How to File an Income Tax Return for a Salaried Employee - PRO ADVISOR
How to File an Income Tax Return for a Salaried Employee

How to File an Income Tax Return for a Salaried Employee

There are various salaried employees who wants to file income tax return online. For a salaried employee, the main source of income is their salary. By filing ITR, employees may get interest income from bank. Earlier, employees had to issue form 16 for filing ITR. But from last year, the ITR-1 or Income Tax Return-1 has made it easier for the salaried employees to file ITR online. Now, employees can easily file ITR with the help of online portals. There are various tax filing options are available you can choose for a fee.

Documents Required for Filing ITR Online:

Documents Required for Filing ITR Online

  • Form 26AS & Form 16
  • Income Sheet with tax calculation (which will be handy to cross-check while filling the form online).
  • PAN No.
  • Bank account statement or Updated passbook for interest on savings and Fixed deposits.
  • Bank account details (Number of bank accounts, Account number and IFSC code).

Categories of Different Categories of ITR Forms:

Choosing the correct ITR form is really confusing. Here is a list of various categories of ITR forms and what they are meant for.

ITR 1 (Sahaj) Individuals with Income from:
One House Property and
Total income up to Rs. 50 Lakhs
ITR 2 Individuals and HUF Having Income from:
More than one House Property
Agriculture Income>Rs. 5000
Capital Gain or Loss and
Not Having Income from Business or Profession
ITR 3 Individuals/ HUF Being Partners in Firms
ITR 4 Individuals and HUF Having Income from a Proprietary Business or Profession
ITR 4s (Sugam) Individuals/ HUF Having Income From Presumptive Business
ITR 5 Firms, AOPs, BOIs, and LLP
ITR 6 Companies Other Than Companies Claiming Exemption
Under Section 11
ITR 7 Persons Including Companies Required to Furnish Return Under Section 139(4A) or 139(4B) or 139(4C) or Section 139(4D)

Importance of Filing ITR for Salaried Employees

Importance of Filing ITR for Salaried Employees

There are some major reasons why salaried should file ITR. The Central Board of Direct Taxes has imposed some strict rules for those who try to avoid filing taxes.

  • Filing Income Tax Returns represents you as a responsible citizen.
  • If you are filing regular ITR, it means you are getting regular salary. It increases your credit score.
  • According to income tax law, if a person is earning specified income yearly, then he/she has to pay a specific amount on income tax.
  • Deductions can be easily claimed under various sections of Income Tax Act.
  • If you are filing ITR, then you are able to adjust capital losses against capital gains. If you have any case losses, it can be carried forward for eight consecutive years if you are filing your ITR regularly.
  • If you are applying for visa, then you need to submit your income proof and Income Tax receipts to foreign consulate.

Steps to Follow for Filing ITR for Salaried Employees

Importance of Filing ITR for Salaried Employees

Step 1: Login to Income Tax website

Step 2: Go to e-file – Income Tax Returns

Step 3: Select “Prepare and submit ITR Online”.

Step 4: Instructions and General Information

Step 5: Computation of Income and Tax

Step 6: Tax Details

Step 7: Tax Paid and Verification

Step 8: Details of Donations 80G

Step 9: Submission & Verification

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