Here is the full guide of How To File And Download ITR Online For Salaried Employees. The guide is in detail and steps that you can follow for the e-filing for all the salaried employees.
In this full article, we will guide you on how you can file and download the ITR online if you are the salaried employee. Let’s imagine that anyone is the salaried employee, then, it is clear that salary is the main source of income for him or her. He or she may also have interest income from the banks.
As we know that, if a salaried employee has his income over 50 lakhs, then he needs to choose the Form ITR-1 Sahaj as their Income Tax Return(ITR).
The employer would have issued the form 16. The revised date for filing the ITR is 30 November 2020. The ITR Form-1 has made very simple and clear for the employes to e-File returns.
You can file your ITR free of cost on the official website of the Income Tax Department. The website of the Income Tax Department is given below.
You can also use the ITR filing portals to file e-file your taxes by giving a little amount of fee. Some of the portals are free and trustworthy also.
ITR Form For a Salaried Person
Now let’s discuss that which form does a salaried employee should choose for filing the ITR. The choosing of the form for filing the ITR depends upon how much income do you have?
You have to choose ITR-1 Form, which is also known as Sahaj Form if you are a salaried employee. This form is form those who have an annual income of fewer than 50 lakhs. You can have the income from the house property and other sources except the amount finning from the lottery and from the winning of the racehorses.
If anyone is the director in any of the company or has purchased shares anytime during the present year, then, he is not eligible to file the ITR-1 Form.
You are also not eligible to file the ITR-1 Form if you have taxable gains or earns from the business or some profession. This form is also not formed those you have income from agriculture over 5000.
Further income from one more house property, carrying losses also make the person ineligible to file the ITR-1 Form. In that case, he has to file the ITR-2 Form.
While filling the ITR-1 Form, the taxpayers must have to report the gross salary and income from salary. One has to provide whole information about the exempt allowances like HRA(House Rent Allowance) should be mentioned separately. The taxpayers also have to provide the information about the income from the interest that he earns from the banks on their FDs(Fixed Deposits) and so on.
If you want more details then you can visit the Central Board of Direct Taxes(CBDT) website. The website is given below.
You can check the full information by visiting the ‘taxpayers services’ section on the above website.
List Of Income Tax e-Filing For Salaried Employees
While E-Filing Tax returns, you need the full information ob your income, deduction, and the taxes that you have paid to date. The information must also be accurate. Below is the list for you while E-Filing your ITR.
Form 16: This is a very important document which your employee will provide you.
Decide on the appropriate ITR Form: If you are a salaried employee then you have to fill the ITR-1 Form, but, it should be known that you should not have income from the sources that we have mentioned above.
Form 26 AS Form 26AS is the full record of the taxes that are deducted from your income and gone to the government. Form26AS can be downloaded from net banking if your PAN card is attached to that particular bank’s account.
Savings Bank Account and FD interest: You have to get ready the following documents:
- Bank Statement or passbook for the information of interest on your savings account.
- Certificates of Intrest or the TDS certificates from the banks or the post offices.
Details of the bank account and IFSE code: You need all the information on all your bank accounts and IFSE codes because you have to fill all this information in the ITR Form.
Choosing the right way to E-Filing ITR
From the year 2013-2014, all the taxpayers earning more than 5 lakhs income, must have to file their returns electronically.
If you need to file your returns then you can file that from the e-filing website of the Government of India. The website is given below:
There are two ways by which you can file the ITR.
- One of the ways is to download the ITR preparation software. Prepare the return by using the downloaded software, then you have to generate the XML and upload it.
- The second way is by directly entering the information in an online form and submit it. This method is only available for the ITR-1 and ITR-4 by which salaried employees or the taxpayers can make use of that.
You can choose any of the ways mentioned above. But, the letter option is the better choice. Because it enables you to pre-filing of the fields in the ITR from your PAN Card database or from the previous returns field. It saves you time.
Importance of e-filing ITR for Salaried Employees
Now we will discuss why there is a need to e-file ITR for the salaried employees?
One has to remember that the Central Board of Direct Taxes(CBDT) has made the rules very strict for the evaders.
It shows that you are a responsible Indian citizen: According to the law of income tax, persons who earn a specified amount of income have to file the tax return on the due date. Filing the returns in the due date is a sign that you have paid the duly paid the tax which was payable and that you are a responsible Indian Citizen.
To Get Loan or a Credit Card: If you have filed your ITR on the due date then it is proof that you have a regular income and have paid the taxes in time. It helps to get the loan or the credit card easily.
Declare tax deductions: To declare tax deductions it is very important to file your ITR every year.
Declare tax refund: If you want to apply for the tax refund then you must have filed the ITR.
Regulate your capital gains and losses: Capital losses are adjusted against the capital gains. As a taxpayer, if you ensure that if ni case you have a capital loss, then you can carry it further for the next eight years if you filed ITR every year.
Visa processing: If you have applied for a Visa, then the foreign countries will check the proof of your income and for that Income Tax Receipts are required.
How To File And Download ITR Online For Salaried Employees
Now we will look forward to the steps that you can follow for the E-Filing of the ITR if you are a salaried employee.
Step 1: First of all, log in to the e-filing website by a User ID, password, DOB, date of incorporation, and verifying Captcha.
Step 2: Then go to the ‘Filing of Income Tax Return’.
Step 3: On the next page you have to fill some information.
- Select ‘Assessment year’ = ‘2020-2021’
- Select ‘ITR Form’ = ‘ITR-1 Form’
- Select ‘Filing type’ = ‘Origin/Revised return’
- Select ‘Submission Type’ = ‘Prepare and Submit Online’
Step 4: Then your bank accounts details will appear to check all your bank details properly.
Step 5: After checking all the details click on the ‘Continue’ button.
Step 6:On the successful submission of the Form, the ITR-V will be displayed (if DSC is not used). Then click on the link to download the ITR-V. The ITR-V will also be sent to the registered email address. If the ITR-V is uploaded with the DSC, then your return filing process is complete.
If the return is not Uploaded with the DSC, then the ITR-V Form should be printed, signed, and should be submitted to CPC in 120 days from the date of e-filing ITR. The process of filing the ITR can only be moving further if the ITR-V is received. Make sure to check the registered email and the SMS regularly for the non-receipt of ITR-V.
The process of filing your ITR online is now fully completed.
If you are a salaried employee, the e-filing of the ITR is so easy if you keep a few things in your mind.