Written by : AK Agrawal
An experiences Chartered Accountant and Techno-Functional consultant working in industry for over 10 years dealing with multinational corporate clients. He is loves reading latest trend of technology trend.
The economic standstill in the past two years has led the government to take radical decisions to protect individuals and businesses all over the country. This is why the deadline for income tax filing returns (ITR) was extended from July to January 10th 2021. From choosing the right tax form to filing on time, there are various courses of action involved while processing your ITR.
As this wind of change is blowing around the country’s economic decisions, in this article, we are going to navigate the nuances involved in filing income tax returns online for salaried employees.
The income tax return is a form that you have to submit to the income department of India. It includes information about your acquired income and the tax applicable during a year. The tax form that you file varies according to your residential status, total income that you have earned in the financial year 2020-21 and based on the category you belong to.
There are mainly 7 types of forms – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 that you are intended to pay before the deadline.
Many gene-z and millennials think that ITR is not compulsory to file if you fall under tax liability, but the truth is that complying with the governmental tax regulations will only bring benefits to you.
As we have mentioned, salaried individuals have to file an ITR-1 form to file their income tax returns. You can use this form if;
However, you cannot use this form if you are;
To file the income tax returns on the salaried income,you can either choose the online or offline filing platform. If you are opting for the offline mode, then use the JSON utility to complete the details and upload them on the income tax website. On the contrary, if you are using the online mode, you need the following documents;
If you are filing for the financial year 12-20, then you have to choose AY20-21 from the dropdown to file the return.
To commence the process, you need to assess your primary source of income. As a salaried employee, your primary source is typically your monthly salary. If you fall under this category, then you can file your income tax return using ITR 1 or what is generally called the SAHAJ form. In the 2019-20 tax year, the income threshold is Rs. 50 lakhs or below. To file, you need to register on the e-file website. Apart from this, you also have to update your PAN and Aadhar number on the same website. For successful registration, you can also link your contact number with your respective Aadhaar card. Through this, it is easier to receive e-verification. If there are any pending amounts to be received from your employee, then it is ideal to link your bank account to the e-file website. By doing so, the process of filing becomes smooth, and any late credit will be automatically added to your filing of ITR.
Then you can start to fill the form on the income tax filing site
You can cross-check the information given to ensure the accuracy of the information and all the mandatory arenas are filled correctly for successful filing. Below the ‘Taxes Paid option and Verification tab’ you can find the Verification options. To submit the filing click on the ‘Preview and Submit key. Skim through the form again and make sure every portal is filed correctly before final submission. The last stage is a verification and you can do it either through online or offline mode.
For Online verification, follow these steps;
For offline verification,
Identifying the correct form and filing your income tax returns by compiling all the documents may be time-consuming and confusing for some. As the due date and rules are changing, it is crucial to stay updated about the changing tax scenarios. This is why you need the expert assistance of GoTaxFile. We are a holistic avenue that brushes you through the guidelines and helps you file tax complying with the involving legalities. We bring necessary deductions and create a checklist to ensure precision. Get in touch to clarify your suspicions on filing the income tax return for this financial year.
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