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Income Tax Return: An Overview

itr-filling

Income Tax Return: An Overview

For Indian salaried people, timely income tax return filing is a crucial financial activity. Still, some things need clarification about how to file taxes, not to mention a general lack of knowledge. We explained this topic today by responding to all the questions on filing income tax forms online for salaried staff.

How to File an ITR Online for Salaried Employees?

Step 1: Find the Income Tax Department’s e-filing portal.

Step 2: Enter your user ID (PAN), password, and CAPTCHA code to log in to the portal. Your Permanent Account Number PAN, which will act as your user ID if you are not already enrolled with this portal, can be used to register.

Step 3: Click ‘Income Tax Return’ from the drop-down menu under the e-file section, then choose the appropriate assessment year. You must now select and download the relevant income tax return (ITR) form. Salaried workers have three options ITR-1, ITR-2, and ITR-3.

Step 4: If you are not filing a revised return, choose “original” as the filing type.

Step 5: Select “Prepare and submit Online” as your mode of submission and press ‘Continue.’

Step 6: At this point, enter all the pertinent information on your income, deduction exemption, and investments in the appropriate ITR form. You must add then the information regarding tax payments made via TDS, TCS, and advance tax. But make sure all the information is correct. Additionally, frequently click the “save the draught” option to prevent data loss due to technical failure.

Step 7: Determine the amount of tax due and pay. Then, fill out the challan information on your tax return. If you don’t owe any taxes, you should skip this step.

Step 8: Verify the information provided in the form. Next, click “Submit.” This is how a salaried employee must submit an ITR online.

Your computer’s screen flashes a notice indicating that the e-filing was successful. The ITR-V acknowledgment form is subsequently created. You must now confirm your return using one of the following methods:

● OTP from Aadhaar.
● Demat account number.
● Bank ATM.
● Net banking.
● Bank account number.
● Posting a hard copy of the acknowledgment to Bengaluru’s Centralized Processing Centre (CPC).
● Registered mobile number.

This is how you should file a salaried employee’s ITR.

When Should a Salaried Employee File an ITR?

You should know more than only how to submit an IT return for a paid person if you work as an employee. It would be best to understand that such a filing would be required only when your taxable income exceeds the exemption limit. This exemption ceiling is Rs. 2,50,000 as of 2021 under both the existing and new tax regimes. If your taxable income exceeds Rs. 2,50,000, you must submit your ITR by the deadline.

Deadline for Individual Taxpayers to File Their ITR

For individual taxpayers, the deadline to file an income tax return is typically July 31st of the following fiscal year. For instance, the ITR filing deadline for the fiscal year 2021-2022 is July 31st, 2023.

Conclusion

The most crucial thing to remember from the above table is that people whose combined income is less than Rs. 5,00,000 should pay a late filing cost of Rs. 1,000. These taxpayers benefit from a relaxation in the payment of fines. Furthermore, the maximum penalty for filing late returns is Rs.10,000.