Today I'am going to share
with you all, how to file your Income Tax Return if you are salaried person. As
we all are well aware that the last date for Income Tax Return filling for the
financial year 2018-2019 is 31 August 2019. Many of us are still in hassle for
filing there income tax return for F.Y. 2018-2019. I'am going to
share simple and easy way to file your income tax return by your own-self
without hiring a Chartered Accountant or Income Tax Consultant. But before
starting this, you should have a clear idea about the different sources of
Income you are earning.
As the title says very clearly, its
"for salaried person". But if in addition to your salary you have,
income from one house property & income from other sources and Agricultural Income upto Rs.5 thousand; and your total income
is upto Rs. 50 Lakhs then this blog is still useful
for you.
There are many website which provide
you facility for filing income tax return for free like www.cleartax.in etc.
but I personally use, prefer and recommend our government website for the same.
So we will be talking about Income Return filling from our government website https://www.incometaxindiaefiling.gov.in/home.
I will be dividing the discussion in three segment :- 1) Salaried Employees having Form 16 (TDS Deducted by Employer)
2) Salaried Employees not having Form 16 (TDS Deducted by Employer)
3) Salaried Employees with Income under Exemption limit (Rs. 2,50,000 having age less than 60 years, Rs. 3,00,000 for age 60-79 years, Rs. 5,00,000 for age 80 years or more, on the last day of the relevant previous year, etc.)
Segment
1 - Having Form 16
You are in the most comfortable
segment. As the details which you had provided to your employer regarding
income and deduction must have been considered duly. And automatically filled (auto generated) in the Form while online filing. On the other hand if
you missed any details of income and deduction then you can show the same in
your return and claim TDS refund. You can use Form 16 for filing the
details of your income in respective places. As Form 16 is in a standard format
which shows all details like Gross Salary, HRA (House rent allowance) Deduction,
Professional Tax deducted, Other perquisites provided, deductions under Sec.
80C-80D etc. To increase your ease ask for "Form 16" from Employer.
For filling the return keep reading.
Segment 2- Not having Form 16
If you are not having "Form
16" then also. "do not worry". Just go with your income details
and idea about investments and deductions. Remember key details to file the
return i.e. gross salary, HRA (House rent allowance), Travelling
allowance and other allowances & perquisites provided by employer and there
deductions & exemptions. Remember about standard deduction provided
from salary under Section 16(ia) of Rs. 50,000 (F.Y. 2022-23, now limit
amended) to be claimed. Fill in your deductions under Sec. 80C-80D
etc. Now most important get your TDS details from 26 AS available in
account registered with website https://www.incometaxindiaefiling.gov.in/home.
Segment 3- Income under Exemption limit
Under this, the persons having total
income under exemption limit after all deduction and rebate will come. The have
to fill there gross salary, HRA (House rent allowance), Travelling
allowance and other allowances & perquisites provided by employer and there
deductions & exemptions. Remember about standard deduction provided from
salary under Section 16(ia) of Rs. 50,000 (F.Y. 2022-23, now limit amended) to
be claimed. Fill in your deductions under Sec. 80C-80D etc.
Filing of Income Tax
Return will be in ITR 1 for all the above segments. I will be telling
you the most easiest and simplest process. All the process which is completely
working online over screen. You have to fill ITR form online, Submit
it and E-Verify. And your Income Tax Return is uploaded. There are three methods for E-verification of Income Tax Return, but the one I'am telling is the simplest and quiet. For E-verifying the return we should generate OTP (ONE TIME PASSWORD) from the mobile no linked with aadhar. The process is
explained below :
Now sit back and relax
for an year.
Please leave your valuable comments. And if you want me to write on a particular topic, do let me know.
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Disclaimer :
The above blog is purely for
educational and guidance purpose. It's just the reflection of the
author's personal experience and judgment. The author has just provided the
general information & understanding and its not at all an alternative of
any legal advice or practitioner. It has no
connection with the websites mentioned in its contents. The content stated in
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