Income Tax Return ITR-1 Filing in Mumbai
Individuals with an annual income of less than Rs.50 lakh must file ITR 1 in Mumbai. Taxpayers in Mumbai who file ITR 1 can choose between the existing and new tax regimes. Taxpayers now have the option of choosing between the existing and new tax regimes. The choice should be made at the start of the fiscal year. How to file Income Tax Return ITR 1 Form Filing in Mumbai.
Table of Contents
Income Tax Slab
Under the prior tax regime, income tax rates for submitting ITR 1 returns in Mumbai were as follows: For people up to the age of 60 years
| Taxable Income | Income Tax Rate |
| Up to INR 2,50,000 | Nil |
| Rs. 2,50,000- Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
For Individuals ageing between 60-80 years (Senior Citizen)
| Taxable Income | Income Tax Rate |
| Up to INR 3,00,000 | Nil |
| INR 3,00,000 – INR5,00,000 | 5% |
| INR 5,00,000 – INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
For individuals above 80 years of age (Super Senior Citizen)
| Taxable Income | Income Tax Rate |
| Up to INR 5,00,000 | Nil |
| INR 5,00,000 – INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
The taxpayer has the option of filing the ITR in Mumbai at a reduced interest rate under the new tax system in exchange for foregoing certain allowable exemptions and deductions available under the present tax regime. Alternatively, pay taxes under the present tax framework and take advantage of the refunds and advantages.
The following are the income tax rates for ITR 1 filing by individuals and HUFs under the New Tax Regime:
| Income Slab | New regime tax slab rate(Applicable for all individuals and HUF) |
| Up to INR 2,50,000 | Nil |
| INR 2,50,000 – 3,00,000 | 5% (Tax rebate u/s 87 a is available) |
| INR 3,00,000 – 5,00,000 | 5% (Tax rebate u/s 87 a is available) |
| INR 5,00,000 – 7,50,000 | 10% |
| INR 7,50,000 – 10,00,000 | 15% |
| INR 10,00,000 – 12,50,000 | 20% |
| INR 12,50,000 – 15,00,000 | 25% |
| More than INR 15,00,000 | 30% |
In Mumbai, the conditions for a new tax regime are as follows:
The taxpayer who chooses the lower tax rates in the new tax regimes will have to forego the exemptions and deductions available in the previous tax system. There are a total of 70 deductions and exemptions that are not permitted. We’ve compiled a list of a few of them below:
- Leave Travel Allowance (LTA)
- House Rent Allowance (HRA)
- Conveyance Allowance
- Daily expenses in the course of employment
- Relocation allowance
- Helper allowance
- Children education allowance
- Other special allowances
- Standard deduction on the Salary
- Professional Tax
- Interest on housing loans (Section 24)
- Deduction under Chapter VI-A deduction ( 80C, 80D, 80 E and so on) (Except Section 80 CCD (2))
FAQ
Is it possible to file ITR 1 in Mumbai if a person has taken out a home loan?
If a person has a home loan, he or she can file Form ITR 1 in Mumbai.
What is the maximum amount of agricultural income that may be reported on an ITR1 form in Mumbai?
If your agricultural income does not exceed Rs. 50,000, you can file an ITR 1 form in Mumbai.
Is it true that ITR 1 filing in Mumbai annexure costs less?
Yes, ITR 1 form filing in Mumbai is annexure-free; no further documents, such as Form 16 and Form 26 AS, are required to be attached to the ITR 1 form.
Are there any papers that must be submitted with the ITR form in Mumbai?
There is no necessity to attach papers to Form ITR 1 when filling the ITR form in Mumbai. However, it is always a good idea to keep the paperwork on hand because the tax authorities may request them at any moment. How to file Income Tax Return ITR 1 Form Filing in Mumbai.
Leave a Reply