the assessee is not required to seek registration under any law for the time being in force relating to companies.

Investments/ Payments / Incomes on which Tax Benefit can be availed
Tax deductions specified under Chapter VI-A of the Income Tax Act

S. No.	Forms	Description	Benefit
1.	80G	Deduction towards donations made to prescribed funds, charitable institutions, etc. Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000/-.
2.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000 or if gross total income includes income from Profit / Gains from Business / Profession.
3.	80GGC	Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)	Deduction of total amount paid through any mode other than cash.
4.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government. No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017.
5.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains Indian Company with scientific and industrial research and development as its main object and approved by prescribed authority shall be entitled to claim deductions (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1^st April 2007) 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings from the AY in which it is approved by prescribed authority (if approved before 1^st April 1999)
6.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
7.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a company) for next 5 AY to manufacture or produce specified article or thing
8.	80IE	Deduction to certain Undertakings set up in North-Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
9.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
10.	80LA	Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions)	100% / 50% of specified income for 5 / 10 AY, as per specified conditions

Returns and Forms Applicable for Salaried Individuals for AY 2022-23

S. No.	Forms	Description
1.	ITR-1 (SAHAJ) - Applicable for Individual	This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to 50 lakh Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-1 cannot be used by a person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India has signing authority in any account located outside India has income from any source outside India is a person in whose case tax has been deducted u/s 194N is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income
2.	ITR-2 - Applicable for Individual and HUF	This return is applicable for Individual and Hindu Undivided Family (HUF)- Not having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1
3.	ITR-3- Applicable for Individual and HUF	This return is applicable for Individual and Hindu Undivided Family (HUF) Having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1, 2 or 4
4.	ITR-4 (SUGAM) - Applicable for Individual, HUF and Firm (other than LLP)	This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources: Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-4 cannot be used by a person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India has signing authority in any account located outside India has income from any source outside India is a person in whose case tax has been deducted u/s 194N is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
5.	Form 12BB - Particulars of claims by an employee for deduction of tax (u/s 192)	Provided by an Employee to his Employer(s) Details provided in the form include Evidence or particulars of HRA, LTC, Deduction of Interest on home loan, Tax Saving Claims / Deductions on eligible payments or investments for the purpose of calculating Tax to be Deducted at Source (TDS)
6.	Form 16 - Certificate of Tax Deducted at Source on Salary (U/s 203 of the Income Tax Act, 1961)	Provided by An Employer(s) to his Employee at the end of the financial year Details provided in the form include Income of the such person, Deductions / Exemptions and Tax Deducted at Source for the purpose of Computing Tax Payable / Refundable
7.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department
8.	Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit	Submitted by Taxpayer, to be furnished on or before the due date specified for furnishing the ITRs u/s 139(1) Details provided in the form Income from a country or specified territory outside India and Foreign Tax Credit claimed
9.	Form 26AS - Annual Information Statement	Provided by Income Tax Department (It is available in TRACES portal that may be accessible after logging on to Income Tax e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self Assessment Tax paid Specified Financial Transactions Demand / Refund Pending / Completed Proceedings
10.	Form 15G - Declaration by resident taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax	Submitted by A Resident Individual less than 60 years or HUF or any other Person (other than Company / Firm) to Bank for not deducting TDS on Interest Income if the income is below basic exemption limit. Details provided in the form Estimated Income for the FY
11.	Form 15H - Declaration to be made by a resident individual (who is sixty years age or more) claiming certain receipts without deduction of tax	Submitted by a Resident Individual, 60 years or more to Bank for not deducting TDS on Interest Income Details provided in the form Estimated Income for the FY
12.	Form 10E - Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance	Provided by An Employee to the Income Tax Department Details provided in the form Arrears / Advance Salary Gratuity Compensation on Termination Commutation of Pension

Tax Slabs for Salaried Individuals for AY 2022-23

Individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D, 80TTB, HRA) available in the Existing Tax Regime.

For Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 2,50,000	Nil	Up to 2,50,000	Nil
2,50,001 - 5,00,000	5% above 2,50,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	12,500 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,12,500 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000
For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 3,00,000	Nil	Up to 2,50,000	Nil
3,00,001 - 5,00,000	5% above 3,00,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	10,000 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,10,000 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000
For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 5,00,000	Nil	Up to 2,50,000	Nil
5,00,001 - 10,00,000	20% above 5,00,000	2,50,001 - 5,00,000	5% above 2,50,000
Above 10,00,000	1,00,000 + 30% above 10,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
		7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000

Note:

(1). The rates of Surcharge and Health & Education cess are same under both the tax regimes
(2). Rebate u/s 87-A Resident Individual whose Total Income is not more than 5,00,000 is also eligible for a Rebate of up to 100% of income tax or 12,500, whichever is less. This Rebate is available in both tax regimes

Surcharge- Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable Income above 50 lakh - up to 1 crore
15% - Taxable Income above 1 crore - up to 2 crore
25% - Taxable Income above 2 crore - up to 5 crore
37% - Taxable Income above 5 crore
Maximum rate of Surcharge on Income by way of Dividend or Income under the provisions of Sections 111A, 112A and 115AD is 15%

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Investments/ Payments / Incomes on which Tax Benefit can be availed

Section 24(b) - Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is 2 lakh. However, this deduction is not available for person opting for New Tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below

Nature of Property	When loan was taken	Purpose of loan	Allowable (Maximum limit)
Self-Occupied	On or after 1/04/1999	Construction or purchase of house property	2,00,000
	On or after 1/04/1999	For Repairs of house property	30,000
	Before 1/04/1999	Construction or purchase of house property	30,000
	Before 1/04/1999	For Repairs of house property	30,000
Let Out	Any time	Construction or purchase of house property	Actual value without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) which will be applicable for New Tax Regime as well.

S. No.	Forms	Description	Benefit
1.	80C, 80CCC, 80CCD (1)	Deduction towards payments made to: 80C Life Insurance Premium Provident Fund Subscription to certain equity shares Tuition Fees National Savings Certificate, Housing Loan Principa Other various items 80CCC Annuity plan of LIC or other Insurer towards Pension Scheme 80CCD (1) Pension scheme of Central Government	Combined deduction limit of 1,50,000
2.	80CCD (1B)	Deduction towards payments made to Pension scheme of Central Government, excluding deduction claimed under 80CCD(1)	Deduction Limit of 50,000
3.	80CCD (2)	Deduction towards contribution made by an employer to the Pension Scheme of Central Government
		If employer is a PSU, State Government or Others	Deduction limit of 10% of salary
		If employer is Central Government	Deduction limit of 14% of salary
4.	80D	Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children For parents	25,000 ( 50,000 if any person is a Senior Citizen) 5,000 for Preventive Health check-up, included in above limit
4.	80D	Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self / spouse or dependent children For parents	Deduction limit is 50,000
5.	80DD	Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme	Flat deduction of 75,000 available for a person with Disability, irrespective of expense incurred The deduction is 1,25,000 if the person has Severe Disability (80% or more)
6.	80DDB	Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases	Deduction limit of 40,000 ( 1,00,000 if Senior Citizen)
7.	80E	Deduction towards interest payments made on loan for higher education of self or relative	Total amount paid towards interest on loan taken
8.	80EE	Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1^st April 2016 to 31^st March 2017	Deduction limit of 50,000 on the interest paid on loan taken
9.	80EEA	Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1^st April 2019 to 31^st March 2022 & deduction should not have been claimed u/s 80EE	Deduction limit of 1,50,000 on the interest paid on loan taken
10.	80EEB	Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1 ^st April 2019 to 31^st March 2023	Deduction limit of 1,50,000 on the interest paid on loan taken
11.	80G	Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000/-.
12.	80GG	Deduction towards rent paid for house and applicable only for whom HRA is not part of salary. Form 10BA to be filed for claiming this deduction	Least of the following shall be allowed as deduction: Rent paid reduced by 10% of total income before this deduction 5,000 per month 25% of total income before this deduction
13.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.
14.	80GGC	Deduction towards Donations made to Political party or Electoral Trust	Deduction of total amount paid through any mode other than cash.
15.	80TTA	Deduction on interest received on Saving Bank Accounts by Individual (other than Senior Citizen) / HUF	Deduction limit of 10,000/-
16.	80TTB	Deduction on interest received on deposits by Resident Senior Citizens	Deduction limit of 50,000/-
17.	80U	Deductions for a resident individual taxpayer with Disability	Flat 75,000 deduction for a person with Disability, irrespective of expense incurred Flat 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred

Returns and Forms Applicable for Senior Citizens and Super Senior Citizens for AY 2022-2023

An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.
Note: Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above. Conditions for exemption:

Senior Citizen should be of age 75 years or above
Senior Citizen should be 'Resident' in the previous year
Senior Citizen has pension income and interest income only & interest income accrued / earned from the same specified bank in which he is receiving his pension

New Section 194P is applicable from 1^st April 2021.

S. No.	Forms	Description
1.	ITR-1 (SAHAJ) - Applicable for Individual	This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to 50 lakh Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-1 cannot be used by a person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India has signing authority in any account located outside India has income from any source outside India is a person in whose case tax has been deducted u/s 194N is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income
2.	ITR-2 - Applicable for Individual and HUF	This return is applicable for Individual and Hindu Undivided Family (HUF)- Not having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1
3.	ITR-3- Applicable for Individual and HUF	Having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1, 2 or 4
4.	ITR-4 (SUGAM) - Applicable for Individual, HUF and Firm (other than LLP)	This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources: Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-4 cannot be used by a person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India has signing authority in any account located outside India has income from any source outside India is a person in whose case tax has been deducted u/s 194N is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
5.	Form 15H - Declaration to be made by an individual (who is 60 years of age or more) claiming certain receipts without deduction of tax	Submitted by a Resident Individual, 60 years or more to Bank for not deducting TDS on Interest Income Details provided in the form Estimated Income for the FY
6.	Form 12BB - Particulars of claims by an employee for deduction of tax (u/s 192)	Provided by an Employee to his Employer(s) Details provided in the form include Evidence or particulars of HRA, LTC, Deduction of Interest on home loan, Tax Saving Claims / Deductions on eligible payments or investments for the purpose of calculating Tax to be Deducted at Source (TDS)
7.	Form 16 - Certificate of Tax Deducted at Source on Salary (U/s 203 of the Income Tax Act, 1961)	Provided by An Employer(s) to his Employee at the end of the financial year Details provided in the form include Income of the such person, Deductions / Exemptions and Tax Deducted at Source for the purpose of Computing Tax Payable / Refundable
8.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department
9.	Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit	Submitted by Taxpayer, to be furnished on or before the due date specified for furnishing the ITRs u/s 139(1) Details provided in the form Income from a country or specified territory outside India and Foreign Tax Credit claimed
10.	Form 26AS - Annual Information Statement	Provided by Income Tax Department (It is available in TRACES portal that may be accessible after logging on to Income Tax e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self Assessment Tax paid Specified Financial Transactions Demand / Refund Pending / Completed Proceedings
11.	Form 10E - Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance	Provided by An Employee to the Income Tax Department Details provided in the form Arrears / Advance Salary Gratuity Compensation on Termination Commutation of Pension
12.	Form 3CB- 3CD	Submitted by Taxpayer who is required to get his accounts audited by an Accountant u/s 44AB. To be furnished on or before 30^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts and Statement of Particulars required to be furnished u/s 44AB of the Income Tax Act, 1961
13.	Form 3CEB	Submitted by Taxpayer who enters into an international transaction or specified domestic transaction is required to obtain a report from a chartered accountant u/s 92E. To be furnished at least one month before due date of filing of return u/s 139(1) i.e. 31^st October of the Assessment Year. Details provided in the form Report from a chartered accountant containing details of all international transaction(s) or specified domestic transaction(s)

Tax Slabs for Salaried Individuals for AY 2022-23

Senior and Super Senior Citizens can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the Existing Tax Regime.

For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 3,00,000	Nil	Up to 2,50,000	Nil
3,00,001 - 5,00,000	5% above 3,00,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	10,000 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,10,000 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000
For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 5,00,000	Nil	Up to 2,50,000	Nil
5,00,001 - 10,00,000	20% above 5,00,000	2,50,001 - 5,00,000	5% above 2,50,000
Above 10,00,000	1,00,000 + 30% above 10,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
		7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000

Note:

(1). No increased basic exemption limit benefit will be available to Senior and Super Senior Citizens in the New Tax Regime
(2). The rates of Surcharge and Health & Education cess are same under both the tax regimes
(3). Rebate u/s 87-A Resident individual whose Total Income is not more than 5,00,000 is eligible for a Rebate of 100% of income tax or 12,500, whichever is less. This Rebate is available in both tax regimes.

Surcharge- Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable Income above 50 lakh - up to 1 crore
15% - Taxable Income above 1 crore - up to 2 crore
25% - Taxable Income above 2 crore - up to 5 crore
37% - Taxable Income above 5 crore
Maximum rate of Surcharge on Income by way of Dividend or Income under the provisions of Sections 111A, 112A and 115AD is 15%/li>

Marginal Relief- Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Investments/ Payments / Incomes on which Tax Benefit can be availed

Section 24(b) - Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is 2 lakh. However, this deduction is not available for person opting for New Tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below

Nature of Property	When loan was taken	Purpose of loan	Allowable (Maximum limit)
Self-Occupied	On or after 1/04/1999	Construction or purchase of house property	2,00,000
	On or after 1/04/1999	For Repairs of house property	30,000
	Before 1/04/1999	Construction or purchase of house property	30,000
	Before 1/04/1999	For Repairs of house property	30,000
Let Out	Any time	Construction or purchase of house property	Actual value without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) which will be applicable for New Tax Regime as well.

S. No.	Forms	Description	Benefit
1.	80C, 80CCC, 80CCD (1)	Deduction towards payments made to: 80C Life Insurance Premium Provident Fund Subscription to certain equity shares Tuition Fees National Savings Certificate, Housing Loan Principal Other various items 80CCC Annuity plan of LIC or other Insurer towards Pension Scheme 80CCD (1) Pension scheme of Central Government	Combined deduction limit of 1,50,000
2.	80CCD (1B)	Deduction towards payments made to Pension scheme of Central Government, excluding deduction claimed under 80CCD(1)	Deduction Limit of 50,000
3.	80CCD (2)	Deduction towards contribution made by an employer to the Pension Scheme of Central Government
		If employer is a PSU, State Government or Others	Deduction limit of 10% of salary
		If employer is Central Government	Deduction limit of 14% of salary
4.	80D	Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children For parents	25,000 ( 50,000 if any person is a Senior Citizen) 5,000 for Preventive Health check-up, included in above limit
4.	80D	Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self / spouse or dependent children For parents	Deduction limit is 50,000
5.	80DD	Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme	Flat deduction of 75,000 available for a person with Disability, irrespective of expense incurred The deduction is 1,25,000 if the person has Severe Disability (80% or more)
6.	80DDB	Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases	Deduction limit of 40,000 ( 1,00,000 if Senior Citizen)
7.	80E	Deduction towards interest payments made on loan for higher education of self or relative	Total amount paid towards interest on loan taken
8.	80EE	Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1^st April 2016 to 31^st March 2017	Deduction limit of 50,000 on the interest paid on loan taken
9.	80EEA	Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1^st April 2019 to 31^st March 2022 & deduction should not have been claimed u/s 80EE	Deduction limit of 1,50,000 on the interest paid on loan taken
10.	80EEB	Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1 ^st April 2019 to 31^st March 2023	Deduction limit of 1,50,000 on the interest paid on loan taken
11.	80G	Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000/-.
12.	80GG	Deduction towards rent paid for house and applicable only for whom HRA is not part of salary. Form 10BA to be filed for claiming this deduction	Least of the following shall be allowed as deduction: Rent paid reduced by 10% of total income before this deduction 5,000 per month 25% of total income before this deduction
13.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.
14.	80GGC	Deduction towards Donations made to Political party or Electoral Trust	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.
15.	80TTB	Deduction on interest received on deposits by Resident Senior Citizens	Deduction limit of 50,000/-
16.	80U	Deductions for a resident individual taxpayer with Disability	Flat 75,000 deduction for a person with Disability, irrespective of expense incurred Flat 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred

Additional benefits for Senior / Super Senior Citizen
In addition to tax benefits applicable regardless of age of taxpayer, there are certain enhanced / additional benefits for Senior / Super Senior Citizen. The additional benefits are listed below:

Paper filing of Income Tax Return

Super Senior Citizens (aged 80 years or more) have the option to submit their ITR using Form 1 or 4 in offline / paper mode. The e-Filing option also remains available to them.

Relief from payment of Advance Tax

As per Section 208, every person whose estimated tax liability for the year is 10,000 or more, shall pay his tax in advance, in the form of Advance Tax. But, Section 207 gives relief from payment of Advance Tax to a Resident Senior Citizen. Thus, a Resident Senior Citizen, not having any Income from Business or Profession, is not liable to pay Advance Tax.

Income tax deduction on interest on bank deposits

Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post office or co-operative banks. The deduction is allowed for a maximum interest income of up to 50,000 earned by the Senior Citizen. Both the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.
Also, u/s 194A of the Income Tax Act, no Tax is Deducted at Source (TDS) on interest payment of up to 50,000 by the bank, post office or co-operative bank to a Senior Citizen. This limit is to be computed for every bank individually

Tax benefits with respect to medical insurance and expenditure

According to Section 80D of the Income Tax Act, Senior Citizens may avail a higher deduction of up to 50,000 for payment of premium towards medical insurance policy. The limit is 25,000 in case of Non-Senior Citizens.
Further Section 80DDB of the Income Tax Act allows tax deduction on expenses incurred by an individual on himself or a dependent towards the treatment of specific diseases as stated in the act. The maximum deduction amount in case of a senior citizen is 1 lakh ( 40,000 for Non-Senior Citizen taxpayers).

Returns and Forms applicable for Non-Resident Individual for AY 2022-23

Non-Resident Individual is an individual who is not a resident of India for tax purposes. In order to determine whether an Individual is a Non-Resident or not, his residential status is required to be determined u/s 6 of the Income Tax Act, 1961 as given below:

An individual will be treated as a Resident in India in any previous year if he / she satisfy any of the following conditions:

If he / she is in India for a period of 182 days, or more during the previous year or
If he / she is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.

An individual who does not satisfy both the conditions as mentioned above will be treated as Non-Resident in that previous year.However, in respect of an Indian citizen and a person of Indian origin who visits India during the year, the period of 60 days as mentioned in (2) above shall be substituted with 182 days. The similar concession is provided to the Indian citizen who leaves India in any previous year as a crew member or for the purpose of employment outside India.

The Finance Act, 2020, w.e.f. Assessment Year 2021-22 has amended the above exception to provide that the period of 60 days as mentioned in (2) above shall be substituted with 120 days, if an Indian citizen or a person of Indian origin whose Total Income, other than Income from Foreign Sources, exceeds 15 lakh during the previous year.

The Finance Act, 2020 has also introduced new Section 6(1A) which is applicable from Assessment Year 2021-22. It provides than an Indian citizen earning Total Income in excess of 15 lakh (other than income from foreign sources) shall be deemed to be Resident in India if he / she is not liable to pay tax in any country.

S. No.	Forms	Description
1.	ITR-2	Applicable for Non-Resident Individual This return is applicable for Individual (whether Resident or Non-Resident) and Hindu Undivided Family (HUF) Who is not eligible for filing ITR-1and Not having income under the head Profits and Gains of Business or Profession
2.	ITR-3	Applicable for Non-Resident Individual This return is applicable for Individual (whether Resident or Non-Resident) and Hindu Undivided Family (HUF) Who is not eligible for filing ITR-1, 2 or 4 and having income under the head Profits and Gains of Business or Profession
3.	Form 12BB -Particulars of claims by an employee for deduction of tax (u/s192)	Provided by an Employee to his Employer(s) Details provided in the form Evidence or particulars of HRA, LTC, Deduction of Interest on Borrowed Capital, Tax saving Claims / Deductions for the purpose of calculating Tax to be Deducted at Source (TDS)
4.	Form 16 -Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Salary	Provided by An Employer(s) to his Employee at the end of the financial year Details provided in the form Salary paid, Deductions / Exemptions and Tax Deducted at Source for the purpose of computing tax payable / refundable
5.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for tax TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.
6.	Form 26AS -Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to the e-filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax Specified Financial transactions Demand / Refund Pending / Completed proceedings
7.	Form 10E -Form for furnishing particulars of Income for claiming relief U/S 89(1) when salary is paid in arrears or advance	Provided by an Employee to the Income Tax Department Details provided in the form Arrears / Advance Salary Gratuity Compensation on Termination Commutation of Pension
8.	Form 3CB-3CD	Submitted by Taxpayer who is required to get his accounts audited by an Accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts and Statement of Particulars required to be furnished u/s 44AB of the Income Tax Act, 1961
9.	Form 3CEB	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 92E for entering into an international transaction or specified domestic transaction. To be furnished on or before 31^st Octoberof the Assessment Year Details provided in the form Report from an Accountant, relating to international transaction(s) and specified domestic transaction(s)
10.	Form 3CE	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 44DA for receipt of specified incomes from specified persons. To be furnished on or before 30^th Septemberof the Assessment Year Details provided in the form Report from an Accountant, relating to receipt of income by way of royalty or fees for technical services from Government or an Indian concern.

The taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the existing tax regime.Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 2,50,000	Nil	Up to 2,50,000	Nil
2,50,001 - 5,00,000	5% above 2,50,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	12,500 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,12,500 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000
Note: The rates of surcharge and Health & Education cess are same under both the tax regimes.

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable Income above 50 lakh - Up to 1 crore
15% - Taxable Income above 1 crore - Up to 2 crore
25% - Taxable Income above 2 crore - Up to 5 crore
37% - Taxable Income above 5 crore
Maximum surcharge on income by way of dividend or income under the provisions of 111A, 112A and 115AD is 15%.

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Investments/ Payments / Incomes on which Tax Benefit can be availed

Section 24 (b) - Deduction from income from house property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is 2,00,000. However, this deduction is not available for person opting for new tax Regime.

Interest on loan u/s 24(b) allowable is tabulated below -

Nature of Property	When was the loan	Purpose of Loan	Allowable (Maximum Limit)
Self-occupied	On or after 1 ^st April 1999	Construction or Purchase of House Property	2,00,000
	On or after 1 ^st April 1999	For Repairs of House Property	30,000
	Before 1 ^st April 1999	Construction or Purchase of House Property	30,000
	Before 1 ^st April 1999	For Repairs of House Property	30,000
Let Out	Any time	Construction or Purchase of House Property	Actual value without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC, except for deduction u/s 80CCD (2) and 80JJAA which will be available under the new tax regime as well:

S. No.	Forms	Description	Benefit
1.	80C, 80CCC, 80CCD (1)	Deduction towards payments made to: 80C Life Insurance Premium Equity Linked Tax Saving Scheme (ELSS) Unit Linked Insurance Plan (ULIP) Tuition Fees Housing Loan Principal Other various items80CCC Annuity plan of LIC or other Insurer towards Pension Scheme80CCD (1) Pension scheme of Central Government	Combined deduction limit of 1,50,000
2.	80CCD (1B)	Deduction towards payments made to Pension scheme of Central Government, excluding deduction claimed under 80CCD(1)	Deduction Limit of 50,000
3.	80CCD (2)	Deduction towards contribution made by an employer to the Pension Scheme of Central Government
		If employer is a PSU, State Government or Others	Deduction limit of 10% of salary
		If employer is Central Government	Deduction limit of 14% of salary
4.	80D	Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children For parents	25,000 ( 50,000 if any person is a Senior Citizen) 5,000 for Preventive Health check-up, included in above limit
4.	80D	Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self / spouse or dependent children For parents	Deduction limit is 50,000
5.	80E	Deduction towards interest payments made on loan for higher education of self or relative	Total amount paid towards interest on loan taken
6.	80EE	Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1^st April 2016 to 31^st March 2017	Deduction limit of 50,000 on the interest paid on loan taken
7.	80EEA	Deduction towards interest payments made on loan taken for Acquisition of Residential House Property for the first time where the loan is sanctioned between 1^st April 2019 to 31 ^st March 2022 and deduction should not have been claimed u/s 80EE	Deduction limit of 1,50,000 on the interest paid on loan taken
8.	80EEB	Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1^st April 2019 to 31^st March 2023	Deduction limit of 1,50,000 on the interest paid on loan taken
9.	80G	Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000/-.
10.	80GG	Deduction towards rent paid for house and applicable only for whom HRA is not part of salary. Form 10BA to be filed for claiming this deduction	Least of the following shall be allowed as deduction: Rent paid reduced by 10% of total income before this deduction 5,000 per month 25% of total income before this deduction
11.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.
12.	80GGC	Deduction towards Donations made to Political party or Electoral Trust	Deduction of total amount paid through any mode other than cash.
13.	80IA	Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions)	100% of profit for 10 consecutive AY falling within a period of 15 / 20 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility No deduction shall be allowed to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1^st April 2017. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)
14.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017
15.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1 st April 2007) Indian Company with scientific and industrial research and development as its main object and approved by prescribed authority shall be entitled to claim deductions 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings
16.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
17.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
18.	80IE	Deduction to certain Undertakings set up in North - Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
19.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
20.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
21.	80TTA	Deduction on interest received on Saving Bank Accounts by Individual (other than Senior Citizen) / HUF	Deduction limit of 10,000/-

Returns and Forms Applicable for Hindu Undivided Family (HUF) for AY 2022-2023

S. No.	Forms	Description
1.	ITR-2	Applicable for Non-Resident Individual This return is applicable for Individual (whether Resident or Non-Resident) and Hindu Undivided Family (HUF) Who is not eligible for filing ITR-1(applicable only for individual) and Not having income under the head Profits and Gains of Business or Profession
2.	ITR-3	Applicable for Non-Resident Individual This return is applicable for Individual (whether Resident or Non-Resident) and Hindu Undivided Family (HUF) Who is not eligible for filing ITR-1, 2 or 4 and having income under the head Profits and Gains of Business or Profession
3.	ITR-4 (SUGAM)	Applicable for Individual, HUF and Firm (other than LLP) This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources: Salary / Pension One House Property Other sources (Interest, Family Pension Dividend etc.) Agricultural Income up to 5,000 ITR-4 cannot be used by a person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India has signing authority in any account located outside India has income from any source outside India is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business and Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
4.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for tax TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.
5.	Form 26AS - Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to the e-filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax paid Specified Financial transactions Demand / Refund Pending / Completed proceedings
6.	Form 15G - Declaration by resident taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax	Submitted by a Resident Individual less than 60 years or HUF or any other Person (other than Company / Firm), to Bank, for not deducting TDS on interest income if the income is below basic exemption limit. Details provided in the form Estimated Income for the FY
7.	Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit	Submitted by Taxpayer, to be furnished on or before due date specified for furnishing the ITRs u/s 139(1) Details provided in the form Income from a country or specified territory outside India and Foreign Tax Credit claimed
8.	Form 3CB-3CD	Submitted by Taxpayer who is required to get his accounts audited by an Accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year Details provided in the form Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished u/s 44AB of the Income Tax Act, 1961.
9.	Form 3CEB	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 92E for entering into an international transaction or specified domestic transaction. To be furnished on or before 31^st October of the Assessment Year. Details provided in the form Report from an Accountant, relating to international transaction(s) and specified domestic transaction(s)

Tax Slabs for Hindu Undivided Family (HUF) for AY 2022-23

Individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act).The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the Existing Tax Regime.

Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 2,50,000	Nil	Up to 2,50,000	Nil
2,50,001 - 5,00,000	5% above 2,50,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	12,500 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,12,500 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000
Note: The rates of surcharge and Health & Education cess are same under both the tax regimes.

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable Income above 50 lakh - Up to 1 crore
15% - Taxable Income above 1 crore - Up to 2 crore
25% - Taxable Income above 2 crore - Up to 5 crore
37% - Taxable Income above 5 crore
Maximum surcharge on income by way of dividend or income under the provisions of 111A, 112A and 115AD is 15%.

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Investments/ Payments / Incomes on which Tax Benefit can be availed

Section 24 (b) - Deduction from income from house property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is 2,00,000. However, this deduction is not available for person opting for new tax Regime.

Interest on loan u/s 24(b) allowable is tabulated below -

Nature of Property	When was the loan	Purpose of Loan	Allowable (Maximum Limit)
Self-occupied	On or after 1 ^st April 1999	Construction or Purchase of House Property	2,00,000
	On or after 1 ^st April 1999	For Repairs of House Property	30,000
	Before 1 ^st April 1999	Construction or Purchase of House Property	30,000
	Before 1 ^st April 1999	For Repairs of House Property	30,000
Let Out	Any time	Construction or purchase of house property	Interest without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC:

S. No.	Forms	Description	Benefit
1.	80C	Deduction towards payments made to: Life Insurance Premium Provident Fund Subscription to certain equity shares Tuition Fees National Savings Certificate, Housing Loan Principal Other various items	Combined deduction limit of 1,50,000
2.	80D	Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children For parents	25,000 ( 50,000 if any person is a Senior Citizen) 5,000 for Preventive Health check-up, included in above limit
2.	80D	Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self / spouse or dependent children For parents	Deduction limit is 50,000
3.	80DD	Deduction towards payments made towards Maintenance or Medical Treatment of a Disabled dependent or paid / Deposited any amount under relevant approved scheme	Flat deduction of 75,000 available for a person with Disability, irrespective of expense incurred. The deduction is 1,25,000 if the person has Severe Disability (80% or more).
4.	80DDB	Deduction towards payments made towards Medical Treatment of Self or dependant for specified disease	Deduction limit of 40,000 ( 1,00,000 if Senior Citizen)
5.	80G	Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000/-.
6.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000
7.	80GGC	Deduction towards donations made to Political Party or Electoral Trust	Deduction of total amount paid through any mode other than cash
8.	80TTA	Deduction on interest received on saving bank accounts by Non-Senior Citizens	Deduction limit of 10,000

Returns and Forms applicable for Individual having Income from Business / Profession for AY 2022-2023

S. No.	Forms	Description
1.	ITR-3	Applicable for Individual & HUF This return is applicable for Individual (whether Resident or Non-Resident) and Hindu Undivided Family (HUF) Who is not eligible for filing ITR-1, 2 or 4 and having income under the head Profits and Gains of Business or Profession
2.	ITR-4 (SUGAM)	Applicable for Individual, HUF & Firm (Other than LLP) This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a resident having total income up to 50 lakh and having Income from Business and Profession which is computed on a presumptive basis (under section 44AD / 44ADA / 44AE) and income from any of the following sources: Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-4 cannot be used by a person who - is a Director in a Company, or has held any unlisted equity shares at any time during the previous year, or has any asset (including financial interest in any entity) located outside India, or has signing authority in any account located outside India, or has income from any source outside India, is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income Please note that Form ITR-4 (SUGAM) is not mandatory. It is a simplified return form to be used by an assessee, at his / her option, if he / she are eligible to declare Profits and Gains from Business or Profession on presumptive basis under Section 44AD, 44ADA or 44AE.
3.	Form 16A -Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department
4.	Form 26AS -Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax paid Specified Financial Transactions Demand / Refund Pending / Completed proceedings
5.	Form 3CB-CD	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
6.	Form 15G - Declaration by resident Taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax	Submitted by a Resident Individual less than 60 years or HUF or any other Person (other than Company / Firm) to bank for not deducting TDS on Interest Income if the income is below basic exemption limit. Details provided in the form Estimated Income for the FY
7.	Form 15H - Declaration to be made by a resident Individual (who is 60 years age or more) claiming certain receipts without deduction of tax	Submitted by a Resident Individual, 60 years or more to bank for not deducting TDS on Interest Income. Details provided in the form Estimated Income for the FY
8.	Form 3CEB	Submitted by Taxpayer who enters into an international transaction or specified domestic transactions is required to obtain a report from a chartered accountant u/s 92E. To be furnished on or before 31 ^st October of the Assessment Year. Details provided in the form Report from a chartered accountant containing details of all international transaction(s) and specified domestic transaction(s)

Tax Slabs for Individual having Income from Business / Profession for AY 2022-23

Individuals & HUFs can opt for the existing tax regime or the new tax regime (with lower rate of taxation) (u/s 115 BAC of the Income Tax Act).The taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the existing tax regime. The option can be exercised for every previous year where the Individual or the HUF has no Business Income.For a person having Business Income, once the option to be taxed under the new tax regime has been exercised for a previous year, shall be valid for that previous year and all subsequent years till the business continues to exist.

For Individual (Resident or Non-Resident) less than 60 years of age anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 2,50,000	Nil	Up to 2,50,000	Nil
2,50,001 - 5,00,000	5% above 2,50,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	12,500 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,12,500 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000

For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 3,00,000	Nil	Up to 2,50,000	Nil
3,00,001 - 5,00,000	5% above 3,00,000	2,50,001 - 5,00,000	5% above 2,50,000
5,00,001 - 10,00,000	10,000 + 20% above 5,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
Above 10,00,000	1,12,500 + 30% above 10,00,000	7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000

For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to 5,00,000	Nil	Up to 2,50,000	Nil
5,00,001 - 10,00,000	20% above 5,00,000	2,50,001 - 5,00,000	5% above 2,50,000
Above 10,00,000	1,00,000 + 30% above 10,00,000	5,00,001 - 7,50,000	12,500 + 10% above 5,00,000
		7,50,001 - 10,00,000	37,500 + 15% above 7,50,000
		10,00,001 - 12,50,000	75,000 + 20% above 10,00,000
		12,50,001 - 15,00,000	1,25,000 + 25% above 12,50,000
		Above 15,00,000	1,87,500 + 30% above 15,00,000

Note:

(1). The rates of Surcharge and Health & Education cess are same under both the tax regimes.
(2). Rebate u/s 87-A Resident Individual whose total income is not more than 5,00,000 is also eligible for a rebate of up to 100% of income tax or 12,500, whichever is less. This rebate is available in both tax regimes.

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable income above 50 lakh - Up to 1 crore
15% - Taxable income above 1 crore - Up to 2 crore
25% - Taxable income above 2 crore - Up to 5 crore
37% - Taxable income above 5 crore
Maximum surcharge on income by way of dividend or income under the provisions of 111A, 112A and 115AD is 15%.

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Investments/ Payments / Incomes on which Tax Benefit can be availed

Section 24 (b) - Deduction from Income from House Property on interest paid on housing loan and housing improvement loan. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is 2 lakhs. However, this deduction is not available for persons opting for new tax regime.

