Filing ITR or income tax returns as per the new income tax slab promptly is an essential financial exercise for all individuals that are salaried in India. However, the whole procedure for filing income tax returns remains fenced by a general lack of information and several misconceptions. Thus today, we are going to shed some light on how you can file your income tax returns online if you are a salaried individual.
The Income Tax Act of 1961 mandates Indian taxpayers to fill out a form where they must furnish details of their total income earned as well as applicable taxes. This form that is supposed to be filled out is known as ITR or income tax return. After filling out the form with correct and proper details, you will be required to submit this form on time to the Income Tax Department of India.
This information of income provided in the form pertains to a financial year, that is, a year commencing from the 1st of April and ending on the 31st of March of the subsequent year.
Now, before we dig into how you can file your income tax returns if you are a salaried individual, let’s understand who all should file them. Here is a list of individuals who fall into the following categories that are liable to file ITR based on latest income tax slab 2022-23:
Under Sections 80C, 80TTB, 80CCD, 80TTB and 80D, an individual whose gross income is higher than the basic exemption limit even before deductions falls into the category.
The table you see below summarises what the basic exemption limit is.
|Age of the Individual
||Amount of Income
|Up to the age of 60 years
|Between the ages of 60 years to 80 years
|Above 80 years of age
How to file an ITR online?
Visit the Income Tax of India’s e-filing portal.
Sign up, or log in to the portal by entering your credentials and the Captcha. Your PAN will serve as your user ID.
Now, under the e-file section, select the ‘Income Tax Return’ option from the drop-down menu & choose the relevant assessment year. After selecting the appropriate ITR form, make sure you download it. If you are a salaried employee, then opt for one of the forms from ITR-1, ITR-2, and ITR-3.
If you are not filing for a revised return, then select ‘Original’ as the filing type.
Now select the submission mode of ‘Prepare & Submit Online’ and then click on ‘Continue.’
Fill in the ITR form that is relevant with all the necessary details related to your income, exemptions, deductions, and investment. Then, you will be required to add the tax payment details through TCS, TDS, and advance tax. Make sure that the data is correct and accurate.
Periodically keep clicking on the ‘Save The Draft’ option so that you don’t lose all your entered data.
Calculate and compute the paid tax and tax payable. Once done, enter the challan details in your tax return. Skip this step if you don’t have any tax liability.
Confirm all the details entered in your form. Then, click on ‘Submit.’
This is the process that you need to follow if you are a salaried employee and want to file ITR online.