Home > Help Center > A Guide on ITR filing in IndiaLast Updated: Apr 23th 2020

Guide to File your Income Tax Return for AY 2020-21

What is Tax?

A compulsory contribution to state revenue, levied by the government on general public’s income and business profits, or added to the cost of some goods, services, and transactions.

What is Income Tax?

An income tax is a tax that governments impose on financial income generated by all the individuals and entities within their jurisdiction. By law, businesses and individuals must file an Income Tax Return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

Who should File Income Tax Return?

Every Company, Firm, LLP, BOI, Societies, Trusts, and other persons irrespective of whether having Income or Loss during the previous financial year.

Every individual whose income exceeding the below said limits before allowing any deductions under Section 80C To 80U
AgeAnnual income exceeding *
Up to 60 YearsRs. 2,50,000
From 61 Years to 80 Years (Senior Citizens)Rs. 3,00,000
Above 80 years (Super Senior Citizens)Rs. 5,00,000

Why should a person file income tax?

Past decades have observed low Income Tax filing Compliance in India, during recent years, Govt of India took stringent measures in enforcing the Income Tax Law by linking various benefits for prompt tax filers. Advantages of income tax filing including but not limited to

  1. Get the Loans easier
  2. Avoid paying penalties, embarrassments
  3. Get your refund back on the excess tax payments
  4. Hurdle free for Foreign VISA Stamping with IT returns filing
  5. Improve your credit worthiness for future loans
  6. Be a good citizen to contribute in India's growth and get Peace of mind for you and the family.

Prerequisites for filing income tax return?

    Mandatory
  1. PAN Card. To get new PAN number, refer how to get PAN card in 10 minutes?
  2. Aadhaar Card (To be linked to PAN Card for E verifying the return)
  3. Mobile Number and an Email ID
  4. Bank Account number and IFSC Code

  5. Optional
  6. Form 16 issued by employer for salaried Employees
  7. Bank Statements for Savings Bank Interest
  8. Interest Income statement on fixed deposits
  9. TDS Certificates issued by banks and others
  10. Form 26 AS which can be downloaded from TDS Traces website
  11. Other documents for claiming deductions such as investments, LIC, Tuition fees, etc.
You can file your taxes @ eztax.in/self for 100% free by yourself. If you choose expert income tax filing, you may send the above documents / photos to support@eztax.in or upload the same on our portal to have our expert team handle your taxes.

Income Tax Return Forms

Basically there are 7 different IT forms used to file Income Tax Returns as per their applicability to a person’s source of Income

  Choosing a correct ITR form is critical to eFile the IT Return.

When you eFile your taxes using Free EZTax.in Self Service Income Tax Filing , the software automatically choose the correct form applicable for the income selected, thus avoiding the confusion of choosing the correct form.

IT Forms Explained

1.ITR-1 (SAHAJ)

For Resident Individuals having total income up to Rs 50 Lakhs through Income from Salaries, one house property, other sources (Interest etc.) and Agricultural Income up to Rs 5000. It is not applicable to the individual who is either director in a company or has invested in Unlisted Equity Shares).

2.ITR-2

For Individuals and HUFs not carrying out business or profession under any proprietorship or partnership

(This form can be used by individuals & HUF who are not eligible to file ITR-1 and whose income is not chargeable under head Business or Profession).

3.ITR-3

For individuals and HUFs having income from a proprietary business or profession or income from partnership firm.

(This form can be used by individuals & HUF who are carrying out a proprietary business or profession or or income from Partnership Firm).

4.ITR-4 (SUGAM)

For Presumptive Income from Business & Profession

(This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income includes Business income is computed under section 44AD & 44AE & income from profession is computed under section 44 ADA).

5.ITR-5

This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person, cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.

6.ITR-6

This Form can be used by a company, other than a company claiming exemption under section 11 (Income from property held for charitable or religious purposes).

7.ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

How to get help from EZTax.in

Income Tax Rates

  EZTax.in automatically calculates the tax liability of a person including the fines and penalties payable if any. Thus it avoids the burden of an individual to calculate the amount of tax payable and preventing the errors in calculation.
Income tax slabs and calculation is same for AY 2020-21 and AY 2019-20, the only difference for AY 2020-21 is Surcharge.

Following are the tax slabs, rates applicable to Individuals, companies, and other persons.

