Why File My IT

Filing of Income Tax Return:

It is mandatory to file Income tax Returns to the Income tax Department for those who are having income above the threshold limit.

INCOME TAX SLABS FOR FY 2019-20 / AY 2020-21

General Public
(Below 60 Years of Age)
Senior Citizen
(60 to 80 Years of Age)
Very Senior Citizen
(More than 80 Years of Age)
Income Tax Slab Tax Income Tax Slab Tax Income Tax Slab Tax
Up to Rs. 2.5 Lakhs Nil Up to Rs. 3 Lakhs Nil Up to Rs. 5 Lakhs Nil
Rs. 2.5 -5 Lakhs 5% Rs. 3 - 5 Lakhs 5% Rs. 5 - 10 Lakhs 20%
Rs. 5 - 10 Lakhs 20% Rs. 5 - 10 Lakhs 20% Above Rs. 10 Lakhs 30%
Above Rs. 10 Lakhs 30% Above Rs. 10 Lakhs 30%

  1. Education + Health Cess of 4%
  2. Tax Rebate : Tax rebate maximum upto Rs. 12500 for Gross Total income upto Rs. 5,00,000

Mandatory Fees on Late Filing of Income Tax Return for AY 2020-21 FY 2019-20 (section 234F)
Income With in Due Date Upto 30th November After Due Date Upto 31st Dec After 31st Dec
> 5 Lakhs Nil Rs. 5000 Rs. 10000
Upto 5 Lakhs Nil Rs. 1000 Rs. 1000
Fees u/s 234F may be withdrawn

Form 12BB and why is it important for Income Tax Declaration.

Effective from June 1st 2016, the Form 12BB has been mandated by The Central Board of Direct Taxes (CBDT) as a universal format that all Salaried Employees need to submit to their Employer as part of the Income Tax filing process. The Form 12 BB will henceforth act as a single entity that employees can use to declare their investments and claim tax deductions under HRA, LTA, Section 80 and interest paid on Home Loans under Section 24 of the Income Tax Act. By submitting this form along with adequate proof documents employees can claim Income Tax deductions under the following heads:

  • House Rent Allowance (HRA)
  • Leave Travel Concessions or Assistance (LTC < A)
  • Deductions of Interest paid on Home Loans
  • Deduction under Chapter VI A that includes expense deductions under various sections such as Section 80C, Section 80CCC, Section 80CCD and other sections including 80E, 80G, 80TTA etc.

Whether Pensioners have to submit this form?

Yes. They have to submit this Form 12BB, if they are claiming any of the abovesaid deductions.

Whether employers and Drawing Officers are can accept the deductions without getting the Form 12BB?

No. The employers and Drawing Officers have to collect the Form 12BB from the employees with proper evidences.