How to File Income Tax Return Online for Salaried Employees FY 2022-23 (AY 2023-24) ITR Online File
Recording individual evaluation shapes quickly is a spectacularly critical money related action for salaried individuals in India. In any case, there are still a few misunderstandings and a general lack of data in the method for recording returns. As a result, you will find responses to all of your inquiries regarding the documentation of ITR for salaried workers in this article.
Could we start!
Return of Income Taxes: An Overview
The Income Tax Act of 1961 requires Indian taxpayers to submit a form detailing their earned income and any applicable taxes. An income tax return, or ITR, is the name of this document. An assessee, hence, presents this structure to the Personal Duty Division of India.
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Also, the information about income on this form is for a specific financial year, which starts on April 1 and ends on March 31 of the following year.
Also, before we get into how to file income tax returns for salaried workers, let’s figure out who should do so. ITR must be filed by those who fall into the following categories:
An assessee whose gross income exceeds the basic exemption limit before Sections 80C, 80CCD, 80D, and 80TTB deductions.
The basic exemption limits for FY 2022-23 and FY 2023-24
Tax Slabs for AY 2023–2024 Individuals and HUFs have the option of choosing the Old Tax Regime or the New Tax Regime, which has a lower tax rate (per section 115 BAC of the Income Tax Act).
Taxpayers who choose the New Tax Regime will not be able to take advantage of certain exemptions and deductions, such as the 80C, 80D, 80TTB, and HRA, that are available under the Old Tax Regime.
For Individual (resident or non-resident) less than 60 years of age anytime during the previous year: –
|
Old Tax Regime |
New Tax Regime u/s 115BAC |
||
|
Income Tax Slab |
Income Tax Rate |
Income Tax Slab |
Income Tax Rate |
|
Up to ₹ 2,50,000 |
Nil |
Up to ₹ 2,50,000 |
Nil |
|
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
|
₹ 5,00,001 – ₹ 10,00,000 |
₹ 12,500 + 20% above ₹ 5,00,000 |
₹ 5,00,001 – ₹ 7,50,000 |
₹ 12,500 + 10% above ₹ 5,00,000 |
|
Above ₹ 10,00,000 |
₹ 1,12,500 + 30% above ₹ 10,00,000 |
₹ 7,50,001 – ₹ 10,00,000 |
₹ 37,500 + 15% above ₹ 7,50,000 |
|
|
|
₹ 10,00,001 – ₹ 12,50,000 |
₹ 75,000 + 20% above ₹ 10,00,000 |
|
|
|
₹ 12,50,001 – ₹ 15,00,000 |
₹ 1,25,000 + 25% above ₹ 12,50,000 |
|
|
|
Above ₹ 15,00,000 |
₹ 1,87,500 + 30% above ₹ 15,00,000 |
For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:-
|
Old Tax Regime |
New Tax Regime u/s 115BAC |
||
|
Income Tax Slab |
Income Tax Rate |
Income Tax Slab |
Income Tax Rate |
|
Up to ₹ 3,00,000 |
Nil |
Up to ₹ 2,50,000 |
Nil |
|
₹ 3,00,001 – ₹ 5,00,000 |
5% above ₹ 3,00,000 |
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
|
₹ 5,00,001 – ₹ 10,00,000 |
₹ 10,000 + 20% above ₹ 5,00,000 |
₹ 5,00,001 – ₹ 7,50,000 |
₹ 12,500 + 10% above ₹ 5,00,000 |
|
Above ₹ 10,00,000 |
₹ 1,10,000 + 30% above ₹ 10,00,000 |
₹ 7,50,001 – ₹ 10,00,000 |
₹ 37,500 + 15% above ₹ 7,50,000 |
|
|
|
₹ 10,00,001 – ₹ 12,50,000 |
₹ 75,000 + 20% above ₹ 10,00,000 |
|
|
|
₹ 12,50,001 – ₹ 15,00,000 |
₹ 1,25,000 + 25% above ₹ 12,50,000 |
|
|
|
Above ₹ 15,00,000 |
₹ 1,87,500 + 30% above ₹ 15,00,000 |
For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:-
|
Old Tax Regime |
New Tax Regime u/s 115BAC |
||
|
Income Tax Slab |
Income Tax Rate |
Income Tax Slab |
Income Tax Rate |
|
Up to ₹ 5,00,000 |
Nil |
Up to ₹ 2,50,000 |
Nil |
|
₹ 5,00,001 – ₹ 10,00,000 |
20% above ₹ 5,00,000 |
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
|
Above ₹ 10,00,000 |
₹ 1,00,000 + 30% above ₹ 10,00,000 |
₹ 5,00,001 – ₹ 7,50,000 |
₹ 12,500 + 10% above ₹ 5,00,000 |
|
|
|
₹ 7,50,001 – ₹ 10,00,000 |
₹ 37,500 + 15% above ₹ 7,50,000 |
|
|
|
₹ 10,00,001 – ₹ 12,50,000 |
₹ 75,000 + 20% above ₹ 10,00,000 |
|
|
|
₹ 12,50,001 – ₹ 15,00,000 |
₹ 1,25,000 + 25% above ₹ 12,50,000 |
|
|
|
Above ₹ 15,00,000 |
₹ 1,87,500 + 30% above ₹ 15,00,000 |
ITR Structure for Salaried People
As referenced before, any of the accompanying annual tax documents for salaried people are pertinent to individual citizens in India:
Various ITR Forms
While recording IT returns, salaried workers should pick between two structures specifically ITR-1 and ITR-2. You should choose ITR-1 in the event that your all out pay from compensation is underneath Rs 50 lakh for each annum. Assuming that your pay has passed this boundary or then again if you have any desire to guarantee costs under the classification ‘Pay from Other Sources’ you should pick the ITR-2.
ITR-1 (Sahaj) ( Applicable for Individual)
Salaried representatives with a complete pay of up to ₹50,00,000 should record their personal expense forms with ITR-1. Here, the all out pay incorporates profit under the ‘Pay from Other Sources’ alongside their compensation. Be that as it may, to record ITR-1, an assessee shouldn’t have more than one house property. Furthermore, his/her pay from farming shouldn’t surpass ₹5,000.
Who can not utilize ITR-1 ?
(a) is a Director in a company
(b) has held any unlisted value shares whenever during the earlier year
(c) has any resource (remembering monetary interest for any element) situated external India
(d) has marking expert in any record situated external India
(e) has pay from any source outside India
(f) is an individual for whose situation charge has been deducted u/s 194N
(g) is an individual for whose situation installment or derivation of duty has been conceded on ESOP
(h) who has any presented misfortune or misfortune to be conveyed forward under any head of pay
ITR-2 (Applicable for Individual and HUF)
It is pertinent for those salaried people whose absolute pay surpasses ₹50,00,000. In addition, people with more than one house property are qualified to record ITR-2. Furthermore, you can document annual assessment forms with ITR-2 assuming you create pay from capital additions or potentially different sources yet not from benefits or gains from business or calling.
ITR-3 (Applicable for Individual and HUF)
As a salaried representative, you can document an ITR-3 in the event that you get pay from compensation, business or calling, house property (one or various), capital additions, and different sources. This return form is applicable for Individual and Hindu Undivided Family (HUF).
ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP)
This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of these sources like Salary / Pension, One House Property, Other sources (Interest, Family Pension, Dividend etc.) and Agricultural Income up to ₹ 5,000.
How to Record Online ITR for Salaried People?
Now that you are know about documenting annual assessment forms, let us expound on how e-recording of ITR for salaried individual is finished. Just follow these means:
The Income Tax Department provides the facility for electronic filing (e-filing) of an income tax return. Before discussing the steps involved in the e filing of income tax return, it is essential for a taxpayer to keep the documents for calculation and reporting data in ITR.
 |
| Source : Govt Web Portal |
Step 1: Calculation of Income and Tax
The taxpayer will be required to calculate their income in accordance with the applicable provisions of the income tax law. All sources of income, including salary, freelance work, income interest, and so on, should be taken into account in the calculation. Under section 80C, the taxpayer can claim deductions for things like tax-saving investments.
Likewise, a citizen ought to assume into account praise for TDS, TCS or any development charge paid by them.
Step 2: Tax Deducted at Source (TDS) Certificates and Form 26AS
Certificates for Tax Deducted at Source (TDS) and Form 26AS The taxpayer should summarize the amount of TDS he paid from the TDS certificates he received for each of the four quarters of the fiscal year. Structure 26AS assists the citizen with the synopsis of the TDS and charge paid during the monetary year.
