FILLING OF INCOME TAX RETURNS - SALARIED INDIVIDUAL

FILLING OF INCOME TAX RETURNS - SALARIED INDIVIDUAL

Salaried people get form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, There are tax saving options like eligible investments under sec 80c , Donations made etc.

Salaried people get Form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc.

Document Required

Form 16 from your company

 

Form 26AS Tax Credit Statement

 

Aadhaar card

 

Bank statement if interest received is above Rs. 10,000/-

 

Salary Slip of any month during the Financial Year

 

Process Involved

1

DOCUMENTS

Receipt of the required documents

2

COMPUTATIO OF INCOME

Preparation of Computation of Income based on the information and documents provided

3

TAX PAYABLE

Calculation of Tax Payable and Payment of Taxes

4

PREPARATION OF RETURN

PREPARATION OF RETURN

5

SUBMISSION OF RETURN

After ITR is being prepared the same is being submitted to Income Tax Site through XML schema and receiving Acknowledgement for the return filed.

Package Includes

Tax filing for salaried individuals with single or multiple Form 16

 

Tax filing for salaried individuals with house property

 

Tax Due/Refund Status and Filing Confirmation

 

Frequently Asked Questions

The return of income can be filed with the Income-tax Department in any of the following modes.

• By furnishing the return in a paper form.

• By furnishing the return electronically under digital signature, i.e., e-filing with digital signature.

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
No, all salaried taxpayers can’t choose ITR-1 for filing tax returns from Assessment Year 2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10 (e.g. HRA, Conveyance allowance, etc.) up to Rs 5,000 or less. So, if taxpayer is claiming any exemption under sec. 10 which exceeds Rs. 5,000, he cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules).