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Income Tax Eligibility Calculator

Income Tax Eligibility indicates whether you are needed to file an Income Tax Return in India. Our Online Income Tax Eligibility Checker assists you in determining your ITR Filing Eligibility.

Taxes can be overwhelming for most people especially when deciding whether they should pay income tax or not. Fortunately, our Income Tax Eligibility Checker eases the task. This digital tool assists taxpayers to determine their taxation obligations depending on their income, age, and deductions.

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ITR Filling is Mandatory for you

As per Details entered, you need to file ITR

What is Income Tax Eligibility?

Income Tax Eligibility is the criteria which decides whether an individual or an entity needs to file an Income Tax Return (ITR) in India or not. It varies depending on income level, sources of income, class of the taxpayer and other aspects. For example, individuals, Hindu Undivided Families (HUFs) and other entities are required to file an ITR if their income exceeds the specified threshold.

You can quickly check if you are required to file a return through our Income Tax Eligibility Checker which makes it easier for you by processing your details.

What is an ITR?

An Income Tax Return (ITR) is a document that Indian taxpayers fill to report their income, deductions and taxes paid for a financial year. Filing an ITR enables the government to calculate your tax liability and also enables you to claim refunds in case you have paid excess taxes.

There are several types of ITR forms. Different ITR forms apply to different income types and taxpayer categories.

Here is a breakdown of common ITR forms:

  • ITR-1 (Sahaj): For individuals with income up to Rs. 50 lakh from salary, pension or a single house property. 
  • ITR-2: For individuals and HUFs with income from agriculture (over Rs. 5000), capital gains or foreign assets. 
  • ITR-3: This form applies to individuals and HUFs with income from business and profession. 
  • ITR-4: It is for individuals, HUFs and partnership firms who opt for a presumptive taxation scheme. 
  • ITR-5, ITR-6, and ITR-7: These are for companies, LLPs, trusts, and other entities. 

Who Must File an ITR?

Anyone whose income exceeds the basic exemption limit must file an Income Tax Return (ITR). The Union Budget 2024 introduced revised tax slabs under the new tax regime for FY 2024-25:

New Tax Regime

  • Income up to Rs 3,00,000: NIL
  • Rs 3,00,000 – Rs 7,00,000: 5%
  • Rs 7,00,000 – Rs 10,00,000: 10%
  • Rs 10,00,000 – Rs 12,00,000 :15%
  • Rs 12,00,000 – Rs 15,00,000: 20%
  • Above Rs 15,00,000: 30% 

Old Tax Regime

  • Income up to Rs 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% 

Even if your income falls below the taxable limit, you might still need to file ITR. The condition includes:

  • Your deposits in current accounts cross Rs 1 crore. 
  • You spent more than Rs. 2 lakh on foreign travel. 
  • Your annual electricity bills exceed Rs 1 lakh.
  • You own foreign assets or bank accounts.

Benefits of Filing ITR?

Filing an Income Tax Return (ITR) offers several key benefits: 

  • Claim Tax Refunds: If more Tax Deduction at Source (TDS) or Tax Collected at Source (TCS) has been deducted than necessary, filing an ITR allows you to claim a refund on the excess amount. 
  • Quick Visa Processing: Many countries require ITRs from the past two years when processing visa applications. It serves as a proof of financial stability. 
  • Avoid Penalties: Filing your ITR on time helps you avoid penalties which can be up to Rs. 5,000 for late filing. 
  • Carry Forward of Losses: Filing an ITR allows you to carry forward losses from business or investments to offset them against future income, thus reducing your tax liability in later years. 
  • Hassle-free Loan Approval: Filed ITRs are often used by banks as proof of income, making it easier for you to get approvals for loans. 

Required Documents for Filing ITR

To ensure a smooth ITR filing process, have these documents ready:

  • PAN Card
  • Aadhaar Card
  • Bank Account details
  • Form 16 (for salaried individuals)
  • Form 26AS
  • Annual Information Statement (AIS)
  • Taxpayer Information Statement (TIS)
  • Investment and Deduction Details

These documents help you accurately report income, claim deductions and avoid any filing errors.

How to Use Chartered ONE’s Income Tax Eligibility Checker?

Our Income Tax Eligibility Calculator works by analyzing your data and makes your tax filing journey simple. Here is step-by-step guide on how to sue it:

  • Go to Chartered ONE’s Income Tax Eligibility Checker. 
  • Enter your total annual income and date of birth. Click next to proceed. 
  • On the next page, answer the questions by choosing Yes or No. 
  • Then provide all other details like full name, email ID, and mobile number.
  • The tool will process this information and display whether you are eligible to pay taxes. 

If you need to file an ITR, our experts will help you file your ITR hassle-free. Click on the “File Your ITR” button below! 

Perks of Using Our ITR Online Checker

  • Time Saving - The calculator gives quick results without doing any manual calculations or referring to tax tables. 
  • Accuracy - It ensures the tax calculation is based on the latest government guidelines. 
  • Simplifies tax Filing - It provides a clear understanding of your tax liability, making filing returns hassle free. 

ITR Made Simple. File ITR Yourself Anytime & Anywhere

We provide expert guide also guaranteed maximum refunds on your income tax returns, with additional expenses from you.

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FAQs

Here are some common questions we receive from our customers. If you have any additional questions, please don’t hesitate to contact us.

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