The filing of income tax returns is compulsory for salaried employees in India regardless of whether they owe taxes. It provides you with access to a range of financial products, including loans.
Those who fail to file their income tax returns by the 31 July 2022 deadline will be subject to penalties or late fees based on the date the returns were filed.
The salaried person is employed by a public or private company and receives a monthly salary as compensation. If you are new to filing income tax returns online, you need to know that it is an extremely straightforward process. You can’t ask for a more user-friendly website than how it is on the official Income Tax Department website. In this article, I’ll show you how to do it in a few steps.
You Must Complete the Following Preliminary Steps
In order to file your IT returns, you must calculate your total income for the financial year 2021-22. In order to do so, you can use the Form-16 provided by your employer. You can use this form to find out how much income you have received and how much tax you have paid.
In the event that you have other kinds of income such as house rent or capital gains, you will need to calculate them before filing your IT returns.
Salary employees have two options when filing their IT returns ITR-1 or ITR-2. If your total salary income is below Rs 50 lakh per year, you should use ITR-1. Alternatively, if your income exceeds this threshold or if you want to claim expenses under ‘Income from Other Sources,’ you must use the ITR-2.
Be Sure to Have These Documents Ready Before You File Your It Returns
- A form 16 and a form 16AS
- The bank’s interest income certificate
- Provenance of investments
- If you rent an apartment, keep your rental receipts
- If you have rented out your house, please provide details about your rental income
- If you are paying back a housing loan, you will need an interest certificate
- Other itr filing online
The ITR-1 Form Is Used for Filing It Returns
In order to file an IT return for the first time, you must first register yourself on the Income Tax online portal by entering your PAN number and Aadhaar number. Make sure that your mobile number is linked to your Aaadhaar number. You have updated your phone number, your Aadhaar number, and your mobile number if you have changed your phone number linked to your account.
- Sign in using your credentials if you already have an account on the portal.
- You can file income tax returns by selecting E-File > Income Tax Returns > File Income Tax Returns from the menu tab.
- Under the mode of filing, choose ‘Online’ and then click ‘Continue’ if you want to file IT returns for the financial year 2021-22.
- ITR-1, ITR-2, etc., are the types of ITR forms you can choose.
- Select the reason for filing an income tax return in the next step and click ‘Continue’.
- The next section of filing IT returns is the most importantAlso Read: