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Every person who has a total income exceeding basic exemption limit (Rs. 2.5 lakhs In case of Individuals) in the previous year shall file a return of income tax(ITR) on or before the due date as mentioned in section 139 (1).

However due to various reasons a person may fail to furnish the return of income on or before such due date.

Direct Taxes.

Indirect Taxes.

Highlights.

Many people fear to file our income taxes; one of the main reasons is a lack of adequate knowledge of the varied sections that help us in saving our taxes.

While a number of us are conscious of Section 80C of the Income-tax Act, which is a popular one considering it's highlighted the most in various articles, there are more deductions available under other sections which will be immensely helpful in reducing our taxes.Let us go through the present income tax rates and determine the applicable rates as per the annual income.