Salaried individuals employees can file ITR with the help of forms ITR-1 and ITR-2. ITR-1 applies for the individual homeowner taxpayers, including a total income of 50 lakhs or more. Whereas, ITR-2 applies for other personal taxpayers who don’t have income for their business and profession. It is important to know about the method of IT Return Filing online processes before you apply for it. So, this article is going to make you understand about the online process clearly. If you are the person who wants to apply for it make sure to follow this.
ITR-1 used to record income from your salary, house property, and from many other sources, including agricultural income up to Rs.5,000. Form ITR-2 will be filed through individuals producing income from higher than house property, and capital gains, containing directorship in one company, or unknown equity shares.
The salary Tax Deducted at Source certificate under Form 16 had been revised to give for more specific information on various tax-exempt allowances as well as deductions given under the IT law. Part B Form 16 had revised to give for information on various exemptions as well as deductions authorized under the IT law.
Here are some of the importance of Income-tax return filing, especially for the salaried employee:
It proves as a responsible citizen for a specific person: According to IT law, people who earn a particularized value of income each year need to file this tax return too within the scheduled date. When you file these returns regularly, then that may indicate that person has paid their tax payable frequently, and also, it proves that they are responsible citizens.
With this person gets a credit card or loan: When a person files his/her IT returns frequently, then it is evidence that they have a fixed income and also proves that they paid taxes regularly without missing and that it is simpler to take a credit card or a loan.
Claim tax deductions: Under these various parts of the IT Act, you must file the IT returns each year.
Claim tax refund: Filing the returns is important if you need to be eligible during a refund also when you want to maintain it.
Adjust the capital gains & losses: This will be adjusted on capital gains.Plus, as a taxpayer, a person might assure that they had capital loss, or they can carry that forward for financial years by following when they file their IT returns regularly.
Visa processing: When you apply for a specific Visa, the consultant will ask this proof of Income-tax letters for proof to get it easily.
Few Steps For E-Filing During Salaried Employee:
Step 1: Log in one of the specific e-Filing sites with your ID, or password, or Date of Birth of captcha and incorporation.
Step 2: Then go to the option’s-File’ and then click on the button ‘Prepare & submit ITR.’
Step 3: After that select the IT return Form and evaluation year
Step 4: Make sure to fill all the details of yours and click on the ‘Submit’ button
Step 5: Now upload your digital signature.
Step 6: After this make sure to click on button ‘Submit’
Step 7: After you submit the form successfully, this ITR-V displayed on the desktop. Make sure to click on that link to make a download of ITR-V. It will be sent for your registered email. When your ITR-V is uploaded with your DSC, that ITR Filing Online method will be completed. Follow this steps if you are applying for the IT returns for a salaried employee.