How to fill an income tax return online for Salaried employees in India?

Steps to File Income Tax Returns for Salaried Employees online

To file your income tax returns online, follow these steps:

  • Login to the e-Filing portal for income taxes.
  • To complete the login process, you will need to provide your PAN Card number, password, and captcha code.
  • Go to the ‘e-File’ menu.
  • Select ‘Income Tax Return’ from the drop-down menu.
  • Filling Out the Application:
  • Page of the Income Tax Return
  • Your PAN Card details will be automatically filled up.
  • Select the appropriate Assessment Year and ITR Form Number.
  • Choose ‘Original/Revised Return’ as the ‘Filing Type.’
  • Select Submission Mode from the drop-down menu. 
  • Fill out the form online and submit it.
  • To finish the task, click Continue.

Go over the instructions carefully and make sure you’ve filled out all of the relevant and essential fields on the SAHAJ form. Under the ‘Taxes Paid and Verification’ tab, select the appropriate ‘Verification’ option.

Simply press the ‘Preview and Submit’ button now. Before submitting the ITR, double-check all of the information you’ve submitted.

Verification

Verification is the last step. This can be accomplished in two ways.

  1. Online e-verification: 
  • Select “e-verify” from the top menu’s “My account” tab.
  • Choose the ITR you want to double-check.
  • If you owe any additional taxes, simply click “Pay now” and complete the transaction online.
  • You can just click on “e-verify with Aadhaar OTP” if your Aadhaar card number is connected to your phone number.
  • Click “e-verify” after entering the OTP supplied to your phone number.
  1. Physical e-verification: 
  • Print the form and fill in the date, location, and signature in the spaces provided at the bottom.
  • Send the document through rapid post to the supplied address.
  • If you owe additional tax, you can pay it online or by mailing a check to the address listed on the website.

Documents Required: 

When submitting your ITR-1 form online, you must have these documents on hand.

  • PAN
  • Aadhaar
  • Bank account details
  • Form 16
  • Investments details
  • Form 26AS 

Please keep in mind that if you’re filing for the fiscal year 20-21, you can choose AY21-22 from the dropdown menu when filling out the form.

Filing an Income Tax Return: Understanding it Step-by-Step 

To begin the procedure, determine your principal source of income. Salary should be the principal source of revenue for paid personnel for salaried employees. The ITR-1 or the SAHAJ form can be used to file income tax returns online for all of these people. 

The maximum income for ITR-1 for the assessment year 2019-20 has been set at Rs. 50 lakh or less. Please make sure you are registered on the e-filing website and have accurately updated your PAN and Aadhaar number there before proceeding.

Please ensure that your phone number is linked to your Aadhaar card for the best results; this will come in handy for e-verification in the final round. You must also link your bank account to this site; if you are due a refund from the IT department after filing your ITR, the funds will be sent into this account. 

ITR-1 tax return form

The ITR-1 form will be pre-populated with the majority of the information requested. You’ll note, for example, that information about your profile, pay, and TDS is already available. However, the information must be double-checked by the income tax payer before being submitted.

A more precise wage break-up in the ITR-1 form will be required from this assessment year as well. Allowances and other information of perquisites are exempt under Section 10 and must be mentioned here.

Even if you are a paid employee, if you have other sources of income, such as rent from a property or interest from bank deposits and savings bank accounts, you must include these facts in the form. You can acquire this information from your employer or on the IRS website by filling out Form 16 and Form 26AS.

Components of Salary

In the ITR-1 form, you must provide all of the components of your salary package. This includes any common deductions that help you reduce your overall tax bill.

Employees who receive a salary as their principal source of income must report the total value of perquisites, exempt allowances, profit in lieu of salary, and any additional deductions as part of their entertainment allowance and professional tax.

House income

Even if you are a salaried employee, your tax returns will take into account rental revenue. The Indian government permits for the self-occupation of up to two homes. If you own more than two properties, the others will be classified as “deemed to be let out.” You’ll have to pay taxes on the rent (or potential rent) you get from these properties.

Gains on Investments

Income tax guidelines compel the property owner to deduct TDS at a rate of 1% if the property’s worth exceeds Rs. 50 lakhs. However, the ITR form has been amended to require the seller to provide these facts.

If the buyer’s PAN is quoted or if tax is deducted by the buyer in the paperwork, it is required to provide this information to the buyer. The buyer’s name and PAN, as well as the property address, percentage share, and amount, must be stated in the form.

Foreign Investments

If you have any overseas assets, such as foreign depository accounts, in addition to foreign bank accounts, you must declare them on your ITR-1 form.

Other assets, such as overseas custodial accounts, foreign stock and debt held, and foreign cash value insurance contract details, will be required to be stated on income tax forms.

Other Sources of Income

Any other additional sources of income will also need to be fully disclosed.

Status of Residence

If your job requires you to travel internationally on a regular basis, you will be required to give information on the number of days you have spent abroad. Only if you spend a total of 182 days or fewer in the country in a given financial year, or 60 days or more in a financial year and 365 days or more in the preceding four financial years, will you be subject to income tax.

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