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If you have an annual income of more than Rs 2.5 lakhs a year, you are expected to file your Income Tax Return. This is applicable for both domestic as well as non-resident Indians. However, if your net taxable income is up to Rs 5 lakhs for the entire year, you will not be liable to pay any taxes under section 87A for both tax regimes. However, you need to file your returns on time with zero tax liability! Filing the return on time can help you avoid the penalties and get you timely refunds of your TDS if applicable. 

Now, there are two distinct Tax Slabs in India, namely the Old Tax Regime and the New Tax Regime for Tax Slab Rates FY 2020-21:

However, under the Old Tax Regime, you can claim all deductions and tax-exemptions, which is not allowed under the New Tax Regime. So, to help you with your tax minute tax filing tips, here are some tips for you:

Top 5 things to keep handy

Form 16 for the salaried

If you are a salaried person, you need to keep the form 16/16A ready, the certificate of tax deduction at the source. It is issued by the employer when they deduct the tax of the employees.

Note: This would be required for BOTH TAX REGIMES.

Investment declaration and receipts/proof for 80C and 80D

If you have investments in PPF, LIC, Pension schemes, ELSS, five years Tax savings FD, or any other investment vehicle which comes under section 80C, you need to submit the investment declaration along with your ITR. You are eligible to get a tax deduction of Rs 1.5 lakhs a year under section 80C by providing any of the following:

• Employee provident fund (EPF) or Voluntary Provident Fund (VPF) contributions made by you up to Rs. 1.5 lakhs in a financial year,

• Public provident fund contributions made by you,

• Investments made in Equity Linked Saving Scheme (i.e. tax-saving mutual fund schemes), tax-saving Bank or Post Office Fixed Deposit schemes

• School fees paid towards tuitions for dependent children,

• Premium paid towards life insurance and pension plans,

• Principle repayment of housing loans, etc.

You are eligible for deductions U/S 80D for:

• Premium paid towards the self, spouse, and dependent children up to Rs. 25,000, which would be Rs.50,000 if you are more than 60 years of age and 

• An additional Rs. 25,000 for a premium paid for dependent parents, which would be Rs. 50,000 if any of the parents are more than 60 years of age.

Note: This would be needed only if you are filing in the Old Tax Regime as tax deductions are not allowed in the New Tax Regime.

House rent receipts for HRA: 

If you are a salaried person living in a rented house can claim a deduction on HRA (House Rent Allowance) received from the employee. You need to submit the house rent receipts in that case if you are availing of the deduction. The deduction that you can avail is the least of –

• Actual House rent allowance received

• 50% of the basic salary plus DA (Dearness Allowance) for people living in the metro cities

• 40% of the basic salary and DA if you are living in a non-metro city

• The actual rent that you have paid must be less than equal to 10% of the basic salary and DA.

Note: This would be needed only if you are filing in the Old Tax Regime as tax deductions are not allowed in the New Tax Regime.

Interest certificate for 80TTA: 

If you are receiving any interest on savings accounts that you have and want deduction under section 80TTA then you need to submit the interest certificate for the same. You can get the interest certificate from the bank itself. Under section 80 TTA, one can avail deduction up to Rs. 10,000.
For senior citizens, you are eligible for a deduction of up to Rs. 50,000 for interest earned on the savings bank account and term deposits.

Note: This would be needed only if you are filing in the Old Tax Regime as tax deductions are not allowed in the New Tax Regime.

Form 26AS for TDS submission: 

You need to submit this form 26AS in case of TDS deduction from any source of income. This is needed if you have multiple sources of income or business income.
Note: This would be required for BOTH TAX REGIMES.

Due date and late fine/penalty
The due date for filing your return is 31st December 2021 for AY 2021-2022 *. If you are late with your ITR filing then you may have to pay a penalty of Rs. 5000 as per new guidelines of the Income Tax Department of India.