Interest on Loan u/s 24(b) allowable is tabulated below:

Nature of Property	When was the loan	Purpose of Loan	Allowable (Maximum Limit)
Self-occupied	On or after 01/04/1999	Construction or Purchase of House Property	2,00,000
	On or after 01/04/1999	For Repairs of House Property	30,000
	Before 01/04/1999	Construction or purchase of House Property	30,000
	Before 01/04/1999	For Repairs of House Property	30,000
Let Out	Any time	Construction or purchase of house property	Interest without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC,except for deduction u/s 80CCD (2) and 80JJAA which will be available under the new tax regime as well:

S. No.	Forms	Description	Benefit
1.	80C, 80CCC, 80CCD (1)	Deduction towards payments made to:80C Life Insurance Premium Provident Fund Subscription to certain equity shares Tuition Fees National Savings Certificate Housing Loan Principal and Other various items 80CCC Annuity plan of LIC or other Insurer towards Pension Scheme80CCD (1) Pension scheme of Central Government	Combined deduction limit of 1,50,000
2.	80CCD (1B)	Deduction towards payments made to Pension scheme of Central Government, excluding deduction claimed under 80CCD(1)	Deduction Limit of 50,000
3.	80CCD (2)	Deduction towards contribution made by an employer to the Pension Scheme of Central Government
		If employer is a PSU, State Government or Others	Deduction limit of 10% of salary
		If employer is Central Government	Deduction limit of 14% of salary
4.	80D	Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children. For parents	25,000 ( 50,000 if any person is a Senior Citizen) 5,000 for Preventive Health check-up, included in above limit
4.	80D	Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self / spouse or dependent children For parents	Deduction limit is 50,000
5.	80DD	Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme Note: Dependent should not claim deduction u/s 80U to claim this deduction.	Flat deduction of 75,000 available for a person with Disability, irrespective of expense incurred The deduction is 1,25,000 if the person has Severe Disability (80% or more)
6.	80DDB	Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases	Deduction limit of 40,000( 1,00,000 if Senior Citizen)
7.	80E	Deduction towards interest payments made on loan for higher education of self or relative	Total amount paid towards interest on loan taken
8.	80EE	Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1^st April 2016 to 31^st March 2017	Deduction limit of 50,000 on the interest paid on loan taken
9.	80EEA	Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1^st April 2019 to 31^st March 2022 & deduction should not have been claimed u/s 80EE	Deduction limit of 1,50,000 on the interest paid on loan taken
10.	80EEB	Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1 ^st April 2019 to 31^st March 2023	Deduction limit of 1,50,000 on the interest paid on loan taken
11.	80G	Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2,000/-.
12.	80GG	Deduction towards rent paid for house and applicable only for those who are self-employed or for whom HRA is not part of salary. Form 10BA to be filed for claiming this deduction	Least of the following shall be allowed as deduction: Rent paid reduced by 10% of total income before this deduction (excluding long term capital gains, short term capital gains under section 111A or income under section 115A or 155D) 5,000 per month 25% of total income before this deduction
13.	80GGC	Deduction towards Donations made to Political party or Electoral Trust	Deduction of total amount paid through any mode other than cash.
14.	80IA	Undertaking engaged in developing, maintaining and operating any infrastructure facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions) No deduction shall be allowed to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1^st day of April, 2017. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)	100% of profit for 10 consecutive AYs falling within a period of 15 AY beginning with the AY in which assessee develops / begins operating and maintaining infrastructure facility
15.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise Engaged in Development of Special Economic Zone (Subject to certain conditions) No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government
16.	80IAB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains Indian Company with scientific and industrial research and development as its main object and approved by prescribed authority shall be entitled to claim deductions (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1 st April 2007) 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings from the AY in which it is approved by prescribed authority (if approved before 1 ^st April 1999).
17.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
18.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
19.	80IE	Deduction to certain Undertakings set up in North -Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
20.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
21.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
22.	80QQB	Deduction in respect of Resident Authors of certain Books other than Textbooks Note: Deduction claimed here cannot be claimed elsewhere in the Income Tax Act.	Income derived by way of Royalty by an Author / Joint Author up to a maximum of 3 lakh, subject to other conditions
23.	80RRB	Deduction for Resident Individuals in respect of Royalty on Patents Note: Deduction claimed here cannot be claimed elsewhere in the Income Tax Act.	First Inventor / Co-owner under the Patents Act, 1970 earning income by way to Royalty up to the amount of Royalty or 3 lakh (whichever is lesser)
24.	80TTA	Deduction on interest received on Saving Bank Accounts by Individual (other than Senior Citizen) / HUF	Deduction limit of 10,000/-
25.	80TTB	Deduction on Interest Received on Deposits by Resident Senior Citizens	Deduction limit of 50,000/-
26.	80U	Deductions for a Resident Individual Taxpayer with Disability	Flat 75,000/- deduction for a person with disability, irrespective of expense incurred Flat 1,25,000/- deduction for a person with severe disability (80% or more), irrespective of expense incurred

Returns and Forms applicable to Association of Persons (AOP) / Body of Individuals (BOI) / Trust / Artificial Juridical Person (AJP) for AY 2022-23

An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. It is important to note that an AOP or BOI shall be deemed to be a person, whether or not, it was formed or established or incorporated with the object of deriving income, profits or gains.Trust created wholly for charitable or religious purposes are allowed various benefits under the Income Tax Act, inter-alia, exemption u/s 11.
Artificial Juridical Person - If an Assessee does not fall under any of the other categories that are included in the definition of Person then it is regarded as an Artificial Juridical Person. These entities are not natural persons but separate entities as per law.

S. No.	Forms	Description
1.	ITR-5	This form can be used by a Person being a: Firm Limited Liability Partnership (LLP) Association of Persons (AOP) Body of Individuals (BOI) Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31 Local Authority referred to in clause (vi) of Section 2(31) Representative Assessee referred to in Section 160(1)(iii) or (iv) Cooperative Society Society registered under Societies Registration Act, 1860 or under any other law of any State Trust other than Trusts eligible to file Form ITR-7 Estate of Deceased Person Estate of an Insolvent Business Trust referred to in Section 139(4E) Investments Fund referred to in Section 139(4F) Note: However, a person who is required to file the Return of Income u/s 139(4A) or 139(4B) or 139(4D) shall not use this form.
2.	ITR-7	Applicable for Persons including Companies who are required to furnish return u/s 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) 139(4A) - Income derived from Property held under Trust wholly / in part for charitable or religious purposes 139(4B) - Chief Executive Officer of every Political Party 139(4C) - Various entities like Research Association, News Agency, etc. mentioned in Section 10 139(4D) - University, College or other Institution referred in Section 35 The category of persons whose income is unconditionally exempt under various clauses of Section 10, and who are not mandatorily required to furnish their Return of Income under the provisions of Section 139, may use this form for filing return (for instance - Local Authority).
3.	Form 26AS -Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax Specified Financial Transactions Demand / Refund Pending / Completed proceedings
4.	Form 3CA-3CD For professional	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CA) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
5.	Form 3CB-CD	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
6.	Form 9A	Submitted by Charitable or religious trust Details provided in the form Application furnished for exercise of option under clause (2) of explanation to Section 11(1) where application of income falls short of 85% due to non-receipt and needs to be applied during the previous year in which it is received
7.	Form 10	Submitted by Charitable or religious trust or institution or association Details provided in the form Statement furnished towards accumulation or setting apart of income by a charitable or religious trust or institution or association towards specific purpose
8.	Form 10A	Submitted by Charitable or religious Trust or institution or association or company Details provided in the form Application for registration or provisional registration or intimation or approval or provisional approval of charitable or religious trust or institution or association
9.	Form 10B	Submitted by Taxpayer who is required to obtain a report from an Accountant u/s 12A(1)(b) of the Income Tax Act, 1961, in the case of charitable or religious trusts or institutions Details provided in the form Audit Report U/S 12A (1) (b) of the Income Tax Act, 1961, in the case of charitable or religious trusts or institutions is to be filed 1 month before the due date for filing ITR u/s 139(1)
10.	Form 10BB	Submitted by Taxpayer who is required to obtain report from an Accountant u/s 10(23C) of the Income Tax Act, 1961 Details provided in the form Audit Report u/s 10(23C) of the Income Tax Act, 1961, in case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of Section 10(23C) is to be filed 1 month before the due date for filing ITR u/s 139(1)
11.	Form 10G	Submitted by Charitable or religious trust Details provided in the form Application for Grant of Approval or continuance thereof to institution or fund u/s 80G(5)(vi) of the Income Tax Act, 1961
12.	Form 10BD	Submitted by Charitable or religious Trust Details provided in the form Statement towards particulars of donation received for a particular FY. To be furnished on or before 31^st May of the FY immediately following the FY in which the donation is received
13.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.

Tax Slabs for Association of Persons (AOP) / Body of Individuals (BOI) / Trust / Artificial Juridical Person (AJP) for AY 2022-23

Tax rates of AOP / BOI / AJP are given below; however they are subject to further conditions described later.
Note: Trusts which are not exempt from taxation as per relevant provisions and require approvals / registrations under the Income Tax Act are assessed as AOP.

Total Income	Income Tax Rate
Up to 2,50,000	Nil
Ranging between 2,50,001 - 5,00,000	5% of income in excess of 2,50,000
Ranging between 5,00,001 - 10,00,000	12,500 + 20% of income in excess of 5,00,000
Above 10,00,000	1,12,500 + 30% of income in excess of 10,00,000

Tax liability of AOP / BOI depends on whether or not share of members of AOP / BOI are known. Accordingly, further applicable conditions are as follows:

Nature of AOP / BOI	AOP / BOI - Assessed	Member -Assessed
Share determined	Where income of none of the members exceeds the maximum amount, which is not chargeable to income tax (i.e., basic exemption limit), income of AOP / BOI shall be taxable at a rate applicable to an individual. Income of AOP is assessed at Maximum Marginal Rate where income of any member of AOP / BOI exceeds the maximum amount which is not chargeable to income tax (i.e., basic exemption limit). But if total income of any member of AOP / BOI is taxable at a rate higher than Maximum Marginal Rate, then income of AOP / BOI shall be chargeable to tax as follows: Portion of income attributable to such member shall be taxable at such high rate as applicable to that member Balance portion of income shall be taxable at the Maximum Marginal Rate of tax (i.e., 30% plus surcharge and HEC as applicable)	Share of profits received by members is exempt in the hands of the members
Share indeterminate or unknown	Income is assessed at Maximum Marginal Rate. However, if total income of any member is assessed at a rate higher than Maximum Marginal Rate, income of AOP / BOI is assessed at that higher rate	The share of income is exempt in the hands of the member

Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable income above 50 lakh - Up to 1 crore
15% - Taxable income above 1 crore - Up to 2 crore
25% - Taxable income above 2 crore - Up to 5 crore
37% - Taxable income above 5 crore
Maximum surcharge on income by way of dividend or income under the provisions of 111A, 112A and 115AD is 15%.

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 50 lakh, 1 crore, 2 crore or 5 crore respectively.

Health and Education cess- Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Note: An AOP / BOI whose adjusted total income exceeds 20 lakh shall be liable to pay Minimum Alternate Tax (MAT) at 18.5% of adjusted total income (plus surcharge and Health and Education cess as applicable), where the normal tax liability is less than 18.5% of adjusted total income.

Investments/ Payments / Incomes on which Tax Benefit can be availed
Tax deductions specified under Chapter VI-A of the Income Tax Act.

S. No.	Forms	Description	Benefit
1.	80G	Deduction towards donations made to prescribed funds, charitable institutions, etc.Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000/-.
2.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000 or if gross total income includes income from Profit / Gains from Business / Profession.
3.	80GGC	Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)	Deduction of total amount paid through any mode other than cash
4.	80IA	Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions)	100% of profit for 10 consecutive AYs falling within a period of 15/ 20 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)
5.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government. No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017
6.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1 st April 2007) 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings
7.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
8.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
9.	80IE	Deduction to certain Undertakings set up in North -Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
10.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
11.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
12.	80LA	Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions)	100% / 50% of specified income for 5 / 10 AY, as per specified conditions

Returns and Forms applicable to Partnership Firm / LLP for AY 2022-23

Section 2(23)(i) of the Income Tax Act, 1961 states that the meaning of firm will be same as that in the Indian Partnership Act, 1932. Section 4 of the Indian Partnership Act, 1932 defines Firm as under:“Persons who have entered into partnership with one another are called individually "Partners" and collectively "a Firm", and the name under which their business is carried on is called the "Firm Name".
As per the Income Tax Act, 1961, firm shall include a Limited Liability Partnership (LLP) as defined in the Limited Liability Partnership Act, 2008. Section 2(1)(n) of the Limited Liability Partnership Act, 2008 defines “Limited Liability Partnership” as a partnership formed and registered under the Act. It is a distinct legal entity separate from its Partner.

S. No.	Forms	Description
1.	ITR-4 (SUGAM)	Applicable for Individual, HUF & Firm (Other than LLP) This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a resident having total income up to 50 lakh and having Income from Business and Profession which is computed on a presumptive basis (under section 44AD / 44ADA / 44AE) and income from any of the following sources: Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to 5,000 ITR-4 cannot be used by a person who - is a Director in a Company, or has held any unlisted equity shares at any time during the previous year, or has any asset (including financial interest in any entity) located outside India, or has signing authority in any account located outside India, or has income from any source outside India, is a person in whose case payment or deduction of tax has been deferred on ESOP who has any brought forward loss or loss to be carried forward under any head of income Please note that Form ITR-4 (SUGAM) is not mandatory. It is a simplified return form to be used by an assessee, at his / her option, if he / she are eligible to declare Profits and Gains from Business or Profession on presumptive basis under Section 44AD, 44ADA or 44AE.
2.	ITR-5	This form can be used by a Person being a: Firm Limited Liability Partnership (LLP) Association of Persons (AOP) Body of Individuals (BOI) Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31) Local Authority referred to in clause (vi) of Section 2(31) Representative Assessee referred to in Section 160(1)(iii) or (iv) Cooperative Society Society registered under Societies Registration Act, 1860 or under any other law of any State Trust other than Trusts eligible to file Form ITR-7 Estate of Deceased Person Estate of an Insolvent Business Trust referred to in Section 139(4E) Investments Fund referred to in Section 139(4F) Note: However, a person who is required to file the Return of Income u/s 139(4A) or 139(4B) or 139(4D) shall not use this form.
3.	Form 26AS -Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax Specified Financial Transactions Demand / Refund Pending / Completed proceedings
4.	Form 16A - Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.
5.	Form 3CA-3CD For professional	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CA) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
6.	Form 3CB-CD	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
7.	Form 3CE	Non-resident taxpayer or Foreign Company doing business in India who is required to obtain a report from a accountant u/s 44DA for receipt of specified incomes from specified persons. To be furnished at least 1 month before due date of filing of return u/s 139(1) i.e. 30^th September of Assessment Year. Details provided in the form- Report from an Accountant relating to receipt of income by way of royalty or fees for technical services from Government or an Indian concern.
8.	Form 3CEB	Submitted by Taxpayer who enters into an international transaction or specified domestic transactions is required to obtain a report from a chartered accountant u/s 92E. To be furnished on or before 31 ^st October of the Assessment Year. Details provided in the form Report from a chartered accountant containing details of all international transaction(s) and specified domestic transaction(s)
9.	Form 29C	Submitted by Taxpayer who is required to obtain a Report from an Accountant u/s 115JC of the Income Tax Act, 1961 Details provided in the form Report u/s 115JC of the Income Tax Act, 1961, for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company
10.	Form 67 -Statement of Income from a Country or Specified Territory outside India and Foreign Tax Credit	Submitted by Taxpayer, to be furnished on or before the due date specified for furnishing the ITR u/s 139(1) Details provided in the form Income from a country or specified territory outside India and Foreign Tax Credit claimed
11.	Form 10CCB	Submitted by Taxpayer who is required to obtain a report from an Accountant to claim the Deductions u/s 80(7) / 80- IA / 80-IB / 80-IC / 80-IE of the Income Tax Act,1961 Details provided in the form Audit Report in Form 10CCB is a mandatory requirement to claim Deduction u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE. It is to be filed 1 month before the due date for filing ITR u/s 139(1)

Tax Slabs for Partnership Firm / LLP for AY 2022-23

For the AY 2022-23, a Partnership Firm (including LLP) is taxable at 30%.
Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

12% if Taxable Income Exceeds 1 Crore

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 1 crore.
Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).
Note: A Firm / LLP shall be liable to pay MAT (Minimum Alternative Tax) at 18.5% of book Profit (plus Surcharge and Health and Education cess as applicable) where the normal tax liability is less than 18.5% of book Profit.

Investments/ Payments / Incomes on which Tax Benefit can be availed
Tax deductions specified under Chapter VI-A of the Income Tax Act.

