ITR Filing of Salaried Person | Form 16 | CA Assisted ITR Filing
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In India, the majority of people depend solely on their salary as their monthly source of income. Some run their side hustles as well. But, the problem is that the majority of people are unaware of the tax laws and compliances they need to follow to avoid any tax deductions. Do not worry; the experts of Compliance Ease are always a call away to help our valued customers with Income Tax Returns (ITR) filing for salaried employees. Complete your ITR filing for salaried employees with Compliance Ease hassle-free and without any inconvenience. For the income earned in the financial year 2022-2023, 31st July 2023 is the ITR filing last date for salaried employees. Let us understand the structure and process of ITR for salaried employees.
Tax is calculated on the basis of an individual's salary and income. An individual who receives a monthly salary, gratuity, pension, or pf up to the extent made chargeable by the government is required to fill out the ITR form for salaried persons. Individuals whose total annual income exceeds ₹2,50,000 and is less than ₹50,00,000 are required to complete their ITR filing for salaried employees every financial year.
These are the essential documents required for filing ITR for salaried employees -
A PAN card is mandatory for ITR filing for salaried employees. However, from the financial year 2023, the government has made it essential for individuals to link their PAN card with their Aadhar Card. Hence Aadhar and PAN of an individual are connected with each other.
As per the Income Tax Act, an individual must have an Aadhar Card to obtain the ITR form for salaried employees.
The government has made it mandatory for employers to provide Form 16 or a Salary Summary to their employees. Form 16 contains the details of all the tax deductions made in the salary by the employer. Form 16 is required to complete the income tax form for salaried persons. Form 16 has three more divisions - Form 16A, Form 16B, and Form 16C. Individuals, who have fixed deposits, recurring deposits, etc., can ask their bank for Form 16A. Land and property buyers need to ask for Form 16C from whom they are making the purchase. If an individual is receiving a rental annual income of more than ₹50,000, they need Form 16C signed by their tenants.
The monthly salary slips are required for the ITR filing for salaried employees.
For the ITR filing for salaried employees, the details of all the bank accounts of an individual are required. A Bank statement is also required for a salaried person's ITR.
The life insurance premiums and medical insurance premiums can be used to save on tax deductions.
If an individual has an active loan, they can save on tax deductions by submitting the loan certificate.
The tuition fee receipt of a school or college can be used to save on tax deductions.
Let us learn the step-by-step process of the ITR filing for salaried employees -
Step 1 - Visit the government portal for salaried person ITR and log in or sign up on the portal with your PAN CardStep 2 - Select 'File Income Tax Return' on the 'e-file' dropdownStep 3 - Select the original filing type on the portalStep 4 - Choose the financial year you want to file ITR forStep 5 - Upload all the documents required for filing ITR for salaried employeesStep 6 - Verification of the documentsStep 7 - Pay the tax amount through the provided modes of paymentStep 8 - Submit the application for ITR filing for salaried employeesThe process of ITR filing for salaried employees can be hectic, and we recommend you our expert team of Compliance Ease for your income tax form for salaried persons. Enjoy our hassle-free service at your convenience.
Filing the ITR for salaried employees can be useful in many ways. Here are some of the ways in which ITR filing for salaried employees can be beneficial -
Income tax returns can be used as identity and address proofs.Income tax returns will help you to avail tax deductionsWhen applying for a loan, income tax returns are a mandatory document.Income tax returns will also help you to expedite your visa application.Avoid any penalties and fines.