In India, every assessee whether having a taxable income or not, should definitely file their income tax return. Why? This PPT will tell you why!

1. Benefits of Filing ITR

2. Content of Topic
 Basics of Income Tax
 Questionnaire
 Benefits of Filing Income Tax Return

3. Basics of Income Tax
1. What is Income Tax.
 Revenue to the Government or Expenditure to the
Individual.
Contribution to the GDP of India.
Tax on All sources of Income earned by an individual.

4. What Are The Sources of Income
 Income From Salary.
 Income from House Property.
Income from Business or Profession.
Income from Capital gains.
Income from Other Sources.

5. Applicable Slab Rate for AY 2015-16 or FY 2014-15.
(Similar for Male and Females)
Individual
(Below age 60
Years)
Senior Citizen
( On & above age
of 60 Years)
Super Senior
Citizen
(On & above age of
80 Years)
Tax
Rate
Up to 2,50,000 Up to 3,00,000 Up to 5,00,000 Nil
2,50,001 – 5,00,000 3,00,001 – 5,00,000 Not Applicable 10 %
5,00,001 – 10,00,000 5,00,001 – 10,00,000 5,00,001 – 10,00,000 20%
Above 10,00,000 Above 10,00,000 Above 10,00,000 30%

6. Cont..
 I have Pan card - Yes
 I have Aadhar Card - Yes
 I have Passport - Yes
 I have Bank Account - Yes
 I have Vehicle Loan - Yes
 I have Home Loan - Yes
 I File my Income Tax Return - ?

7.  Many assumes that filing of income tax return is hassle
 Common fear is that the Income Tax department will
comes knocking the door if tax return filled.

8. Some Basic Questionnaire.
• Is Filing of Income Tax Return Mandatory
Ans : Yes, If Income Exceed the Basic Exemption Limit.
• Can I claim my Refund without filing ITR
Ans : No, You have to file ITR to claim Tax Refund.
• Do I need to pay any addional taxes & how much.
Ans : Let me first compute tax computation then I will let you know.
• Is E-Filing Mandatory for me.
Ans :E-Filling is Mandatory when Income exceed Rs. 5 Lac.

9. What are the
Best Planning
for me in this
Financial Year
What is amount
Tax that I can save
How much amt
of tax I have to
pay in this FY
In what slab of
Income tax do
I come in
What are the
deduction that
I can claim on
my Income
What are the
exemptions that
I can claim
available
How to make
the declaration
to my employer
What is Taxable
Income and Tax
free Income

10. Benefits of Filing ITR
 It insures that individual is compliant with tax laws.
 Being Responsible citizen of India
 Individual able to manage their financial affairs effectively.
 ITR will serve financial soundness at the time of making visa
application.
 ITR will prove the ability of the person to repay the loan, while applying
to Home loan, Vehicle loan or Personal loan.
 To claim the Refund / Rebate / Relief ITR Filing is compulsory.

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