S. No.	Forms	Description	Benefit
1.	80G	Deduction towards donations made to prescribed funds, charitable institutions, etc.Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000/-.
2.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution fo Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000 or if gross total income includes income from Profit / Gains from Business / Profession.
3.	80GGC	Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)	Deduction of total amount paid through any mode other than cash
4.	80IA	Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions)	100% of profit for 10 consecutive AYs falling within a period of 15 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)
5.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government. No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017
6.	80IAC	Profit and Gains derived by an Eligible Start-up from Specified Business	100% of profit for 3 consecutive assessment years out of 10 years beginning from the year in which the eligible Start-up is incorporated
7.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J & K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1 st April 2007) 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings
8.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
9.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
10.	80IE	Deduction to certain Undertakings set up in North -Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
11.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
12.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
13.	80LA	Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions)	100% / 50% of specified income for 5 / 10 AY, as per specified conditions

Returns and Forms Applicable for Local Authority for AY 2022-2023

As per Section 2(31), Person for the purpose of Income Tax Act includes inter alia a Local Authority.
For the purpose of section 10(20) which provides for exemption of income of Local Authority subject to certain conditions, the expression Local Authority means—

Panchayat as referred to in clause (d) of Article 243 of the Constitution; or
Municipality as referred to in clause (e) of Article 243P of the Constitution; or
Municipal Committee and District Board, legally entitled to, or entrusted by the Government with, the control or management of a municipal or local fund; or
Cantonment Board as defined in Section 3 of the Cantonments Act, 1924 (2 of 1924);

S. No.	Forms	Description
1.	ITR-5	This form can be used by a Person being a: Firm Limited Liability Partnership (LLP) Association of Persons (AOP) Body of Individuals (BOI) Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31) Local Authority referred to in clause (vi) of Section 2(31) Representative Assessee referred to in Section 160(1)(iii) or (iv) Cooperative Society Society registered under Societies Registration Act, 1860 or under any other law of any State Trust other than Trusts eligible to file Form ITR-7 Estate of Deceased Person Estate of an Insolvent Business Trust referred to in Section 139(4E) Investments Fund referred to in Section 139(4F) Note: However, a person who is required to file the Return of Income u/s 139(4A) or 139(4B) or 139(4D) shall not use this form.
2.	ITR-7	Applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D) 139(4A) - Income derived from Property held under Trust wholly / in part for charitable or religious purposes 139(4B) - Chief Executive Officer of every Political Party 139(4C) - Various entities like Research Association, News Agency, etc. mentioned in Section 10 139(4D) - University, College or other Institution referred in Section 35 Note: The category of persons whose income is unconditionally exempt under various clauses of Section 10, and who are not mandatorily required to furnish their return of income under the provisions of Section 139, may use this form for filing return (for instance - Local Authority)
3.	Form 26AS - Annual Information Statement	Provided by Income Tax Department (It is available on the TRACES portal that may be accessed after logging on to e-Filing portal or Internet Banking) Details provided in the form Tax Deducted / Collected at Source Advance Tax / Self-Assessment Tax Specified Financial Transactions Demand / Refund Pending / Completed proceedings
4.	Form 3CA-3CD For professional	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CA) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
5.	Form 3CB-CD	Submitted by Taxpayer who is required to get his / her accounts audited by an accountant u/s 44AB. To be furnished on or before 30 ^th September of the Assessment Year. Details provided in the form Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished under Section 44AB of the Income Tax Act, 1961
6.	Form 15G -Declaration by resident Taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax	Provided by Deductor to Deductee Details provided in the form Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.

Tax Slabs for Local Authority for AY 2022-23

For the AY 2022-23, a Local Authority is taxable at 30%.
Surcharge - Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

12% if Taxable Income exceeds 1 Crore

Marginal Relief - Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding 1 crore.
Health and Education cess - Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

Exemption / Income not included in total income u/s 10(20):

The income of a Local Authority which is chargeable under the head Income from House Property, Capital Gains or Income from Other Sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.

Investments/ Payments / Incomes on which Tax Benefit can be availed
Tax deductions specified under Chapter VI-A of the Income Tax Act.

S. No.	Forms	Description	Benefit
1.	80G	Deduction towards donations made to prescribed funds, charitable institutions, etc.Donation are eligible for deduction under the below categories: Subject to qualifying limit 100% deduction 50% deduction Without any limit 100% deduction 50% deduction	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000/-.
2.	80GGA	Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for Scientific Research Social Science or Statistical Research Association or Institution for Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as set up and notified by Central Government.	No deduction shall be allowed under this section in respect of donation made in cash exceeding 2000 or if gross total income includes income from Profit / Gains from Business / Profession.
3.	80IA	Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions) No deduction shall be allowed to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1^st April 2017.	100% of profit for 10 consecutive AYs falling within a period of 15/20 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)
4.	80IAB	Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government. No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1^st April 2017
5.	80IB	Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J&K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains (Subject to certain conditions)	100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31^st March 2000 but before 1 st April 2007) 100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings from the AY in which it is approved by prescribed authority (if approved before 1^st April 1999)
6.	80IBA	Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified
7.	80IC	Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
8.	80IE	Deduction to certain Undertakings set up in North -Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified
9.	80JJA	Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
10.	80JJAA	Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions)	30% of additional employee cost for 3 AY, subject to certain conditions
11.	80LA	Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions)	100% / 50% of specified income for 5 / 10 AY, as per specified conditions

Step by Step Guide on e filing Income Tax Returns AY 2021-22 on Income tax Government Portal

An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return.An income tax return is a form filed to report the annual income of a taxpayer. There may be various reasons for filing an income tax return even in the absence of income.A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund, claiming tax deductions, etc.The Income Tax Department provides the facility for electronic filing (e-filing) of an income tax return. Before discussing the steps involved in the e filing of income tax return, it is essential for a taxpayer to keep the documents for calculation and reporting data in ITR.

Step 1: Calculation of Income and Tax

The taxpayer will be required to calculate his/her income as per the income tax law provisions applicable to him/her.
The calculation should take into account income from all sources such as salary, freelancing and interest income. The taxpayer can claim the deductions such as tax-saving investments under section 80C and so on.
Also, a taxpayer should take into account credit for TDS, TCS or any advance tax paid by them.

Step 2: Tax Deducted at Source (TDS) Certificates and Form 26AS

The taxpayer should summarize his TDS amount from the TDS certificates received by him for all the 4 quarters of the financial year. Form 26AS helps the taxpayer with the summary of the TDS and tax paid during the financial year.

Step 3: Choose the right Income Tax Form

The taxpayer has to ascertain the income tax form/ITR Form applicable for filing his income tax return. After ascertaining the income tax form, the taxpayer can proceed with the filing of the income tax return. There are 2 modes available for filing-online and offline. The online mode from the login of the taxpayer is available only for ITR 1 and ITR 4; it is not available for forms of other categories of individual taxpayers. The offline mode (generating XML and uploading) is available for all types of income tax forms.

Step 4: Download ITR utility from Income Tax Portal

Visit the site www.incometax.gov.in and click on 'Downloads' from the top menu bar.
Choose the assessment year and download the offline utility software, i.e. Microsoft Excel or Java, or JSON utility based on your preference.
The excel and java utility are discontinued by the income tax department from AY 2020-21

Step 5: Fill in your details in the Downloaded File

Upon downloading the offline utility, fill in the relevant details of your income, and check the tax payable or the refund receivable as per the calculations of the utility. The details of income tax challan can be filled in the downloaded form.

Step 6: Validate the Information Entered

You can see a few buttons on the right-hand side of the downloaded form. Click on the 'Validate' button to ensure all the required information is filled.

Step 7: Convert the file to XML Format

Upon successfully validating, click on the 'Generate XML' button on the right-hand side of the file to convert the file into XML file format.

Step 8: Upload the XML file on the Income Tax Portal

Now, log in to the income tax e-filing portal and click on the 'e-File' tab to select the 'Income Tax Return' option.
Provide the necessary details such as PAN, assessment year, ITR form number, and the submission mode. Remember to choose the option 'Upload XML' from the drop down corresponding to the field name 'Submission Mode'.
Now, attach the XML file from your computer and click on the 'Submit' button.Choose one of the available verification modes—Aadhaar OTP, electronic verification code (EVC), or sending a manually signed copy of ITR-V to CPC, Bengaluru.

What is Form 16?

Form 16 is your salary TDS certificate.

If your income from salary for the financial year is more than the basic exemption limit of Rs 2,50,000 your employer is required, by the Income Tax Act, to deduct TDS on your salary and deposit it with the government.
If you have also disclosed your income from other heads to your employer, they will consider your total income for TDS deduction.
If your income is below the basic exemption limit, your employer will not deduct any TDS and may not issue this form to you.
If you have worked with more than one employer during the year, you will have more than one Form 16.

While Form 16 is issued annually on TDS from salary, Form 16A is issued every 3 months for TDS on income from other sources. Form 26AS, on the other hand, is a government record of the tax deducted from an individual or company and deposited with the Income Tax Department.The Form 26AS contains details of tax deducted on behalf of the taxpayer (you) by deductors (employer, bank etc.). So, TDS deductions that are given in Form 16 / Form 16 A can be cross checked using Form 26AS. The TDS amounts reflected in Form 26AS and Form 16/16A should always be the same.This Form 16 is a certificate, where the employer is certifying details regarding the salary you have earned during the year and how much TDS has been deducted. It has two parts - Part A and Part B.

Form 16 is a certificate issued to salaried individuals from their employer when he deducts tax from the employee salary. In simple words, it is an acknowledgement which states your deducted tax has been deposited with the Income Tax department. It must be issued by 15^th June of the year for which it is being issued. For example, for the F.Y. 2019-20, the due date for the issue of Form 16 shall be 15^th June 2020. However, the due date stands extended to 15^th Aug

What is Form 16A?

Form 16A is also a TDS Certificate. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. For example, a Form 16A shall be issued to you - when a bank deducts TDS on your interest income from fixed deposits, for TDS deducted on insurance commission, for TDS deducted on your rent receipts. In fact, when TDS is deducted on any other income you receive that is liable for such deduction. This certificate also has details of the name and address of deductor/ deductee, PAN/ TAN details, challan details of TDS deposited. It also has details of income you have earned and the TDS deducted and deposited on such income. All details that are there in Form 16A are available on Form 26AS. This can be used to file your return. However, the same is not in the case of Form 16. Details of Form 16 that are available in Form 26AS is only TDS deducted by the employer.
What is Form 26AS (tax credit statement)

A taxpayer may pay tax in any of the following forms:

Tax Deducted at Source (TDS)
Tax Collected at Source (TCS)
Advance tax or self-assessment tax or payment of tax on regular assessment

The Income Tax department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under 'Rule 31AB ' of the I-T disclosing the details of tax credit in a taxpayer's account as per the database of the tax department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number (PAN) of the taxpayer as per the database of the tax department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc.

Difference between Form 16 and Form 26AS:

Form 16 is a TDS certificate (on salary) and Form 26AS contains details about the tax that has been deducted/deposited with the government on taxpayers' behalf by deductors (banks or employers). The form also has details about tax credits.

Basics of Form 16 - Meaning of Part A & Part B

Form 16 is the total of the amount (including basic salary and other allowances) paid to the employee and the taxes deducted in a financial year. The form serves as a proof that tax was deposited by the employer to the Income Tax (I-T) department.It can be noted that if an employer has not deducted any TDS, then Form-16 might not be issued. However, an employer can issue a salary statement.To avoid mistakes while filing ITR, taxpayers must recalculate the total tax based on Form 16 issued.Form 16 is essentially a certificate issued by employers to their employees. It provides a validation that TDS has been deducted and deposited with the government authorities on behalf of the employee. It gives a detailed summary of the salary paid to the employee and the TDS amount deducted on the same.Employers must issue it every year on or before 15 ^th June of the following year, immediately after the financial year in which the tax is deducted. If you lose your Form 16, you can request a duplicate from your employer.Form 16 contains the information needed to prepare and file your income tax return. It shows the breakup of salary income and the TDS amount deducted by the employer. It has two components - Part A and Part B.

Part A of Form 16

The Part A of Form 16 has TAN (tax deduction and collection account number) and PAN (permanent account number) of the employer, name and address (both employer and employee), assessment year and work duration. The Part A of the form also has a summary of tax deducted from your income and deposited to the tax department as per the quarterly TDS return filed by the employer.

Part A of Form 16 provides details of TDS deducted and deposited quarterly details of PAN and TAN of the employer and other information. An employer can generate and download this part of Form 16 through the TRACES (https://www.tdscpc.gov.in/app/login.xhtml) portal. Before issuing the certificate, the employer should authenticate its contents.

It is important to note that if you change your job in one financial year, each employer will issue a separate Part A of Form 16 for the period of employment. Some of the components of Part A are:

Name and address of the employer
TAN and PAN of employer
PAN of the employee
Summary of tax deducted and deposited quarterly, which is certified by the employer

Part B of Form 16

The Part B of Form 16 has the detail of salary paid during a financial year. The form mentions all - the breakup of your salary, deduction claimed under section 80, Section 80C for EPF, PPF, NSC, life insurance premium or Section 80D for health insurance, Section 80G. There are also details of the total taxable income and tax deducted on such income.Part B of Form 16 is an Annexure to Part A. Part B is to be prepared by the employer for its employees and contains details of the breakup of salary and deductions approved under Chapter VI-A.If you change your job in one financial year, you should take Form 16 from both employers. Some of the components of Part B notified newly are:

Detailed breakup of salary
Detailed breakup of exempted allowances under Section 10
Deductions allowed under the Income Tax Act (under chapter VIA):
The lists of deductions mentioned are as below:

Deduction for life insurance premium paid, contribution to PPF etc., under Section 80C
Deduction for contribution to pension funds under Section 80CCC
Deduction for employee's contribution to a pension scheme under Section 80CCD(1)
Deduction for taxpayer's self contribution to a notified pension scheme under Section 80CCD(1B)
Deduction for employer's contribution to a pension scheme under Section 80CCD(2)
Deduction for health insurance premium paid under Section 80D
Deduction for interest paid on loan taken for higher education under Section 80E
Deduction for donations made under Section 80G
Deduction for interest income on savings account under Section 80TTA

Relief under Section 89

Details required from Form 16 while filing your return

With reference to the image below, here is where you can locate certain information for filing your income tax return for FY 2020-21 (AY 2021-22).

Allowances exempt under Section 10
Break up of deductions under Section 16
Taxable salary
Income (or admissible loss) from house property reported by an employee and offered for TDS
Income under the head 'Other Sources' offered for TDS
Break up of Section 80C deductions
The aggregate of Section 80C deductions (gross and deductible amount)
Tax payable or refund due

Form 16 - Part B

It shows your name (taxpayer's), address and PAN. You can also find additional information of your employer in your Form 16 while filing your annual return, such as:

TDS deducted by the employer
TAN of employer
PAN of employer

Name and address of employer
Current assessment year
Your PAN

Eligibility criteria for Form 16

According to the regulations issued by the Finance Ministry of the Indian Government, every salaried individual whose income falls under the taxable bracket is eligible for Form 16. If an employee's income does not fall within the tax brackets set, they will not need to have Tax Deducted at Source (TDS). Hence, in these cases, the company is not obligated to provide Form 16 to the employee. However, these days, as a good work practice, many organizations issue this certificate to the employee as it contains a consolidated picture of the individual's earnings and has other additional uses.

Points to be noted while checking Form 16

Once an individual receives Form 16 from the employer, it is their responsibility to ensure that all the details are correct.
One should verify the details mentioned in Form 16, for example, details of the amount of income, TDS deducted, etc.
If any of the detail is mentioned incorrectly, one should immediately reach out to the organization's HR/Payroll/Finance department and get the same corrected.
The employer would then correct their end by filing a revised TDS return to credit the TDS amount against the correct PAN. Once the revised TDS return is processed, the employer will issue an updated Form 16 to their employee.

How to Rectify TDS Mismatch in Form16 and Form26AS

If the mismatch is due to your employer's mistake, he/she has to file a revised TDS Return with correct details. In case of a tax credit mismatch notified by the IT department the errors should be corrected online through the IT e-filing portal.TDS (Tax Deducted at Source) should ideally be the same in Form 26AS and Form 16 or 16A. However, sometimes there might be inconsistencies owing to several reasons including clerical mistake.

Form 16 and 16A are tax credit statements that confirm the deduction of tax from income of an individual or company. While Form 16 is issued annually on TDS from salary, Form 16A is issued every 3 months for TDS on income from other sources. Form 26AS, on the other hand, is a government record of the tax deducted from an individual or company and deposited with the Income Tax Department.Once TDS or TCS (Tax Collected at Source) is deducted from an income, the person who is in charge of deducting TDS or TCS should deposit the amount collected with the IT Department. Sometimes, if the employer has not deposited the amount with the department on time, it is likely that TDS mentioned in Form 16 or 16A will not match with Form 26AS.

To be able to file your income tax return, it is essential that tax credit in Form 26AS and Form 16/16A should be the same. For tax computation, it is important to know the TDS already deducted from your salary so that any additional tax on other incomes can be determined properly. If excess TDS has been deducted, then you may also be liable for a refund from the department.

If there is any difference in the tax credit figures of Form 26AS and Form 16/16A, and you have not rectified it in time, then the taxman will consider the figure in Form 26AS for calculations.

Rectifying TDS Mismatch:
Once you compare the forms and identify the error, you must:

Filing of revised TDS Return will take some time, and even after the revised version is filed, it will take more time for the correction to reflect in Form 26AS. The best way to ensure that there is no discrepancy in TDS is to check your Form 26AS periodically. If you file your income tax return online, Form 26AS can be accessed from your Income Tax e-filing account.

Reasons for TDS Mismatch

There will be no change in the process of generating e-way bills. However, an additional facility to generate e-way bills from IRN will be provided. A user can follow the below steps:

The following are the common errors leading to TDS mismatch:

The person deducting TDS has not filed TDS return.

Wrong amount mentioned in TDS return.

Wrong PAN number of the employee quoted by the deductor.

Wrong PAN and TAN number of the deductor stated.

Wrong Challan Identification Number of TDS payment quoted in TDS Return.

Wrong Assessment Year stated in TDS return.

