{"id":44329,"date":"2023-07-13T17:33:19","date_gmt":"2023-07-13T12:03:19","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?p=44329"},"modified":"2025-03-10T12:18:05","modified_gmt":"2025-03-10T06:48:05","slug":"steps-to-be-followed-while-filing-income-tax-returns-for-salaried-person","status":"publish","type":"post","link":"https:\/\/www.5paisa.com\/finschool\/steps-to-be-followed-while-filing-income-tax-returns-for-salaried-person\/","title":{"rendered":"Income Tax Returns: Steps, Verification & Importance of filing Income Tax Returns"},"content":{"rendered":"\t\t
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Income Tax Returns Filing is an important task for all individuals in India. The procedure seems to be complicated for those who are unaware about such financial terms and procedures seek assistance from Chartered Accountant to get the filing work done.\u00a0 Income Tax Return forms refers to forms in which the taxpayers file information about their income earned and calculate tax applicable on the income and pay it to income tax department.<\/p>

The Income Tax Act, 1961 mandates every Indian taxpayers to furnish details of their income earned through ITR Forms. These forms are known as Income Tax Returns or ITRs. This form pertains to a financial year which commences from 1st<\/sup> April and ends on 31st<\/sup> March of the subsequent year.<\/p>

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There are 7 types of ITR forms<\/strong><\/h2>

FORMS<\/strong><\/p><\/td>

CATEGORIES<\/strong><\/p><\/td><\/tr>

ITR 1<\/p><\/td>

Individuals residing in India with a total income of up to Rs 50 lakh are eligible. ITR-1 may be filed by someone who earns money as salary, a home, or other outlets.\u00a0An NRI is unable to file an ITR-1. ITRs may be filed using Form 16 by salaried taxpayers<\/p><\/td><\/tr>

ITR 2<\/p><\/td>

Individuals and HUF for revenue from sources other than their enterprise or occupation. Individuals and NRIs who earn money from a job, a home, capital gains, or other sources may file Form ITR-2.\u00a0ITR-2 may be filed by salaried people who have made profits or damages from stock purchases and sales.<\/p><\/td><\/tr>

ITR 3<\/p><\/td>

Individuals are required to disclose their earnings from a company or occupation.Salaried people who earn money from the intraday stock exchange or futures and options trading should file Form ITR-3. Individuals may use ITR-3 to record revenue from jobs, real estate, capital gains, company or trade (including presumptive income), and other sources.<\/p><\/td><\/tr>

ITR 4<\/p><\/td>

Individuals, HUFs, and partnership companies are subject to a presumptive taxation system on their earnings.ITR-4 is used to report revenue from a company with a turnover of up to Rs 2 crore that is subject to section 44AD taxation. In addition, ITR-4 is for revenue from an occupation with a turnover of up to Rs 50 lakh that is subject to section 44ADA taxation. ITR-4 may be filed by a freelancer who works in a notified occupation.<\/p><\/td><\/tr>

ITR 5<\/p><\/td>

LLP, AOP, and BOI are both acronyms for alliance companies.LLPs, partnership companies, AOPs, and BOIs will file ITR-5s to disclose profits from their businesses and professions, as well as some other sources of income.<\/p><\/td><\/tr>

ITR 6<\/p><\/td>

It is an income tax return form used by businesses to report revenue from industry or occupation, as well as all other forms of income.<\/p><\/td><\/tr>

ITR 7<\/p><\/td>

It is the federal tax return for businesses, partnerships, and trusts that continue to be excluded from paying income tax.<\/p><\/td><\/tr><\/tbody><\/table>

In this article we will discuss how a salaried person can file income tax returns. So let us first understand what is Income from Salary?<\/p>

What is\u00a0 Income from Salary?<\/strong><\/h2>

\u00a0Salary refers to the money received by a person who is an employee of an organisation for the specific services offered by him\/her. Salary is paid by the employer of an organisation.<\/p>

What is Income Tax on Salary<\/strong><\/h2>

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Individuals need to pay tax on the income earned to the Government of India as per Income Tax Act, 1961. This tax is collected for running the entire country. It is through the taxes, government gets income and they run the nation. There are many taxes in our country. Among all the taxes, income tax is considered to be most important tax in India. The amount of tax to be paid will depend on the slab rate. To reduce taxable income, deduction and exemptions are provided by the Government upon making investments under certain schemes.<\/p>

TAX SLAB AS PER OLD AND NEW TAX REGIME<\/h2>

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So How to File Online Income Tax Returns for Salaried Persons?<\/strong><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Step 1: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Open the e-filing portal of the Income Tax Department\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Step 2: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Log in to the portal by submitting your user ID (PAN), password and a CAPTCHA code. If you are not registered then sign up using PAN (Permanent Account Number)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Step 3: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Under the E-file section click on \u201cIncome Tax Return\u201d from the drop down menu and select the relevant assessment year.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Step 4: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Now select the appropriate Income Tax Return(ITR) Form and download it. Salaried employees need to select from three forms i.e. ITR1, ITR2, ITR3.<\/p>

\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Step 5: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Select the file type as Original if you are not filing a revised return. Choose the submission mode of \u2018Prepare and Submit Online\u2019 and Click on \u2018continue\u2019<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Step 6: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Now fill the ITR form with all the necessary details related to your income, deductions, exemptions and investment. Then you are required to add the details of tax payments through TDS, TCS and advance tax. Click on Save Draft option periodically to avoid losing data.<\/p>

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Step 7: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Compute the tax payable and pay tax. Then enter the challan details in tax returns<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Step 8: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Confirm the details entered in the form. Then select \u2018Submit\u2019.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Step 9: -<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A message flashes on the screen prompting e-fling successful. Then acknowledgement form is generated. Then you must verify the return through one of the following methods<\/p>