Step 3: Choose the right Income Tax Form
The citizen should initially determine what ITR structure they should finish up prior to continuing to record returns. You can submit your returns in person or online. The online versions of ITR 1 and ITR 4 are the only two available to taxpayers. The generation and uploading of XML for all other income tax forms is required offline.
 |
| Source: Govt Web Portal |
Step 4: Download ITR utility from Income Tax Portal
Visit the Income Tax Portal at www.incometax.gov.in and select “Downloads” from the top menu bar to download the ITR utility. Depending on your preference, select the assessment year and download the offline utility software, such as the JSON utility or Microsoft Excel.
Step 5: Fill in your details in the Downloaded File
Fill in your information in the downloaded file After downloading the offline utility, fill in your income information and verify the tax due or refund due based on the utility’s calculations. The subtleties of personal assessment challan can be filled in the downloaded structure.
Step 6: Validate the Information Entered
Validate the Entered Data A few buttons can be found on the right side of the downloaded form. Click on the ‘Approve’ button to guarantee all the necessary data is filled.
Step 7: Convert the file to XML Format
Upon effectively approving, click on the ‘Produce XML’ button on the right-hand side of the document to change over the record into XML record design.
Step 8: Upload the XML file on the Income Tax Portal
Now, upload the XML file to the Income Tax Portal by logging in to the income tax e-filing portal and selecting the “Income Tax Return” option from the “e-File” tab.
At this point, a message flashes on your computer screen, prompting successful e-filing. Subsequently, an acknowledgement form called ITR-V is generated. Now, you must verify your return by way of any of these modes:
1. Aadhaar OTP
2. Bank account number
3. Demat account number 4. Registered mobile number
5. Net banking
6. Bank ATM
7. Sending a physical copy of the acknowledgement to the Centralised Processing Centre (CPC) in Bengaluru via post
This is how you can file ITR for a salaried person.
What Documents are Required for Documenting ITR for Salaried Individual?
Recording ITR-1 requires specific officially sanctioned archives. Keep these documents ready before you file IT returns. These are:
Pan card
Form 16
Form 26AS
Form 16A
Salary slips
Exemptions under Section 80D and 80U
Capital gains statement
Bank statement/Passbook
Aadhaar card
In addition to these, you will require an income tax login ID and password.
When should a Salaried Individual Document ITR?
On the off chance that you are a representative, you ought to know something other than how to document a personal government form for a salaried individual. You ought to realize that such a documenting is fundamental just when your available pay falls over as far as possible.
For FY 2022-23, the fundamental exception limit under the old assessment system and new duty system is ₹2,50,000. For FY 2023-24, this exclusion limit under the new assessment system has been raised to ₹3,00,000.
Thus, salaried people need to document ITR for FY 2022-23 (AY 2023-24) provided that the yearly pay surpasses ₹2,50,000.
For what reason should Salaried Individual Document Annual Assessment forms?
This is maybe the most well-known question after how to document an annual government form for a salaried individual. Thus, let us clarify on why salaried representatives ought to record ITRs by featuring the advantages of doing as such:
Adjustment of capital gains or losses
Recording annual assessment forms is particularly for you on the off chance that you put resources into the value market and trade shares. Besides, the changed transient capital misfortunes can be conveyed forward for as long as 8 years when you present the ITR for a given monetary year.
Claim tax refunds
When the expense is deducted, you can get charge discounts simply by presenting your IT return for the monetary year. In this manner, discounts on TDS on lease installments or fixed stores get started after you record returns and guarantee your ideal expense allowance.
Convenient application for loans
A personal expense form is something other than a budget summary – it indicates your yearly income too. Subsequently, banks and NBFCs frequently require duplicates of ITRs for giving credits, for example, a home advance or vehicle credit. Also, recording returns in spite of having no available pay builds the possibilities of advance endorsement contrasted with a person with a similar pay however no ITRs.
Visa handling
At the hour of the visa interview, a few unfamiliar departments expect you to outfit your ITR receipt for the most recent few years. Creating this record demonstrates that an individual has an extensive wellspring of income in India, which reinforces his/her nomination for visa endorsement.
ITR Recording Last Date for Salaried Representatives
For the most part, the last date to document a personal government form for individual citizens is July 31st in the resulting monetary year. For instance, the due date to record an ITR for FY 2022-23 is July 31st, 2023.
FAQ
When should salaried employees file ITR?
Salaried employees earning more than Rs 2,50,000 as taxable income must file ITR before the due date of July 31 of the relevant assessment year. For example, the due date for filing ITR for FY 2022-23 is July 31, 2023.