Any detail of TDS payment omitted from the TDS return.

Challan-wise annexure in TDS Statement does not mention details of the employee such as name or gender.

Erroneous TDS amount claimed in the return.

False or excess TDS claimed in the return.

Income tax Section 89- Relief for salary Arrears

There are various cases in which an employee might obtain the salary arrears for the present year for any previous year's left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. It is due to the fact that the shift from the income tax slab rate to the higher tax slab.Thus Section 89 under the Income Tax Act has been incorporated by the Government that comes as a benefit in this context as this law permits the tax deduction for the other tax burden on the employees obtaining the salary arrears.

As per section 89(1), the tax deduction/relief has been furnished through re-computing the tax for the year on which the arrears are obtained and the year to which the arrears concern and these taxes get managed for the year in which they get due before. Moreover, if the assessee is needed to pay more tax for the year of receipt than “what he would have originally paid had he received the money in the year(s) that he was supposed to receive it, such additional tax can be reduced from the tax payable.
Relief under Section 89(1) is available in the following mentioned cases:

Method to Compute Tax Relief on Salary Arrears U/S 89(1)

Step 1: We are required to compute the tax liability upon the total income, which consists of the salary arrears for the year where it is obtained.

Step 2: Compute the tax liability on the total income which does not include the salary arrears for the year of receipt. The step provides us with the tax payable amount had there no arrears obtained in the present year.

Step 3: computes the difference in the tax liability as step 1 and step 2. This will be the tax on the additional salary engaged in the total income.

Step 4: computes the tax liability on the total income which consists of the arrears amount obtained for the year to which arrears are concerned.

Step 5: Compute the tax liability on the total income which does not include the arrears obtained amount for the year to which the arrear is concerned.

Step 6: Compute the difference amid the amount computed according to step4 and step5. It provides us with the original tax liability for the previous year to which the arrears are obtained for the present year.

Step 7: Beneath section 89 the excess amount at step 3 over step 6 shall be the tax relief that is permitted under the law. For the case, there is no excess that is if the tax computed according to step 3 is less with respect to that computed in step6 the employee is not required for the relief beneath section 89 that is no relief is permitted.

You might go to the income tax website to compute the relief beneath section 89, there is the link-https://www.incometaxindia.gov.in/Pages/tools/relief-under-section-89.aspx#

Method to Claim the Tax Relief Computed under Section 89

To avail for the relief below section 89 people need to furnish Form 10E available for the income tax portal inside “the new e-filing portal, log in and on Dashboard, go to e-File > Income tax forms > File Income Tax Forms. Filing of Form 10E is just essential. Towards the case of non-filing of Form 10E, the ITR shall get processed but the relief claimed u/s 89 shall not get permitted that is the relied on under section 89 of the income tax act shall get permitted only if the Form 10E gets furnished prior to the furnishing of the ITR.For example, Mr. A obtained 1,50,000 as the arrears to furnish in the FY 2020-21 towards the fiscal year 2019-20. Under the ordinary conditions, he furnished the “tax of 1,10,760 on her income of 9,70,000 for FY 2020-21”. But, after the addition of the arrears of 1.5 lakh, his tax liability gets raised to 1,54,440.Moreover, towards the FY 2019-20, he furnished a tax of 75,400 upon his income obtained which was 8 lakhs. Did he obtain the arrears of 1.5 lakhs for the year they get left the tax liability shall be 1,06,600? Through this information the tax relief available to Mr. A is been calculated:

S. No.	Particulars	Amount
1	“Tax payable on the total income for FY 2020-21, including the arrears”	1,54,440
2	“Tax payable on the total income for FY 2020-21, excluding the arrears”	1,10,760
3	“Difference between Step 1, Step 2”	43,680
4	“Tax payable on the total income for FY 2019-20, including the arrears”	1,06,600
5	“Tax payable on the total income for FY 2019-20, excluding the arrears”	75,400
6	“Difference between Step 3, Step 4	31,200
7	“Amount of relief = Step 3 - Step 6	12,480″

Note: According to step 3 if the tax subjected to pay (furnished in the year of receipt) is less than the tax payable according to step 6 reveals that if there is no excess tax then there is no relief provided./p>

Claimable Income Tax Deductions for Expenses U/S Section 80C

Tuition Fees: As per Section 80C, one can claim up to 1.5 lakh against tuition fees deduction excluding development and donations fees for up to two children during the current financial year.The fees can be paid to any college, university, school, or any other educational institution situated in India. It is worth mentioning here that this deduction can't be claimed for fees paid for coaching classes or mess expenses or hostel.For Instance, if you are paying tuition fees of 50,000 for each of your three children, you can claim a deduction of 1,00,000 under Section 80C.
Repayment of Principal of Home Loan: If you have taken a home loan, then you are allowed to claim a deduction of up to 1.5 lakh under Section 80 C against the principal that is repaid during the financial year.However, if you are planning to claim, just keep in mind that you cannot sell the property within 5 years of possession of the same. So if you sell the property within the forthcoming 5 years, then the deduction that has been claimed shall be added back to the income of the year in which the sale is made.
Claim stamp duty and registration charges -Furthermore, you can also claim stamp duty and registration charges within the limit of 1.5 lakh.This year, if you have opted for EMI (equated monthly installment) moratorium, the principal repaid will be less as you didn't pay any EMI during this period. Therefore, one needs to remember that deduction can be claimed against the actual principal paid and not what was due at the beginning of the year.
Premium of life insurance -Last but not least if you have been paying a premium of life insurance for yourself or your spouse, you can claim a deduction of up to 1.5 lakhs under Section 80C.

Advance Tax

Advance Tax is a part of your taxes that is to be paid before the end of the financial year. It should be paid in the year in which the income is received. That is why it is also known as the pay-as-you-earn scheme.

Who is Liable to Pay Advance Tax?

Any assessee whose tax liability is more than 10,000 in a financial year is liable to pay advance tax. For ex: if your tax liability of FY 2021-22 has exceeded 10,000 then you are liable to pay it in FY 20-21 itself.
Note: Senior citizen (an individual of 60 years or more) who does not have income from the business is exempted from paying advance tax. Such exemption is irrespective of the ceiling of 10,000.

Who should File Advance Tax?

Advance Tax is applicable only for those who have sources of income other than Salary. The salaried person is not required to pay advance tax as the tax deduction at source (TDS) will be done by his employer. But if he has earned income from heads other than Salary, such as interest income on fixed deposit, winnings from lottery, whose tax liability exceeds 10,000 then he is required to pay advance tax.

What is the Logic behind Advance Tax?

Advance Tax helps the government to receive a regular flow of income throughout the year so that it doesn't have to wait until the end of the year to incur any expenditure. This approach keeps the government going.

How to Calculate Advance Tax Liability?

Tax liability is calculated by estimating the current year income and then applying the tax rates applicable as per Income Tax Slabs.Let's understand with the help of an example:

Suppose the total tax on the estimated income of the financial year 2021-22 is 20,000 (which is clearly more than 10,000 so advance tax has to be paid).
Entire 20,000 has to be paid as advance tax, but in installments, as follows:

1^st installment by 15^th June, 2021 (15% of 20,000) = 3,000
2nd installment by 15^th Sept, 2021 (45% of 20,000) = 6,000
3rd installment by 15^th Dec, 2021 (75% of 20,000) = 6,000
4th installment by 15^th March, 2022 (100% of 20,000) = 5,000

Note:

For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20^th March 2020 and 30^th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.

In the above example if you re-estimate your income, then you should revise the advance tax accordingly. You can also calculate Advance Tax using online advance tax calculator: https://www.incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx

“In view of the recent disturbances in the North Eastern region of India, CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY (financial year) 2019-20 from 15^th December, 2019 to 31^st December, 2019 for the North Eastern Region,” the Central Board of Direct Taxes (CBDT) said in a statement.

Due Dates of Advance Tax Payment

(For both Corporate & non-Corporate Assessee)

Due Dates	Rates of Advance Tax
On or before 15 ^th June	Up To 15% of the advance tax liability
On or before 15 ^th September	Up To 45% of the advance tax liability
On or before 15 ^th December	Up To 75% of the advance tax liability
On or before 15 ^th March	100% of the advance tax liability

Earlier the percentage of Advance Tax to be paid was different for companies and other than companies, but now Budget 2016 has standardized the rates for both the assessee.

Advance Tax Interest:
Interest U/s 234C:

Where in any financial year an assessee, other than the assessee declaring income under presumptive taxation who is liable to pay advance tax has failed to pay such tax or the advance tax paid by such assessee on its current income on or before the 15^th day of June is less than 15% of the tax due on the returned income or the amount of such advance tax paid on or before the 15 ^th day of September is less than 45% of the tax due on the returned income or the amount of such advance tax paid on or before the 15 ^th day of December is less than 75% of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 1% percent per month for a period of three months on the amount of the shortfall from 15% or 45% or 75%, as the case may be, of the tax due on the returned income.

If the advance tax paid by the assessee on the current income on or before the 15^th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 1% percent on the amount of the shortfall from the tax due on the returned income:

If the advance tax paid by the assessee on the current income, on or before the 15^st day of June is not less than 12% or the 15^th day of September is not less than, 36% of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates

An assessee who declares profits and gains under section 44AD or section 44AD, as the case may be whose tax liability is more than .10,000 and has failed to pay such tax or the advance tax paid by the assessee on its current income on or before the 15 ^th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 1% on the amount of the shortfall from the tax due on the returned income

Interest under Section 234B
What happens if you fail to pay advance tax on due dates?

If you miss the deadlines for the advance tax payment
You did not pay any advance tax even if your tax liability for the financial year is more than 10,000
You have paid the advance tax but the paid amount is less than 90% of the assessed tax.

In any one of the cases, interest under Section 234B shall be applicable.
Interest is calculated @ 1% per month from 1^st April on Assessed Tax less Advance Tax already deposited.

FAME India Scheme 2022

Offline Mode:

Individuals may pay advance tax using tax payment challans at bank branches authorized by the Income Tax Department. Such authorized banks for the income tax payment are Reserve Bank of India, State Bank of India, HDFC Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Allahabad Bank, Syndicate Bank, Axis Bank, Punjab National Bank, Punjab & Sindh Bank and more.

Online Mode:

Advance Tax can also be paid online through the official website of the Income Tax department: https://www.incometaxindiaefiling.gov.in/.

Using Income Tax Software:

People often get confused about filing returns, as there are many taxes imposed by Indian Government such as Advance Tax/Income Tax, Service Tax, TDS, Wealth Tax etc. Due to the lack of information people could not complete their paperwork and other formalities. In order to make e-filing easier, Software that enables getting e-taxation work done in easiest possible and in the most efficient way.

Tax Deducted at Source (TDS) Payment

TDS or Tax Deducted at Source is a specific amount that is reduced when a certain payment like salary, commission, rent, interest, professional fees, etc. is made. The person who makes the payment deducts tax at the source; while the person who receives a payment/income has the liability to pay tax. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

Tax deducted by a Government assessee without challan (i.e. treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income-tax challan.
Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.

Due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are
For the quarter	Due Date
For the quarter ending 30^th June	7^th July
For the quarter ending 30^th September	7^th October
For the quarter ending 31^st December	7^th January
For the quarter ending 31^st March	30^th April

Note*: Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income tax is due.

Advantages of TDS

Some of the advantages of TDS are:

It ensures that people do not evade payment of taxes.
TDS acts as a steady source of revenue for the Government.
It is much more convenient for the deductee as the tax amount payable is automatically deducted.
The burden on Tax Collection Agencies to collect tax significantly reduces.

When should TDS be deducted and who is liable to deduct?

If you are making any sort of payment specified under the Income Tax Act, then TDS will be deducted at the time of these payments. However, no TDS will be deducted if you are an individual or Hindu Undivided Family (HUF), and your books are not required to be audited.
In case of rent payment by an individual or HUF member, where the amount payable exceeds 50,000, then a TDS at 5% will be deducted even if your books are not liable for a tax audit. You will not be required to apply for a Tax Deduction Account Number (TAN) if you are liable to have TDS deducted at 5%.
If you are a working professional then your employer will deduct TDS as per the applicable income tax slab rates. The bank with whom you hold a working account will deduct TDS at 10%.However, if they do not have your PAN details, then TDS at 20% will be deducted. For the majority of payments, TDS rates are set in the Income Tax Act the payer deducts TDS as per the rates applicable.
You will not be required to pay any tax if you submit your investment proofs to your employer and your total income that can be taxed is below the total taxable threshold. Thus, no TDS will be deducted in this case. You can also submit Form 15G and Form 15H to the bank if the total taxable income is below the total taxable limit. The bank in this case will not deduct any TDS on your interest income.
In case you failed to submit the investment proof to your employer and the bank deducted the TDS, you can file a return and claim a refund of it, provided your total taxable income is below the total taxable limit.

Types of TDS

Here are some of the income sources that qualify for TDS:

Salary
Amount under LIC
Bank Interest
Brokerage or Commission
Commission payments
Compensation on acquiring immovable property
Contractor payments
Deemed Dividend

Insurance Commission
Interest apart from interest on securities
Interest on securities
Payment of rent
Remuneration paid to the director of a company, etc
Transfer of immovable property
Winning from games like a crossword puzzle, card, lottery, etc.

What is a TDS Certificate?

TDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the Income Tax Act, 1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax. The deductor is liable to provide this form to the deductee.

For salaried class: In case of salaried employees, employers are required to provide them with Form 16 with a mention of the amount that has been deducted as TDS. Form 16 contains a host of details such as the computation of tax, the deduction of tax, and the payment of TDS. Employers must issue this form to their employees before May 31 of the following financial year.
For non-salaried class: The deductor provides the deductee with Form 16A, and it contains all the details regarding the computation of tax, the deduction of TDS, and payments.

What is the due date for filing a TDS return?

The due date for submission of quarterly TDS Returns in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:

Quarter	Period	Due Date
1	01 April 2022 to 30 June 2022	31^st July 2022
2	01 July 2022 to 30 September 2022	31^st October 2022
3	01 October 2022 to 31 December 2022	31^st January 2023
4	01 January 2023 to 31 March 2023	31^st May 2023

Note:

Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign).
Form 27EQ is for TCS Return.

How to Claim TDS Refund?

Individuals can claim TDS refund on the Income Tax website. However, the Income Tax Returns must be filed, and the TDS refund must be shown. Once the ITR is filed, the TDS refund will be processed by the Income Tax Department. The refund might be credited to the bank account within 6 months. Individuals can also check the status of the refund on the official website of the Income Tax Department.

Steps to check TDS Deduction Status

One needs to follow the steps mentioned below to check their status of TDS

Visit the official website of the Income Tax Department.
Provide your details and login to the portal.
Under the 'My Accounts' tab, click on 'view Form 26AS (Tax Credit)'.
Select the year and PDF format to download the file.
Your downloaded PDF file is password protected. The password here will be the date of birth mentioned on your PAN. For example, if your date of birth is 5 March 2000 then the password will be 05032000.
You can then view all the details related to the TDS deduction.
You can use your bank's net banking facility to check whether your TDS has been deducted provided your PAN is linked to it.

Steps to upload TDS statements

Here is a simple guide to upload your TDS statements on the official website of the Income Tax Department:

Visit https://www.incometaxindiaefiling.gov.in/home. On the right side of the page, you will see 'Registered User?' followed by the 'Login Here' option.
Click on the aforementioned option and fill in your login information before clicking on 'Login'. Your TAN will be your user ID.
After you have logged in, locate the 'TDS' drop-down menu where you will have to select 'Upload TDS'.
A form will appear, and you will have to choose the right details before clicking on 'Validate'.
You will then have to validate your returns using either DSC or EVC.

Due Dates to issue TDS certificates (Form 16)

Form No.	Due date	Periodicity
Form 16 (TDS on salary)	31^st May 2022 (for FY 2021-22) 31 ^st May 2023 (for FY 2022-23)	31^stAnnual
Form 16A (TDS on income other than salary)	Within 15 days from the due date of furnishing TDS return	Quarterly
Form 16B (TDS on sale of property u/s 194IA)	Within 15 days from the due date of furnishing challan in Form No. 26QB	Each transaction
Form 16C (TDS on Rent)	Within 15 days from the due date of furnishing challan in Form No. 26QC	Each transaction
Form 27D (TCS)	Within 15 days from the due date of furnishing TCS return.	Quarterly

Note:

Form 16A & Form 27D is issued within 15 days from the due date of furnishing the TDS / TCS return.
Form 16A is for TDS deducted on income other than salary
Form 27D is Tax Collection Certificate (TCS)

Challan for TDS Payment

Challan ITNS 281 is the Challan form for online payment of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). Challan No. 281 is applicable for Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates and non-corporates. TDS exception is essentially a mechanism developed by the Indian Government where in there is a tax deduction at the source of an income, calculated at a specific rate and thereby becomes payable to the department of Income Tax.

