Income Tax Return Key Points

Sharing the key points which can help you file your Income Tax returns,

Filing?income tax returns?promptly is an all-important financial exercise for salaried individuals in India. However, the procedure for filing returns remains fenced by several misconceptions and a general lack of information. It should have thought us in ours schools itself but unfortunately we are have lack of knowledge about it.

So, in this article, you will find answers to most of your queries about how to file ITR for salaried employees.

Prerequisites for availing this service

Registered user on the e-Filing portal with valid user ID and password

• Status of PAN is active
• PAN and Aadhaar are linked (mandatory w.e.f 01st?July 2023)
• Pre-validate at least?one bank account and nominate it for refund (recommended)
• Valid mobile number linked with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)

ITR Filing Last Date for Salaried Employees

Generally, the last date to file an income tax return for individual taxpayers is July 31st in the subsequent financial year. For example, the due date to file an ITR for FY 2022-23 is July 31st, 2023.?

However, this date is subject to extension as and when deemed suitable by the Central Board of Taxes (CBDT).

Income Tax Return: An Overview

let’s understand who should file them. Individuals who fall into the following categories are liable to file ITR:

??An assessee whose gross income is more than the?basic exemption limit?before deductions under Sections 80C, 80CCD, 80D, 80TTB, and 80TTB.?

The table below summarises the basic exemption limits for FY 2022-23 and FY 2023-24.?

?

Basic Exemption Limits for FY 2022-23 and FY 2023-24

ITR Form for Salaried Persons

As mentioned earlier, any of the following income tax forms for salaried persons are applicable to individual taxpayers in India:

How to File Online ITR for Salaried Persons?

Now that you are familiar with filing income tax returns, let us elaborate on how e- filing of ITR for salaried individual is done. Simply follow these steps:

• Step 1:?Navigate to the e-filing portal of the?Income Tax Department.?
• Step 2:?Log in to the portal by submitting your user ID (PAN), password, and a CAPTCHA code. If you are not registered with this portal, you can sign up using your Permanent Account Number (PAN), which will then serve as a user ID.
• Step 3:?Under the e-file section, click on ‘Income Tax Return’ from the drop-down menu and select the relevant assessment year. At this point, you need to select the appropriate income tax return (ITR) form and download it. Salaried employees can opt for?ITR-1,?ITR-2, or?ITR-3?
• Step 4:?Select the filing type as ‘Original’ if you are not filing for a revised return.
• Step 5:?Choose the submission mode of ‘Prepare and Submit Online’ and click on ‘Continue.’
• Step 6:?Now, fill in the relevant ITR form with all the necessary details related to your income, deductions, exemptions, and investment. Then, you are required to add the details of tax payments through TDS, TCS, and advance tax. However, ensure that all data is accurate. Additionally, click on the ‘Save The Draft’ option periodically to avoid losing data due to technical errors.?
• Step 7:?Compute the tax payable and pay tax. Then, enter challan details in your tax return. (You should skip this step if you do not have any tax liability).
• Step 8:?Confirm the details entered in the form. Then, select ‘Submit.’ This is how you can file ITR online for a salaried employee.

At this point, a message flashes on your computer screen, prompting successful e-filing. Subsequently, an acknowledgement form called ITR-V is generated. Now, you must verify your return by way of any of these modes:

• Aadhaar OTP
• Bank account number
• Demat account number
• Registered mobile number
• Net banking
• Bank ATM
• Sending a physical copy of the acknowledgement to the Centralised Processing Centre (CPC) in Bengaluru via post,

What Documents are Required for Filing ITR for Salaried Person?

Filing ITR-1 requires certain government-issued documents. These are:?

• Pan card
• Aadhaar card
• Bank statement/Passbook
• Form 16
• Salary slips
• Form 26AS
• Form 16A?
• Exemptions under Section 80D and 80U
• Capital gains statement

In addition to these, you will require an income tax login ID and password.

" This is how you can file ITR for a salaried person "

I have tried to share some of the Key points, I request you all to correct me if anything you find to be corrected or add your own informative points in the comments which will help full to everyone.

Please do like, share, comment and Repost so it reaches max Tax payers which can help them.

Thanks & Regards

Mohsin

#incometax #Tax #salaried #PAN #incometaxreturn #moneymanagement #finance #shareknowledge #knowledgeispower #savings #itrfiling #employee #financialeducation #financialyear #information #taxes #taxation #taxhelp #taxhelp #overview #basic #investement #capitalgainstax #assessment #individual #employers #bank #aadharcard

#form16 #financialyear #file #timeismoney #trending #share #informative #post #comment