1. For Individuals & HUF

1.a. Income Tax Slab for Individuals & HUF taxpayers both men, women and transgender aged up to 60 years (for AY 2020-21)
Income Tax SlabRate
Up to Rs.2,50,000No tax
Rs.2,50,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Over Rs.10,00,00030%
Surcharge:10% of income tax, where total income exceeds Rs 50 lakhs
15% of income tax, where total income exceeds Rs 1 crore
25% of income tax, where total income exceeds Rs 2 crore
37% of income tax, where total income exceeds Rs 5 crores
Health & Education Cess4% of total income tax payable + surcharge
1.b. Income Tax Slab for Individuals & HUF taxpayers who are Senior Citizens including both men, women and transgender (for AY 2020-21)
Income Tax SlabRate
Up to Rs.3,00,000No tax
Rs.3,00,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Over Rs.10,00,00030%
Surcharge:10% of income tax, where total income exceeds Rs 50 lakhs
15% of income tax, where total income exceeds Rs 1 crore
25% of income tax, where total income exceeds Rs 2 crore
37% of income tax, where total income exceeds Rs 5 crores
Health & Education Cess4% of total income tax payable + surcharge
1.c. Income Tax Slab for Individuals & HUF taxpayers who are Super Senior Citizens including both men, women and transgender (for AY 2020-21)
Income Tax SlabRate
Up to Rs.5,00,000 No tax
Rs.5,00,000 to Rs.10,00,000 20%
Over Rs.10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds Rs 50 lakhs
15% of income tax, where total income exceeds Rs 1 crore
25% of income tax, where total income exceeds Rs 2 crore
37% of income tax, where total income exceeds Rs 5 crores
Health & Education Cess 4% of total income tax payable + surcharge
1.d. Income Tax Slab for Individual & HUF taxpayers both men, women and transgender aged upto 60 years for AY 2019-20:
Income Tax SlabRate
Up to Rs.2,50,000No tax
Rs.2,50,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Over Rs.10,00,00030%
Surcharge:10% of income tax, where total income exceeds Rs.50 lacs, 15% of income tax, where total income exceeds Rs.1 crore.
Health & Education Cess4% of total income tax payable + surcharge
1.e. Income Tax Slab for Individuals & HUF taxpayers both men, women and transgender aged above 60 years, and upto 80 years (Senior Citizen) for AY 2019-20
Income Tax SlabRate
Up to Rs.3,00,000No tax
Rs.3,00,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Over Rs.10,00,00030%
Surcharge:10% of income tax, where total income exceeds Rs.50 lacs, 15% of income tax, where total income exceeds Rs.1 crore.
Health & Education Cess4% of total income tax payable + surcharge
1.f. Income Tax Slab for Individuals & HUF taxpayers both men, women and transgender aged above 80 years (Super Senior Citizen) for AY 2019-20
Income Tax SlabRate
upto Rs.5,00,0000%
Rs.5,00,000 to Rs.10,00,00020%
Over Rs.10,00,00030%
Surcharge:10% of income tax, where total income exceeds Rs.50 lacs, 15% of income tax, where total income exceeds Rs.1 crore.
Health & Education Cess4% of total income tax payable + surcharge

2. Partnership Firms and LLPs (Limited Liability Partnerships)

They are to be taxed at the rate of 30%.

 Plus  

  • Surcharge:If income is greater than Rs.1, 00, 00,000 – 12% of income tax amount. Subject to marginal relief.
  • Health & Education Cess:4% extra – charged on the amount of income tax + surcharge being paid.

3. For Domestic Companies:

Domestic Companies are to be taxed at the rate of 30% *.

 Plus  

  • Surcharge:If income is greater than Rs.1,00,00,000 – 7% of the income tax amount. If income is greater than Rs.10,00,00,000 – 12% of the income tax amount. Subject to marginal relief.
  • Health & Education Cess:4% extra – charged on the amount of income tax + surcharge being paid.

* The details given above are in broader sense and may vary from case to case.

4. For Foreign Companies:

Nature Rate
If the income received by the Foreign Company is in the form of royalties paid by the Indian Government in relation to agreements made with an Indian concern (after March 31st, 1961, and before April 1st, 1976) 50%
If the income received is in the form of fees for technical services rendered for agreements made with Indian concerns (after February 29th, 1964, and before April 1st, 1976) 50%
Any other income 40%

 Plus  

  • Surcharge:If income is greater than Rs.1,00,00,000 – 2% of the income tax amount. If income is greater than Rs.10,00,00,000 – 5% of the income tax amount. Subject to marginal relief.
  • Health & Education Cess4% extra – charged on the amount of income tax + surcharge being paid.

5. For Co-operative Societies:

Income Tax Slab Rate
Up to Rs.10,000 10%
Rs.10,000 to Rs.20,000 20%
Over Rs.20,000 30%

 Plus  

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Health & Education Cess:4% extra – charged on the amount of income tax + surcharge being paid.

Verifying the return filed:

  • After filing the return an acknowledgement will be generated and the assessee needs to verify the return filed either electronically or manually.
  • Verification can be done electronically by using the most common way of OTP generated using Aadhaar or OTP generated through Prevalidation of Bank Account or Net Banking
  • Manually a return can be verified by sending a signed copy of acknowledgement generated after filing return to Income Tax Department - CPC, Post Box No - 1, Electronic City Post Office, Bangalore- 560100, Karnataka, India.


Checking the status of return filed:

  • After Verification of ITR V assessee needs to check the status of filing of ITR to know whether the ITR is processed and refund has been credited to the bank account.
  • Refer ITR Statusto check the status.

  By Using the Facilities provided by EZTax.in a taxpayer can easily file the return online without any errors and confusion.

Signup with EZTax.in

  1. Go to https://EZTax.in
  2. Click on Register/Login
  3. Then click on create Account, A page asking you, your Mail id, name, mobile number will be popped up and you need to fill up those details set a password for your login.
  4. Then click on the create Account button to create your EZTax.in E filing Account.

After Signup with EZTax.in

After creating the account you can avail the services mentioned below:

1. Self Service Tax Filing

Using Self Service Tax Filing an individual/HUF can E-file the return for current assessment year and the previous assessment year.

  • While filling the form, in case any help needed the assessee can look at the EZHelp fields provided at the right side of the form which explains the assessee the details which are required to be filled. We have morethan 450 such EZHelp fields which guides assessee throughout the filling of the form.

  • While filling the return form but before filing it, there is an option called Creative Audit using which an individual/HUF can check whether all the required / mandatory details have been filled up and it compares the Personal information entered by the client with that of the standard details available in documents such as Form 16, Form 26AS.

  • There is another option called Tax optimizer which suggests the assessee where can he invest for reducing the tax liabilities.

2. Expert Assisted Service

Using the CA Assisted Tax Filing Service an Individual, HUF, Firm, LLP, AOP, BOI, Trust, society, & Company can file the returns.

3. Expert Consultation

Using the Expert Consultation Service any assessee can reserve an expert time to describe their case and get an advice, direction quickly.

Our Tax Services

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