Penalty for Late Filing TDS Return

Here are the penalties levied by the Income Tax Department for the failure to submit or defaults in submitting your TDS return/statements:

Failure to submit your returns: Under Section 272A (2) of the Income Tax Act, a penalty of 100 will be levied for each day that the returns remain un-submitted, subject to a maximum of the TDS amount.
Failure to file your returns on time: Under Section 234E of the Income Tax Act, a penalty of 200 will be levied for each day that the returns remain un-filed, subject to a maximum of the TDS amount.
For defaults in the filing of TDS statement: Under Section 271H of the Income Tax Act, a penalty of 10,000 to 1 lakh will be levied in case the deductor defaults at the time of filing TDS return within the due date.
For incorrect details: Under Section 271H of the Income Tax Act, a penalty of 10,000 to 1 lakh will be charged in case the deductor submits incorrect information pertaining to PAN, challan particulars, TDS amount, etc.
For non-payment of TDS: Under Section 201A of the Income Tax Act, interest will also be levied along with the penalty in case TDS is not paid within the due date. In case a part of the tax amount or the whole of it is not deducted at source, interest will be charged at 1.5% every month starting from the date on which the tax was deductible to the date on which the tax is actually deducted.

What is the interest and penalty for delay in filing returns?

Particulars	Amount of penalty	Section of the Act
Delay in filing Income Tax Return	For FY 21-22 (AY 2022-23) - when the total income of the person exceeds 5 Lakhs: 5,000 - any other case: 1,000	234F
Late filing of TDS return	Fee: 200 per day from the due date of filing till the date of filing such return. Such penalty shall not exceed the TDS amount. Penalty: Minimum 10,000 and maximum 1,00,000 No penalty if the return is filed within one year from the due date	234E 271H

ITR filing: How is Annual Information Statement different from Form 26AS and how to read it?

The Income Tax Department has updated the Compliance Portal with the new Annual Information Statement (AIS) recently. It is a financial statement that is said to be meant for simplifying your tax filing pattern by making financial transactions available in one place.

According to ITD, AIS essentially provides a comprehensive overview of all monetary transactions done by a taxpayer within a fiscal year. The new form also has a feature to capture the feedback of the taxpayers. This means that the taxpayers can submit their feedback to the income tax department in case of any discrepancies or information mismatch.

Many taxpayers, however, are unsure if the new AIS will make their lives easier or more difficult. In addition to this, there is confusion as to whether AIS will replace the form 26AS or is different from it.

What is AIS?

The Annual Information Statement (AIS) is basically a utility/form that is available on the Income Tax website that reveals all of the taxpayer's financial and tax-related information. It is an extension of Form 26AS, which contains information on SFT (specified financial transaction) and taxes deducted throughout the year.

The new AIS now include information such as interest, securities transactions, mutual fund transactions, dividends, foreign remittance information etc. It has been introduced with the purpose of removing duplicate information if any. If the taxpayer thinks that the information shown in the form is duplicate, incorrect, relates to another year, or if there is any fallacy, then the taxpayer will be able to submit their feedback. In the AIS, the reported value and the value following feedback will be displayed separately.

The primary goals of AIS are to display the entire information to the taxpayer; encourage voluntary compliance and facilitate smooth return pre-filing; and deter non-compliance.

Apart from the online format, the ITD has made an AIS Utility available for taxpayers to help them provide feedback to the tax department offline as well. Taxpayers would be able to download AIS in PDF, JSON, and CSV formats from the website.

Components of AIS

There are broadly two components of AIS viz., TIS and AIS. While AIS contains comprehensive data related to TDS, bank interest, foreign remittances, mutual funds, etc., on the other hand, TIS gives a summary of this information. It simply means that the aggregated value is displayed to the taxpayer for ease of filing tax returns.

TIS and AIS are almost similar with just one exception. TIS will only show a summary of the transactions shown in AIS, whereas AIS will contain a detailed statement of the transactions.

Now, AIS is further divided into two parts, Part A & Part B. Part A includes information such as DOB, PAN, mobile number, address, and other details. Part B includes details relating to, but not limited to, specified financial transactions, payment of tax, outward forward remittance, TDS, and interest on refunds.

Components of AIS

The Difference between AIS and Form 26AS

Whilst Form 26 AS only mentions high-value transactions and tax deducted at source, the AIS includes full data of savings bank interest, interest on deposits, capital gains, foreign remittances, and share transactions. It is important to note that AIS shows only that information that is available to the income tax department. The transactions that are not available with them shall be reported by the taxpayer accurately to avoid any penalties or notices.AIS would make it much easier to file an Income Tax Return (ITR) by consolidating more details than Form 26AS. It is to be noted that Form 26AS on the portal will continue to exist till the new AIS is completely operational.Annual Information Statement is nothing but a statement of financial transactions furnished to it by various entities in respect a taxpayer collated by the tax department based on the PAN.Form 26AS also has the details of income tax refunds along with details of interest granted on such refund to the taxpayer. Now, after inception of AIS, the income tax department intends to expand the scope of details that would be available to the taxpayer which will help the taxpayer in filing their ITR more accurately.

Currently, the Form 26AS primarily displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year.Annual Information Statement (AIS) is a much more detailed statement. It includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, etc. All the information is available in aggregate form as well as individual transaction wise.If the taxpayer has earned 1,700 savings account interest and 42,000 interest on deposits from XYZ bank during the financial year, Form 26AS will only display 42,000 deposit interest details on which TDS is deducted. At the same time, the annual information statement will show both the transaction details. In addition, the taxpayer can also see the bank account details from where the income was received, for example, bank name, bank account number, account type, etc. Similarly, it will display all other financial information of the previous year, such as rent received, salary, dividends, etc.AIS covers TDS/TCS transactions, SFT information, payment of taxes, demand or refund, and other information. However, if the taxpayer has to verify GST turnover based on the details furnished in Form GSTR-3B, it is visible only in Form 26AS. AIS does not capture GST details.

What's new in this Annual Information Statement (AIS)

Annual Information Statement has details of all the transaction which are reported by certain entities under Annual Statement of Financial Transactions which they are required to furnish to the tax department. These entities includes banks, registration offices, regional transportation office, authorized dealers dealing foreign exchange, stock exchanges, mutual funds, companies issuing shares and debentures, RBI and all the taxpayers who are liable to deduct and collect tax at source.So, from now onwards, any transaction linked to a taxpayer's PAN can be easily monitored online by the government. So, while filing ITR, a taxpayer is advised to go through one's AIS and report all high-value cash and non-cash transactions and any kind of mismatch between the government data and the ITR date filed by the taxpayer. It includes credit card, stocks, mutual funds, debentures, and bonds related transactions as well.

How AIS is beneficial for an income tax payee

The income tax department has created an Annual Information Return (AIR) statement of financial transactions to trace high-value transactions of taxpayers. Tax officials will gather details against unusual high-value transactions on this basis in a particular financial year. In case any expense or transaction has been listed as a high-value transaction, verify the AIR section of your Form 26AS. PART -E of Form 26AS combines details about the high-value financial transactions.

Whose details will be there in AIS

An income tax payee's details will reflect in the AIS only if the aggregate amount of the transaction falling in that category and with that entity exceeds the threshold limit prescribed.

How to tackle discrepancy in AIS

If there is any transaction reported in one's AIS in which the taxpayers has not executed, in that case the taxpayer can report such transactions online and get its AIS modified. Failing to this may land you in trouble.

Key objectives of AIS, AIS Features, AIS Preparation and AIS Feedback Processing

Annual Information Statement (AIS) is an extensive view of information for a taxpayer displayed in Form 26AS. It also accepts feedback from the taxpayers on the information displayed in AIS.AIS shows both reported value (value reported by the reporting entities) and modified value (i.e. the value after considering taxpayer's feedback) for each type of information, i.e. TDS, SFT, other information, etc.
The key objectives of AIS are:

Display complete information to the taxpayer with a facility to capture online feedback.
Promote voluntary compliance and enable seamless pre-filing of return
Deter non-compliance

AIS Features

Salient Features of new AIS are as under:

Inclusion of new information (interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.)
Use of Data Analytics to populate PAN in non-PAN data for inclusion in AIS.
De-duplication of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV formats.
AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.

AIS Preparation

Some key information processing steps are:

PAN Population: In case no valid PAN is available in the submitted information, the PAN will be populated on matching Aadhaar and other key attributes.
Information Display: Generally, the reported information is displayed against the reported PAN holder. The information display logic for specific information such as property, bank account, demat account etc. aims to show information to relevant PAN holders to enable review and submission of feedback
Information De-duplication: In case where similar information is reported under different information types (e.g. reporting of interest/dividend in SFT and TDS) the information with lower value will be marked as “Information is duplicate / included in other information” using automated rules.
Taxpayer Information Summary (TIS) preparation: The information category wise aggregated information summary for a taxpayer is prepared after de-duplication of information based on pre-defined rules. It shows processed value (i.e. value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salaries, Interest, Dividend etc.). The derived information will be used for pre-filling of Return.

AIS Utility

The Tax department has provided an AIS Utility for taxpayers to view AIS and upload feedback in offline manner. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/ denied, the information source may be contacted for confirmation.

Feedback

The taxpayer will be able to view AIS information and submit following types of response on the information:

Information is correct
Information is not fully correct
Information relates to other PAN/Year
Information is duplicate / included in other information
Information is denied
Customized Feedback

How to submit feedback in AIS?

The taxpayer can submit feedback online or through offline mode. Through online mode, the feedback can be submitted only in the AIS section of the compliance portal. Let us see where to submit the feedback in the AIS section.Go to the Annual Information Statement (AIS) tab. You can find various sections, such as TDS/TCS information, SFT information, payment of taxes, demand and refund and other information.For example, if you go to the SFT information section and select the information where you want to submit the feedback, click on the information.On expanding the information category, you can choose the button 'Optional' to submit the feedback. It will ask you to choose the feedback type. The information will reflect the modified figure in bracket.The modified value will be used to update the derived value in the Taxpayers Information Summary (TIS). The derived value is then used to pre-fill the ITR form of the taxpayer.

AIS Feedback Processing

The AIS Feedback processing approach is as under:

The feedback provided by assessee will be captured in the Annual Information Statement (AIS) and reported value and modified value (i.e. value after feedback) will be shown separately.

The feedback provided by assessee will be considered to update the derived value (value derived after considering the taxpayer feedback) in Taxpayer Information Summary (TIS)
Information assigned to other PAN/Year in AIS will be processed and information will be shown in the AIS of the taxpayer using automated rules.
In case the assigned information is modified/ denied, the feedback will be processed in accordance with risk management rules and high risk feedback will be flagged for seeking confirmation from the information source.

How to View and Read AIS

To view your AIS, you first need to log in to the income tax portal. Once you have logged in, click on the Services tab and then on 'Annual Information Statement.' You will see a separate page with three tabs.

Instructions
AIS (There will be two options: TIS & AIS)
History

The taxpayer can easily view their AIS and all the related information in these sections. In addition, taxpayers can study the AIS papers (AIS Handbook, Guide, and FAQs) under the "Resources" section or contact the helpdesk via the "Help" section on the AIS Homepage if they have any questions.The bottom line is that with all of the pertinent data in one piece, tax filing will be considerably easier for taxpayers, and the likelihood of any critical information being overlooked in the ITR will be very minimal.

What are the different types of information shown in AIS?
The information is displayed in two parts. Part A and Part B.

PART A- General Information
It displays general information such as PAN, masked Aadhaar number, name, date of birth/incorporation/formation, contact details of the taxpayer.

PART- B

TDS/TCS Information -

Information related to TDS/TCS is displayed here. The Information code of the TDS/TCS, Information description and Information value is shown.

SFT Information -

Information received from reporting entities under Statement of Financial transaction (SFT) is displayed. The SFT code, Information description and Information value is made available.

Payment of Taxes -

Information relating to taxes such as advance tax and self-assessment tax is shown.

Demand and Refund -

Details of the demand raised and refund initiated (AY and amount) during a financial year.

Other Information -

Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, outward foreign remittance/purchase of foreign currency etc., is displayed here.

For example- for interest earned on the savings bank account-account number and type, account status, source code, the aggregate amount of interest from savings account from the said source is displayed.Similarly, you can see the information of securities sold during the year with the date of sale/transfer, security class and name, asset type, quantity, etc. The information also displays the count of the transactions.

Simplified TIS for ITR filing

A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows the aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i.e. the value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner)

What to do if there is an error in AIS or Form 26AS?

The AIS will include information that is presently available with the income tax department. As per the Income Tax Act, certain entities are obligated to report high-value transactions to the department. The information in AIS will be displayed only after the reporting entities furnish information to the income tax department. There may be chances that the data of a particular period is not updated. Hence, the taxpayers should check all related information and report complete and accurate information in the income tax return. The taxpayer may also follow a feedback mechanism to report errors in AIS.If a taxpayer feels that the information furnished in AIS is incorrect, duplicate, or relates to any other person, etc., he can submit his feedback thereon. Response to AIS information can be made online directly from the income-tax e-filing portal or offline utility.

Steps to submit feedback on AIS Information (online)

Step: 1 Visit the Income-tax e-filing portal and access AIS information. Log in to the Income-tax e-filing website at https://www.incometax.gov.in/ After login, click on Services > Annual Information Statement (AIS). A message shall appear that will prompt you to click on 'proceed' to redirect to AIS homepage. If you are a new user, you will be required to first register on the e-filing portal.

Step: 2 The next screen provides the instructions relating to the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). “TIS displays the information available in AIS category-wise. It shows the original and revised values (i.e., value processed after the taxpayer's feedback). The revised values in TIS are used for pre-filling of return.M
Click on the next tab of 'AIS'. On the redirected screen, two tiles appear - Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Select the relevant financial year from the drop-down and click on AIS tile to view the information
On the next screen, the information available in AIS is displayed in Part A and Part B. Part A contains the general information about a taxpayer (i.e., PAN, Aadhaar, Name, Date of Birth, Mobile Number, E-mail ID, and Address). Part B contains the comprehensive information of a taxpayer for the selected financial year as uploaded by the prescribed income-tax authority. The information in Part B is divided into the following categories: On accessing AIS, the assessee will find the comprehensive information for the selected financial year under Part B in the following tabs:

TDS/TCS Information;
Specified Financial Transaction (SFT) Information;
Payment of Taxes;
Demand and Refund;
Other Information.

Step: 3 Click on the relevant tab to view the source-wise information.

Step: 4 Click on the left-hand icon to expand the source-wise information to view transaction-level information.

Step: 5 Click on the “Optional” tab in the feedback column to provide and submit feedback on concerned transaction. An assessee can also submit feedback on multiple transactions in bulk.An assessee can choose the following types of feedback:

Information is correct
Information is not fully correct
Information relates to other PAN/Year
Information is duplicate /included in other information
Information is denied
Customized Feedback. This is based on information category. If the transaction relates to an income, then an additional option “Income is not taxable” shall appear in the feedback options drop-down list.

Step: 6 Once the feedback is submitted, a success message shall appear indicating that the Taxpayer Information Summary (TIS)[2] will accordingly be updated. Further, the feedback may be shared with an information source for comments/responses. The assessee can download the acknowledgment receipt from the activity history.

Step: 7 The information available in AIS can be downloaded in CSV, JSON, or PDF format. The user will have to download the transactions in CSV format for every category of transaction separately. In contrast, the entire AIS can be downloaded only in PDF or JSON.

Procedure to check your AIS

Step 1:

To access your Annual Information Statement (AIS), log in to the income tax e-filing portal at www.incometax.gov.in. Go to 'Services'>'Annual Information Statement'.

Step 2:

Click on the 'Proceed' button.

Step 3:

It will redirect you to the compliance portal. You can view Taxpayer Information Summary (TIS) and Annual Information Statement (AIS) on the AIS home page.

Step 4:

Now select the relevant financial year, and you can view the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS) by clicking the relevant tiles.

Step 5:

You can also download the AIS and TIS by clicking on the download icon in the respective tiles. You can download the TIS in PDF format. AIS can be downloaded in PDF or JSON formats.
If you download the PDF file, it is password protected. To unlock, enter the password as a combination of the PAN (in upper case) and the date of birth in case of individual taxpayer or date of incorporation/formation for a non-individual taxpayer in the format DDMMYYYY without any space.
For example, if the PAN is AAAAA1234A and the date of birth is 21^st January 1991, your password will be AAAAA1234A21011991.

Which form should a taxpayer refer to at the time of filing of ITR?

In case of variation between the TDS or TCS information or the details of tax paid as displayed in Form 26AS vs AIS, the taxpayer may rely on the information displayed in Form 26AS for return filing. However, if you have already filed your income tax return and have found additional info in AIS, you can revise it based on the information displayed in AIS.The said move will facilitate voluntary compliance and eliminate underreporting of income by the taxpayers.In case of a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.

