How to file a salary earner’s income tax return online

All of our daily activities were severely hampered by the lockdown. Even going outside to get some groceries gave me the impression that I was entering a battle zone. Nevertheless, a few things, including Netflix, Zoom, and E-Filing, thrived in spite of all these drawbacks. You did read that correctly. In India, the electronic filing of income tax returns increased by 14% for the fiscal year 2018–2019. Online tax return filing has been simpler.

It’s time to figure out how to submit your taxes online as you relax at home with a juice box in hand. However, before doing it, there are a few things you should have ready:

Similar to your bank passbook is 26AS. It includes all information pertaining to the tax you paid.

Form 16 is a TDS certificate that your employer issues. It says that the salary you got has had tax withheld from it.

Any non-salary income, such as bank interest, gains from fixed deposits (FDs), etc., is provided on Form 16 A. This is available through your respective banks. You can also receive it online if you have net-banking services.

Other documents – If you invested in mutual funds and made any gains, you can get the capital gain statement for that investment by contacting the appropriate mutual fund advisor.

You will also require a PAN, an Adhaar card, bank account information, and any other investment information if any.

Is it ITR-1 or ITR-2?

Ninety percent of the time, we select the incorrect form. If your annual income is less than Rs. 50 lakh, you should choose ITR-1. In addition, you will like ITR-2 if you are a director of a publicly traded firm, have agricultural income that exceeds $5,000, or have income from more than one property (home rent). This document should include a list of all your expenses, including HRA, your income breakdown, and any additional out-of-pocket costs.

How do you file your returns electronically?

We have now reached the critical section of determining how to file your returns electronically.

access the page, then log in

You must visit the official website in order to file your income tax return online for salaried employees. Along with the videos, you also get a reputable course. Use your user ID and password to log in after you’ve reached the main page. You may easily make an account if you don’t already have one.

Steps to Take for Salaried Employee E-Filing

The simple methods to access the ITR form and enter your information are as follows:

Step 1: Visit www.incometaxindiaefiling.gov.in  in the first step.

Step 2: After logging in, go download and obtain the appropriate ITR form.

Step 3: Choose the evaluation year and ITR 1

Step 4: After that, you can edit and digitally sign it.

Step 5: Press the “Submit” button.

Step 6: After submitting the form electronically, you will receive an email confirming your submission.

Your personal information can be entered as soon as you log in. These include things like your name, birth date, gender, and income information. After finishing, click “Save,” which will take you to the following level.

You must now file your deductions.

The most crucial component is this. You must make deductions in this situation. For instance, if you are a father and you periodically invest in LIC with a small number of funds in the form of PPF, The deductions related to them can be made here. You are also qualified for deductions if, for example, you paid your child’s college or other educational costs. Calculate your income tax based on your individual tax slabs. Claim Sections 234A, 234B, or 234C if you are qualified. You should also specify any taxes, such as TDS, that you have already paid.

Get it confirmed

You can move on to the verification process if all taxes have been paid. If there are any outstanding debts, you should pay them online. Simply select the Challan 280 option, enter your bank information, and pay online. Click on continue when you see “no tax due” on your screen.

Your form has now been turned in for validation. For the same, you will get an email.

The verification may take up to 120 days to complete. After that, an email acknowledgment will be sent. The tax widow will be open till June 30th due to the pandemic. A further delay, however, could result in an extra fee of up to Rs 10,000. It also transports a bag of additional treats. Among others, It will support your loan application and be a huge help in the visa application procedure. You’ll be able to submit deduction claims.

If you had losses in a given year, you can carry those losses over to the following year.

Conclusion: Confused still? Why not increase your knowledge of tax filing and related processes and problems? “How to file a salary employee’s income tax return online.” Therefore, act quickly to pay your taxes because you are responsible for doing so. What other act demonstrates your support for the country more clearly than timely tax payment?

Want more information?

If you are looking for more information on tax and financial management, then you can contact the experts of Inside Tax. We are known for providing the best tips for tax saving, financial planning, and ITR filing services in Delhi NCR. So contact us anytime!

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