How can salaried taxpayer file Income Tax Return online
Read this article if you are a salaried employee and wish to know how to e-File your Income Tax Return. Salary is the primary source of your income, for a salaried employee. Apart from it, a salaried person may also earn interest income from deposits made in a bank.
The last date for filing Income Tax returns has been extended till 31 August 2019. This year the ITR-1 form has been simplified, making it easier for salaried employees to e-File their returns.
You can file your Income Tax return, free at the e-Filing website of the Income Tax Department www.incometaxindiaefiling.gov.in/.
ITR form for a Salaried Person
The question arises, which ITR form a salaried employee needs to choose?
Depending on what kind of income you have, you have to fill a certain type of ITR form. If an individual is a salaried employee having income less than Rs. 50 Lakhs per year, he will have to fill ITR-1 (also known as the Sahaj Form). However, the assessee may have income from house property and other sources excluding winning from lottery and income from race horses. He may be a director in a company or hold unlisted equity shares anytime during a financial year, then such person will not eligible to fill ITR-1. ITR-1 cannot be filed if the assessee has taxable capital gains or income from business and profession or an agricultural income of more than Rs 5,000. In such cases, the assessee will have to file his return in ITR-2.
When filling up ITR-1, taxpayers have to report gross salary and income from salary. All the exempt allowances such as HRA should be separately mentioned. The taxpayer also has to provide details of break-up for income earned from other sources like interest income on fixed deposits and so on. For more details you can visit the www.incometaxindia.gov.in and check the section ‘taxpayer services’
Checklist for e-Filing of return for Salaried Employee
Accurate information on income, deduction and taxes which have been paid is required while E-filing Income Tax Returns. Here is a checklist which may help.
- Decide on the suitable ITR form: The first step is to decide a suitable ITR form for e-filing of the return. A salaried employee not having income from some of the sources mentioned above will have to fill up ITR-1.
- Form 16: This is the most important document which the employer provides.
- Form 26 AS: Form 26AS is a consolidated record of the various taxes deducted from your income and deposited with the Government. Form26AS can be downloaded through https://incometaxindiaefiling.gov.in
- Banking Details: Keep the following documents ready.
- Bank statement or passbook for calculation of interest.
- Interest certificates or TDS certificates from banks and Post offices
- Details of all bank accounts and IFSC codes are required to be listed in the ITR form.
Steps to follow for e-Filing for Salaried Employee
Now we will take a look at the steps to follow for e-Filing of returns if you are a salaried employee.
Step 1: Login to the e-Filing website with a User ID, password, Date of Birth/Date of incorporation and captcha.
Step 2: Go to ‘e-File’ and click on ‘Prepare and submit ITR online’.
Step 3: Select the Income Tax return Form (ITR-1) and assessment year
Step 4: Fill in the details and click the ‘Submit’ button
Step 5: Upload a digital signature if applicable. Ensure that DSC is registered with e-Filing.
Step 6: Click on the ‘Submit’ button