Key Terms

Key Terms	Description
Annual Information Statement (AIS)	AIS is comprehensive view of information for a taxpayer displayed in Form 26AS. It shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information)
Reported Value	Reported Value refers to information value as reported by the information source against a PAN.
Modified Value	Modified Value refers to value which has been modified by the taxpayer by submitting feedback. The reported value and value after feedback will be shown separately in the Annual Information Statement (AIS)
Taxpayer Information Summary (TIS)	TIS is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salaries, Interest, Dividend etc.). The derived information in TIS will be used for pre-filling of Return.
Processed Value	Processed Value refers to value generated after de-duplication of information based on pre-defined rules. The Processed Value is displayed only in Taxpayer Information Summary (TIS) Derived value Derived value refers to value displayed in Taxpayer Information Summary (TIS) which is derived after considering the taxpayer feedback (if any) and processed value. The derived information will be used for pre-filling of Return.
Information Category	Information category is broad information category (refer Annexure A) which combines similar information sources to present a simplified summary to enable pre-filling of ITR.
L1 Level Information	L1 Level Information is the lowest level of information displayed in Annual Information Statement (AIS). Each of the information is displayed by unique Transaction sequence number (TSN). The taxpayer feedback is always captured at the L1 level. In case when taxpayer provides bulk feedback, the feedback is captured at TSN level. L1 Level display shows both reported value and modified value (i.e. value modified after considering the taxpayer feedback).
L2 Level Information	L2 Level Information is the source wise aggregated value displayed in Annual Information Statement (AIS) as well as Taxpayer Information Summary (TIS). During processing, duplicate information is marked at level. L2 Level display shows reported value, processed value (i.e. value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback).
L3 Level Information	L3 Level Information is the information category wise aggregated value displayed in Taxpayer Information Summary (TIS). During processing, duplicate information is marked at L2 level only. L2 Level display shows reported value, processed value (i.e. value generated after de-duplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback)

Annual Information Statement (AIS)

The income tax department has launched the Annual Information Statement or also known as AIS. It shows the information the income tax department has of an individual.The newly launched Annual Information Statement (AIS) is a comprehensive statement containing details of 46 of the financial transactions (income, investment, expenditure) undertaken by Taxpayer in a financial year (FY).Income tax department tracks these 46 financial transactions via the Annual Information Statements which are as follows:

(1). Salary

AIS will show information about the salary amount paid to you along with the tax deducted, if any. It will show the TAN of employer and PAN of employee. The amount mentioned in the AIS will be gross salary including all exempt allowances. Individual will be required to claim exemption and deductions as applicable while filing income tax return (ITR).

The key information sources under this information category are as under:

	Information	Description
1.	Salary (TDS Annexure II)	Employer submits detailed breakup of salary, perquisites, profits in lieu of salary etc paid to the employee in Annexure II of the TDS statement (24Q) of the last quarter. This information is also provided by the employer to the employee (taxpayer) in Part B (Annexure) of Form 16.
2.	Salary Received (Section 192)	Employer submits TDS quarterly statement (Form 24Q) with details of amount paid to employee and amount of tax deducted from the employee. All salary reported in TDS quarterly statement is provided by the employer to the employee (taxpayer) in Form 16.

The approach for AIS processing and information handling is as under:

For an employer (TAN) and employee (PAN), if salary reported in TDS Annexure II is equal or more than the sum of salary payment in Quarterly TDS Statements (Section 192), all salary payment amounts in Quarterly TDS Statements (Section 192) will be marked as “Information is duplicate / included in other information”.
For an employer (TAN) and employee (PAN), if sum of salary payment in Quarterly TDS Statements (Section 192) is more than the salary reported in TDS Annexure II, salary reported in TDS Annexure II will be marked as “Information is duplicate / included in other information”.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct - This functionality can be used to modify salary details.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
The sum of salary received from all employers will be reflected at Taxpayer Information Summary.
All exempt allowances should be included in Gross Salary. Allowances to the extent exempt u/s 10 and deduction u/s 16 needs to be claimed in the return.

(2). Rent received

This section includes rent received from various sources which includes:

If you have given your PAN to your tenant and your tenant has given PAN to his employer to claim HRA exemption.
If you are receiving rent of 50,000 or more per month;
If you have received rent from land, building, machinery etc. where TDS has been deducted at the rate of 10%.
As per the new income tax portal, information for rent received will be summed up at PAN level. Similarly, employer reports the PAN of landlord to whom rent is paid by an employee in Annexure II of the TDS statement. The sum of rent received from all tenants will be reflected in the Taxpayer Information Summary (TIS).

The key information sources under this information category are as under:

	Information	Description
1.	Rent Received (Section 194I(b))	Tenant responsible for paying of rent is liable to deduct tax at source on payment of rent. Deductor reports details of amount paid/credited, date of payment, details of Tax deduction made etc. in Form 26Q. This information is provided by the deductor to the deductee (taxpayer) in Form 16A.
2.	Rent Received (Section 194IB)	Tenant (Individual/HUF) paying a rent of more than 50,000 is liable to deduct tax while making payment to the landlord. Tenant reports details of rent paid amount paid/credited, property details, date of payment and tax deduction details etc. pertaining to rent paid in Form26QC.
3.	Rent/HRA claim of the tenant reported by employer (TDS Annexure II)	PAN of landlord is reported by employee to the employer if exemption is claimed under section 10(13A). Employer reports PAN of landlord to whom rent is paid by an employee in Annexure II of the TDS statement (24Q).

The approach for AIS processing and information handling is as under:

Information reported under section 194I (b), 194IB and co-owner will be summed up at deductor PAN level.
For each tenant (PAN), higher of rent reported through TDS statement (194I(b)+194IB) and rent reported by co-owner of property or reported in Annexure II will be retained for a 'Landlord -Tenant' combination and information source with lower value will be marked as “Information is duplicate / included in other information”.
Employer reports PAN of landlord to whom rent is paid by an employee in Annexure II of the TDS statement (24Q). This information will only be shown only when the rent received from the tenant is not reported under other sources. The landlord can use the feedback option ''Information is not fully correct” to modify rent details.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify rent details
(d). Information relates to other PAN/Year
(e). Information is duplicate / in
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
The sum of rent received from all tenants will be reflected at Taxpayer Information Summary (TIS).
All deductions from house property income like interest on borrowed capital, standard deduction to be claimed in the return.

(3). Balance in account

Opening of account other than savings account or fixed deposits (e.g. recurring deposit accounts) will be shown in AIS. Further, bank accounts with balance exceeding 50,000 at the closing of financial year will be reflected in AIS.

The key information sources under this information category are as under:

	Information	Description
1.	Opening of an account other than saving and time deposits (Form 60/61)	Details of bank account other than saving and time deposits opened during the year, as reported in Form 61.
2.	Account with balance exceeding 50,000 (Form 60/61)	Bank account with balance exceeding 50,000 at the closing of Financial year, as reported in Form 61.

The approach for AIS processing and information handling is as under:

Reporting entity reports information relating to balance in account through form 61. RE -reports non-PAN transactions through form 61.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is non-reportable in return
(c). Information is not fully correct: This functionality can used to modify Information value, Account number, Account number type etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(4). Cash deposits

Cash deposits made in current accounts will be reflected in AIS. Also, cash deposits made in other accounts reported by financial entities, mandated to do so under income tax law, will be reflected in AIS. Form 61A has to be filed by the reporting agency that includes bank, co-operative bank, Post office, NBFC etc.
The key information sources under this information category are as under:

	Information	Description
1.	Cash deposits in an account other than current account (SFT-004)	Information pertaining to cash deposits in an account other than current account is reported by reporting entity in form 61A. The information will be shown in AIS of all account holders to enable submission of feedback.
2.	Cash deposits in current account (SFT- 003)	Information pertaining to cash deposits in current account is reported by reporting entity in form 61A. The information will be shown in AIS of all account holders to enable submission of feedback.
2.	Deposit in cash (Form 60/61)	Cash Deposits may be reported in Form 61 if PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.

The approach for AIS processing and information handling is as under:

In case of SFT information reported in account based reporting format, where one bank account is reported with more than one person (e.g. joint account holders), the information will be shown in AIS of all related persons (alongwith relationship type) to enable submission of feedback.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct: This functionality can be used to modify Account number, Information value etc.
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(5). Cash withdrawals

Cash withdrawals made from current accounts will be reflected in AIS. Also, cash withdrawals from other accounts reported by financial entities such as bank, co-operative bank, post office etc., mandated to so under income tax law will be reflected in AIS.
The key information sources under this information category are as under:

	Information	Description
1.	Cash withdrawals from current account (SFT-003)	Information pertaining to Cash withdrawals from current account is reported by reporting entity in form 61A. The information will be shown in AIS of all account holders to enable submission of feedback.
2.	Cash withdrawals from account other than current account (SFT-004)	Sometimes, cash withdrawals from accounts other than current account are reported by the Reporting Entity in SFT-004. The information will be shown in AIS of all account holders to enable submission of feedback.
3.	Cash Withdrawals (Section 194N)	Information pertaining to Cash withdrawals is reported by reporting entity through TDS statement 26Q. This information is provided by the deductor to the taxpayer in Form 16A.

The approach for AIS processing and information handling is as under:

In case of SFT information reported in account based reporting format, where one bank account is reported with more than one person (e.g. joint account holders), the information will be shown in AIS of all related persons (alongwith relationship type) to enable submission of feedback.
For each reporting entity/deductor, higher of cash withdrawals reported in form 61A and TDS statement will be retained and information source with lower value will be marked as “Information is duplicate / included in other information”.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct: This functionality can be used to modify Account number, Information value etc.
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(6). Credit/debit card

Any credit/debit card issued to you during the financial year will be reflected in AIS.
The key information sources under this information category are as under:

	Information	Description
1.	Application for issue of a credit or debit card (Form 60/61)	Information pertaining to application for issuance of credit/debit card is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on Aadhaar and other attributes of the person.

The approach for AIS processing and information handling is as under:

Reporting entity reports information relating to Credit/Debit card through form 61. RE reports non-PAN transactions through form 61.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct: This functionality can used to modify Information value and other related information.
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(7). Dividend

It will show dividends received by you from equity shares, mutual funds. Further, tax deducted by the companies, mutual fund houses will also be reflected in the AIS. Dividend income will be listed on the basis of PAN of the reportee, information source and value.
The key information sources under this information category are as under:

	Information	Description
1.	Dividend income (SFT-015)	Dividend paid/declared by all companies (reporting entity) is reported under Statement of Financial Transactions (SFT).
2.	Dividend received (Section 194)	Company paying/distributing dividend is liable to deduct TDS from the amount paid subject to the threshold applicable in the act and report through form 26Q (quarterly statement). This information is provided by the deductor to the deductee (taxpayer) in Form 16A.
3.	Dividend on Units of Mutual Fund (SFT-018)	The Registrar and Share Transfer Agent reports dividend payable on units of mutual funds in Statement of Financial Transaction.
4.	Income received in respect of units of Mutual Funds (Section 194K)	Fund/Unit distributing Income in respect of units of Mutual Funds is liable to deduct TDS from the amount paid subject to the threshold applicable in the act and report through form 26Q (quarterly statement). This information is provided by the deductor to the deductee (taxpayer) in Form 16A

The approach for AIS processing and information handling is as under:

Dividend Income will be listed on the basis of PAN of reportee person, Information Source and value. For dividend reported under SFT-018, the same shall be listed on the basis of PAN of AMC, PAN of reportee person and value.
For each reporting entity, higher of dividend income reported under SFT-015 and amount reported by deductor u/s 194 will be retained and information source with lower value will be marked as “Information is duplicate / included in other information”. Similarly, in case of dividend reported under SFT-018 and u/s 194K, higher value shall be retained with lower value will be marked as “Information is duplicate / included in other information”.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
The aggregate value of dividend after de-duplication shall be populated in dividend field in Schedule OS of ITR.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(8). Interest from savings bank

Interest paid, credited or accrued on savings account held by you during the financial year is reported in the AIS. Do keep in mind that interest earned from savings account is taxable in your hands. However, you are allowed to claim deduction of up to 10,000 under section 80TTA except for senior citizens and super citizens.
The key information sources under this information category are as under:

	Information	Description
1.	Interest income (SFT-016) -Savings	Interest paid/credited/accrued on saving account is reported under Statement of Financial Transactions (SFT).

The approach for AIS processing and information handling is as under:

Reporting Entity reports the Interest paid/credited/accrued on saving account held by an account holder under SFT code 016. Interest earned on savings account is taxable in the hands of account holder.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from Savings Bank will be reflected in Taxpayer Information Summary (TIS) and shall be shown under the corresponding field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(9). Purchase of time deposits

If you have made any investments in time deposits (such as bank fixed deposits), then such investments will be reflected in AIS. Reporting entity includes bank, NBFC, post office etc.
The key information sources under this information category are as under:

	Information	Description
1.	Purchase of Time deposits (SFT-005)	Information relating to Purchase of Time deposits is reported by reporting entity (such as the bank) in the Statement of Financial Transaction (SFT).
2.	Investment in Time deposit (Form 60/61)	Information pertaining to investment in Time deposit is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.

The approach for AIS processing and information handling is as under:

Reporting entity reports the information relating to purchase of time deposits by a deposit holder through form 61A (SFT-005) (for PAN and non-PAN transactions) and through form 61 in case of non-pan transactions. Information thus reported under two different sources may contain duplicate values.
Information under this category shall be listed on the basis of Reporting Entity, PAN of deposit holder and purchase value.
Records with higher value of investment will be retained and information source with lower value will be marked as duplicate
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct: This functionality can be used to modify details of product
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(10). Interest from deposits

This section includes interest received by individuals from various deposits like fixed deposits, recurring deposits. If any tax has been deducted, then it will be reflected as well. Reporting entities, such as banks inform the income tax department about the interest paid/credited/accrued on fixed deposits and recurring deposits. Reporting entities include banks, post office etc.Interest from fixed deposits and recurring deposits are fully taxable. However, senior citizens and super senior citizens can claim deduction of 50,000 under section 80TTB. This section covers interest received from savings account, fixed deposits, recurring deposits, post office schemes etc.
The key information sources under this information category are as under:

	Information	Description
1.	Interest income (SFT-016) - Term Deposit	Interest paid/credited/accrued on Term Deposit is reported under Statement of Financial Transactions (SFT).
2.	Interest income (SFT-016) - Recurring Deposit	Interest paid/credited/accrued on Recurring Deposit is reported under Statement of Financial Transactions (SFT).
3.	Interest other than “Interest on Securities” received (Section 194A)	Bank/deductor at the time paying/crediting interest on deposits is liable to deduct tax from deposit holder paid subject to the threshold applicable in the act. This information is reported by the Bank/deductor in form 26Q (quarterly statement). This information is provided by the deductor to the deductee (taxpayer) in Form 16A.

Reporting Entity reports the Interest paid/credited/accrued on Term Deposit and recurring deposit held by a deposit account holder under SFT code 016 as well as through TDS from 26Q. Interest earned on term/recurring deposit is taxable in the hands of deposit holder.
Interest on Deposit will be listed on the basis of PAN of reporting person, Source (Reporting Entity) and value of interest paid/credited/accrued.
For each reporting entity, higher of interest on deposit (both term and recurring) reported under SFT-016 and amount reported by deductor u/s 194A will be retained and information source with lower value will be marked as duplicate.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from all sources after de-duplication will be reflected in Taxpayer Information Summary (TIS) and shall be shown under the corresponding field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(11). Purchase of securities and units of mutual funds

Buying of shares, bonds, mutual fund units etc. will be reflected in AIS. Information relating to purchase of mutual funds is reported to the income tax department by the AMC.
The key information sources under this information category are as under:

	Information	Description
1.	Purchase of bonds or debentures (SFT-007)	Information is reported by reporting entity in the Statement of Financial Transaction (SFT).
2.	Purchase of shares (SFT-008)	Purchase of shares (including share application money). Information is reported by reporting entity in the Statement of Financial Transaction (SFT).
3.	Purchase of mutual fund units (SFT-010)	Information is reported by reporting entity (such as mutual fund companies) in the Statement of Financial Transaction (SFT).
4.	Purchase of securities (SFT - 017)	Information is reported by depository in the Statement of Financial Transaction (SFT).
5.	Purchase of mutual funds (SFT - 018)	Information is reported by registrar and transfer agents (RTA) in the Statement of Financial Transaction (SFT).
6.	Purchase of securities (Form 60/61)	Information pertaining to purchase of securities is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person
7.	Payment to Mutual Fund for purchase of its units (Form 60/61)	Information pertaining to Payment to Mutual Fund for purchase of its units is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.
8.	Payment for acquiring shares (Form 60/61)	Information pertaining to Payment for acquiring shares is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.
9.	Payment for acquiring debentures or bonds (Form 60/61)	Information pertaining to Payment for acquiring debentures or bonds is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.
10.	Payment for acquiring debentures or bonds (Form 60/61)	Information pertaining to Payment for acquiring debentures or bonds is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.
11.	Purchase of shares of company (Form 60/61)	Information pertaining to Purchase of shares of company is reported in Form 61 where PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.

The approach for AIS processing and information handling is as under:

Information relating to purchase of mutual funds (SFT-010) is reported by AMC (Reporting Entity) through form 61A. Information relating to purchase of mutual funds (SFT-018) is reported by Mutual Fund Registrar and Transfer Agents (RTAs).
Information reported under both the above sources contains duplicate values hence de-duplication filtering has been applied in such a way that only exclusive information is being displayed i.e. no uplicate information is present in AIS. In other words if an information exists in both the sources, information with hidgher value only is being displayed and information with lower value is being filtered and not being displayed in AIS.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct: This functionality can be used to modify details of product
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
he feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(12). Sale of securities of units and mutual fund

Registrar and Transfer Agents (RTAs) and depositories report sale transactions based on PAN, name and other details etc. of an individual to the income tax department. The capital gains accrued from the sale of units of mutual funds will be classified on the basis of holding period. The capital gains will be reflected in the AIS.
The approach for preparation of information by Depository and RTAs is as under:

Only user-initiated debit transactions are reported. In case of a minor, details of legal or natural guardian (PAN, Name etc.) are provided.
The Estimated Sale Consideration for the debit transaction is determined on the best possible available price of the asset with the reporting entity (e.g. end of day price). The taxpayer will be able to modify the sales consideration before filing the return.
The securities are classified into specified security class for determining the type of asset (short term/long term) and applicable rate.
The period of holding (difference between date of sale and date of acquisition of any share/security) is used to classify the asset as short term or long-term asset. First in First out (FIFO) method is used for identification of corresponding credit and computation of period of holding. Any capital asset held by the taxpayer for a period of more than minimum period of holding will be treated as long-term capital asset and remaining assets will be classified as short-term asset. The specified minimum period of holding for different asset class is as under:

Security Class Code	Security Class Description	Minimum Period of Holding
LES	Listed Equity Share	12 months
LPS	Listed Preference Share	12 months
LDB	Listed Debenture	12 months
ZCB	Zero Coupon Bond	12 months
CIB	Listed Capital Indexed Bond	12 months
EMF	Unit of Equity Oriented Mutual Fund	12 months
UTI	Unit of UTI	12 months
UBT	Unit of Business Trust	36 months
OTU	Other Units	36 months
OTH	Other Listed Securities (Other than a unit)	12 months

For every debit transaction, the corresponding credit transaction is identified using First in First Out (FIFO) method. The estimated cost of acquisition for the credit is determined on the best possible available price with the reporting entity. The estimated cost of acquisition is to be taken as NIL for OFF Market credits. The taxpayer will be able to modify the cost of acquisition before filing the return.
In relation to a long-term capital asset, being an equity share in a company or a unit of an equity-oriented fund acquired before the 1^st day of February, 2018, adjusted cost of acquisition is taken as higher of
the cost of acquisition of such asset; and
) lower of (A) the fair market value of such asset as on 31^st January, 2018; and (B) the full value of consideration received or accruing as a result of the transfer of the capital asset. The Cost Inflation Index is used to determine estimated indexed cost of acquisition wherever applicable.

	Information	Description
1.	Sale of Listed Equity Share (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
2.	Buy back of shares	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
3.	Sale of Listed Preference Share (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
4.	Sale of Listed Debenture (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
5.	Sale of Zero Coupon Bond (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
6.	Sale of Listed Capital Indexed Bond (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
7.	Sale of Unit of Equity Oriented Mutual Fund (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
8.	Sale of Unit of Equity Oriented Mutual Fund (RTA)	In the SFT reporting of mutual fund transactions, the sale consideration for the debit transaction is determined on the best possible available price of the asset with the Registrar and Transfer Agent (RTA). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
9.	Sale of Unit of UTI (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
10.	Sale of Unit of UTI (RTA)	In the SFT reporting of mutual fund transactions, the sale consideration for the debit transaction is determined on the best possible available price of the asset with the Registrar and Transfer Agent (RTA). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
11.	Sale of Unit of Business Trust (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
12.	Sale of Other Unit (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
13.	Sale of Other Unit (RTA)	In the SFT reporting of mutual fund transactions, the sale consideration for the debit transaction is determined on the best possible available price of the asset with the Registrar and Transfer Agent (RTA). The taxpayer will be able to modify the sales consideration and other related information before filing the return.
14.	Sale of Other Listed Securities (Depository)	In the SFT reporting of depository transactions, the estimated sale consideration for the debit transaction is determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration and other related information before filing the return.

The approach for AIS processing and information handling is as under:

Information reported by Depository and RTA in respect of mutual fund transactions will be de-duplicated.
Information reported by Depository and Company in respect of share buyback will be de-duplicated.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Transfer not in the nature of sale
(c). Income is not taxable
(d). Information is not fully correct: This functionality can be used to modify Security Class Code, Sale Consideration, Asset Type (Short Term/Long Term), Cost of acquisition, Indexed Cost of Acquisition (If applicable)
(e). Information relates to other PAN/Year
(f). Information is duplicate / included in other information
(g). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Deductions relating to cost of acquisition, improvement, expenditure in connection to sale/transfer and deduction u/s 54 needs to be claimed in the return.

(13). Interest from other sources

If you have received the interest from sources other than savings account, term deposits, recurring deposits, then such interest information will be reported to the income tax department by the paying entity. This interest income received from these other sources will also be listed in your AIS.
The key information sources under this information category are as under:

	Information	Description
1.	Interest income (SFT-016) -Others	Interest paid/credited/accrued on others (other than savings account, term deposit, recurring deposit) is reported under Statement of Financial Transactions (SFT).
2.	Interest received on Securities (Section 193)	Bank/deductor at the time paying/ crediting other interest (interest on securities) is liable to deduct tax from deposit holder paid subject to the threshold applicable in the act. This information is reported by the Bank/deductor in form 26Q (quarterly statement). This information is provided by the deductor to the deductee (taxpayer) in Form 16A

The approach for AIS processing and information handling is as under:

Reporting Entity reports the Interest paid/credited/accrued on other accounts (other than savings bank, term deposit or recurring deposit) held by an account holder under SFT code 016 as well as through TDS from 26Q. Interest earned on such other accounts is taxable in the hands of account holder.
Interest on others will be listed on the basis of PAN of reporting person, Source (Reporting Entity) and value of interest paid/credited/accrued.
For each reporting entity, higher of interest on others reported under SFT-016 and amount reported by deductor u/s 193 will be retained and information source with lower value will be marked as duplicate.

The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from all sources after de-duplication will be reflected in Taxpayer Information Summary (TIS) and shall be shown under the corresponding field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(14). Cash payments

Cash payments made for goods and services, purchase of bank drafts or pay orders or bankers' cheque, prepaid instruments in cash, bullion and jewellery etc. will be reflected in AIS, wherever these payments are made to the reporting entity as mandated under the law.
The key information sources under this information category are as under:

	Information	Description
1.	Cash payments for goods and services (SFT-013)	Information pertaining to Cash payments for goods and services is reported by reporting entity in form 61A.
2.	Purchase of bank drafts or pay orders or banker's cheque in cash (SFT-001)	Information pertaining to Purchase of bank drafts or pay orders or banker's cheque in cash is reported by reporting entity in form 61A.
3.	Purchase of prepaid instruments in cash (SFT-002)	Information pertaining to Purchase of prepaid instruments in cash is reported by reporting entity in form 61A.
4.	Cash Payments for purchase of Bullion and Jewellery (Section 206C)	Information pertaining to purchase of bullion and jewellery is reported by tax collector in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 27D.
5.	Cash Payment for purchase of any other goods(other than bullion/jewellery) (Section 206C)	Information pertaining to purchase of other goods is reported by tax collector in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 27D.
6.	Cash Payment for receipt of service (Section 206C)	Information pertaining to purchase of other services is reported by tax collector in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 27D.

The approach for AIS processing and information handling is as under:

Information relating to cash payments made is reported by Reporting entity through SFT (statement of financial transactions) under form 61A. Similarly, seller of bullion/ jewellery/goods/services collects tax from purchaser in respect of sales made in cash and reports these transactions through TDS form 27EQ.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Information is not fully correct
(c). Information relates to other PAN/Year
(d). Information is duplicate / included in other information
(e). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

(15). Receipt of accumulated balance of PF from employer u/s 111

If you have withdrawn from provident fund account or have received accumulated balance from your employer, then the amount received will be reflected in the AIS. Do keep in mind that if you have withdrawn more than 50,000 before the completion of five years of service, then tax at source (TDS) will be deducted on the amount. If the withdrawal is made before the completion of five years of continuous service, then the entire amount received will be taxable. If withdrawn after 5 years, it will be exempt from tax.
The key information sources under this information category are as under:

	Information	Description
1.	Receipt of accumulated balance due to an employee (Section 192A)	Employer/recognized provided fund reports information about accumulated balance due to an employee in form 26Q. Information is reported on quarterly basis and is chargeable to tax at special rate. This information is provided by the deductor to the deductee (taxpayer) in Form 16A.

The approach for AIS processing and information handling is as under:

Employer/ recognized provident fund while making payment of accumulated lance to an employee deducts TDS and reports the same in TDS form 26Q. Receipts of such accumulated balance are taxable in the hands of employee under the head income from other sources.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Receipt of accumulated balance of PF from employer will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(16). Receipts from life insurance policy

Receipts from life insurance policy are exempted from tax under section 10(10D), provided certain conditions are met. If the conditions are not met, then receipt will be taxable, and TDS will be deducted as well. Amount received from life insurance policy will be shown in AIS. If the proceeds are tax-exempt, then you can report the same while filing income tax return.
The key information sources under this information category are as under:

	Information	Description
1.	Receipts from life insurance policy (Section 194DA)	Receipts from life insurance policy are exempt under section 10(10D) subject to conditions specified therein. If such conditions are not met, the receipts become taxable and tax is also deducted u/s 194DA. The information is reported by the payer in Form 26Q on a quarterly basis. This information is provided by the deductor to the deductee (taxpayer) in Form 16A.

The approach for AIS processing and information handling is as under:

Insurance company/Deductor while making payment in respect of life insurance policy deducts TDS and reports the same in TDS form 26Q. Amount received from life insurance policy is taxable in the hands of recipient under the head income from other sources.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d).Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Receipts from life insurance policy will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(17). Withdrawal of deposits from national savings scheme

National Savings Scheme is also known as Post Office Savings Scheme. Money received from these schemes, either prematurely withdrawn or at the time of maturity, will be reflected in the AIS.
The key information sources under this information category are as under:

	Information	Description
1.	Withdrawal of deposits under National Savings Scheme (Section 194EE)	Withdrawals from NSS are taxable. Tax is also deducted on such withdrawals and reported in Form 26Q by the payer on a quarterly basis. This information is provided by the deductor to the deductee (taxpayer) in Form 16A.

The approach for AIS processing and information handling is as under:

Deductor while making payment to NSS certificate holder, on withdrawals made by such certificate holder, deducts TDS and reports the same in TDS form 26Q. Amount received on such withdrawals is taxable in the hands of recipient under the head income from other sources.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Withdrawal of deposits under National Savings Scheme will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(18). Interest from income tax refund

The income tax department pays interest on the income tax refund amount. The interest is calculated at the rate of 0.5% per month. The interest received on the income tax refund is taxable in the hands of individual and taxed as 'Income from Other Sources'. If any such refund is received, then it would reflect in the AIS also.
The key information sources under this information category are as under:

	Information	Description
1.	Interest on Income Tax Refun	Interest received on Income Tax Refund in the financial year is liable to be taxed as Income from other sources.

The approach for AIS processing and information handling is as under:

Income Tax department issues refund along with applicable interest amount. Interest earned on such refund is taxable as income from other source.
The AIS information level feedback can be used for providing following inputs:
(a). Information is correct
(b). Income is not taxable
(c). Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number, Account Type in case of interest), Information value etc.
(d). Information relates to other PAN/Year
(e). Information is duplicate / included in other information
(f). Information is denied
In case where interest on refund is displayed as 0 in AIS/TIS, but the interest was paid along with refund, taxpayer can update the interest value through AIS feedback based on actual interest received.
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from income tax refund will be reflected in Taxpayer Information Summary (TIS) and shall be shown under the corresponding field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.

(19). Outward foreign remittance/Purchase of foreign currency

Foreign currency purchased for the buying of equity shares, debt instruments, real estate etc. or opening of bank account abroad or for travel for pilgrimage, medical treatment, education etc. will be reflected in AIS.
The key information sources under this information category are as under:

	Information	Description
1.	Outward foreign remittance - Indian portfolio investment abroad in equity shares (Foreign Portfolio Investments) -(Purpose Code: S0001)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
2.	Outward foreign remittance - Indian Portfolio investment abroad in debt instruments (Foreign Portfolio Investments) -(Purpose Code: S0002)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
3.	Outward foreign remittance - Indian direct investment abroad in equity shares (Foreign Direct Investments) - (Purpose Code: S0003)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
4.	Outward foreign remittance - Indian direct investment abroad in debt instruments (Foreign Direct Investments) - (Purpose Code: S0004)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
5.	Outward foreign remittance - Indian investment abroad in real estate (Foreign Direct Investments) - (Purpose Code: S0005)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
6.	Outward foreign remittance - Repatriation of FDI in equity shares (Foreign Direct Investments) - (Purpose Code: S0006)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
7.	Outward foreign remittance - Repatriation of FDI in debt instruments (Foreign Direct Investments) - (Purpose Code: S0007)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
8.	Outward foreign remittance - Repatriation of FDI in real estate (Foreign Direct Investments) - (Purpose Code: S0008)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
9.	Outward foreign remittance - Repatriation of foreign portfolio investment in equity shares (Foreign Portfolio Investments) -(Purpose Code: S0009)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
10.	Outward foreign remittance - Repatriation of foreign portfolio investment in debt instruments (Foreign Portfolio Investments) - (Purpose Code: S0010)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
11.	Outward foreign remittance - Loans extended to non-residents (External Commercial Borrowings) - (Purpose Code: S0011)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
12.	Outward foreign remittance - Repayment of long & medium term loans received from Non- Residents (External Commercial Borrowings) - (Purpose Code: S0012)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
13.	Outward foreign remittance - Repayment of short term loans received from Non-Residents (Short Term Loans) - (Purpose Code: S0013)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
14.	Outward foreign remittance - Repatriation of Non-Resident Deposits (FCNR (B) / NR (E)RA etc) (Banking Capital) -(Purpose Code: S0014)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
14.	Outward foreign remittance - Repatriation of Non-Resident Deposits (FCNR (B) / NR (E)RA etc) (Banking Capital) -(Purpose Code: S0014)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
15.	Outward foreign remittance - Repayment of loans & overdrafts taken by ADs on their own account (Banking Capital) - (Purpose Code: S0015)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
16.	Outward foreign remittance - Sale of a foreign currency against another foreign currency (Banking Capital) -(Purpose Code: S0016)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
17.	Outward foreign remittance - Acquisition of non-produced non-financial assets - Government (Capital Account) -(Purpose Code: S0017)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
18.	Outward foreign remittance - Other capital payments not included Elsewhere (Banking Capital) - (Purpose Code: S0018)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
19.	Outward foreign remittance - Acquisition of non-produced non-financial assets - Non- Government (Capital Account) -(Purpose Code: S0019)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
20.	Outward foreign remittance - Payments made on account of margin payments etc. under financial derivative transactions (Financial Derivatives and Others) - (Purpose Code: S0020)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
21.	Outward foreign remittance - Payments made on account of sale of share under ESOP (Financial Derivatives and Others) - (Purpose Code: S0021)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
22.	Outward foreign remittance - Investment in Indian Depositories Receipts (IDRs) (Financial Derivatives and Others) - (Purpose Code: S0022)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
23.	Outward foreign remittance - Opening of foreign currency account abroad with a bank (Financial Derivatives and Others) - (Purpose Code: S0023)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
24.	Outward foreign remittance - External Assistance extended by India to Foreign governments (External Assistance) -(Purpose Code: S0024)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.

	Information	Description
25.	Outward foreign remittance - Repayments made on account of External Assistance received by India (External Assistance) - (Purpose Code: S0025)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
26.	Outward foreign remittance - Capital transfers - Government (Capital Account) - (Purpose Code: S0026)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
27.	Outward foreign remittance - Capital transfers - Non-Government (Capital Account) - (Purpose Code: S0027)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
28.	Outward foreign remittance - Other capital payments not included elsewhere (Capital Account) - (Purpose Code: S0099)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
29.	Outward foreign remittance - Advance payment against imports (Imports) - (Purpose Code: S0101)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
30.	Outward foreign remittance - Payment towards importssettlement of invoice (Imports) - (Purpose Code: S0102)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
31.	Outward foreign remittance - Imports by diplomatic missions (Imports) - (Purpose Code: S0103)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
32.	Outward foreign remittance - Intermediary trade / transit trade (Imports) - (Purpose Code: S0104)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
33.	Outward foreign remittance - Goods acquired under merchanting / Payment against import leg of merchanting trade (Imports) - (Purpose Code: S0108)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
34.	Outward foreign remittance - Payments made for Imports from Nepal and Bhutan (Imports) - (Purpose Code: S0109)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
35.	Outward foreign remittance - Imports below 5,00,000 (Imports) - (Purpose Code: S0190)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
36.	Outward foreign remittance - Payments for surplus freight / passenger fare by foreign shipping companies (Transport) -(Purpose Code: S0201)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
37.	Outward foreign remittance - Payment for operating expenses of Indian shipping companies (Transport) -(Purpose Code: S0202)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
38.	Outward foreign remittance - Freight on imports - Shipping companies (Transport) - (Purpose Code: S0203)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
39.	Outward foreign remittance - Freight on exports - Shipping companies (Transport) - (Purpose Code: S0204)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
40.	Outward foreign remittance - Operational leasing / Rental of Vessels - Shipping companies (Transport) - (Purpose Code: S0205)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
41.	Outward foreign remittance - Booking of passages abroad -Shipping companies (Transport) - (Purpose Code: S0206)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
42.	Outward foreign remittance - Payments for surplus freight / passenger fare by foreign airlines companies (Transport) -(Purpose Code: S0207)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
43.	Outward foreign remittance - Operating expenses of Indian airlines companies (Transport) - (Purpose Code: S0208)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
44.	Outward foreign remittance - Freight on imports - Airlines companies (Transport) - (Purpose Code: S0209)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
45.	Outward foreign remittance - Freight on exports - Airlines companies (Transport) - (Purpose Code: S0210)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
46.	Outward foreign remittance - Operational leasing / Rental of Vessels - Airline companies (Transport) - (Purpose Code: S0211)	Information of outward foreign remittance is reported by authorized dealer in form 15CC.
47.	Outward foreign remittance - Booking of passages abroad -Airlines companies (Transport) - (Purpose Code: S0212)