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Filing of the Income-tax return for salaried individuals is mandatory even though the declaration had been given to the employer, the declaration is used by the employer for TDS compliance and generation of Form-16, filing of income-tax returns is mandatory for all individuals if his/her income exceeds the basic exemption limit before the due date. If TDS deducted is in excess of the tax payable, then a refund can be claimed only by filing.
What is Income tax salary return filing?
The major part of the Income-tax revenue comes from the salaried class of individuals, income tax act is very simple and straight forward in assessing income from the head salary. Form 16 submitted by the individual contains all information regarding salary income and other details that were submitted in the declaration provided to the employer. Even though all details are in Form 16 there will be some case where it is required for expert service for income tax salary return filing. And also for privacy purpose all employees may not declare all income in their annual declaration to employer, in such case it requires service of income tax return filing consultant for income tax return filing.
How to file income tax returns for salary income?
Salary income tax returns are filed in ITR form 1 or 2 based on the amount of income and no of house property. Information in Form-16 will be sued along with other information that is not available in Form-16. After compiling the information on income tax computation under different heads of income, deductions available shall be arrived at, for determining final tax liability or refund. Calculation of income tax with the presence of other income is a bit knowledge-oriented and requires a deep understanding of the income tax act, so income tax filing by an income tax consultant would be the right choice in that case due to professional knowledge and experience.
What are the details required for income tax filing for the salaried persons?
- Form 16 issued by all employers.
- Housing loan certificate issued by the bank.
- Details of other income are not reported in form 16.
- User ID and password of income tax e-filing portal.
- Filled up checklist.
Pricing:
₹1000
Steps to Register
Data collection
All information required for filing an income tax return is collected from the client in the form of a checklist and as per the data requirement policy.
1
Review of TIS and AIS
The annual information system and tax information system are verified to check if is there any income left unreported in the details submitted or form 16.
2
Preperation of income tax filing data
Data relevant to income tax is compiled, and an income tax return is prepared online mode or through our income tax filing software.
3
Client confirmation
Once the income tax return is prepared, details regarding additional tax payable, refund, etc will be communicated to the client.
4
Updating correction if required
After client confirmation, if any changes are there I will carry on, or else the prepared return will be assigned for filing in the income tax e-filing portal.
5
Filing of income tax return
After confirmation, the income tax return is filed, and authenticated through OTP or digital signature, and ITR acknowledgment is emailed to the client.
6
Important points on income tax return filing for salaried individual
- AIS and TIS review is important in the process of income tax return filing, taxpayer would have forgotten about any other income, sale of shares, or fixed deposit, which may not have been reported in Form 16.
- Additional tax if any due to the presence of additional income may result in payment of interest under sections 234B and 234C for non-payment of advance tax or deferment of advance tax.
- Income from other heads of income should be taken care of with the highest level of due diligence, for e.g.: there may be capital gains on the sale of property below Rs.50,00,000 which was not reported by the taxpayer or AIS in such case it may result in high tax liability with interest at a later stage after it was found out by income tax department. We consider getting complete information as our primary task before proceeding to the income tax filing process.
- Ensure active and correct banks account details are provided for refund, with the latest amendment in income tax rules only bank accounts linked with a PAN number can be used for an income tax refund.
- Processing of refunds is an automated process, and we have seen refunds being processed in less than a day in some cases, there is no requirement to submit any request for refund processing, the only requirement for refund processing is ITR should be verified either through e-verification or by sending signed acknowledgment in post.
- There is a myth that an income tax return is not required to be filed if the declaration is provided to the employer for the generation of FORM-16, it is the compliance activity undertaken by the duties of the employer under the income tax act
- Visa processing requires income tax papers, so it is suggested to file income tax returns regularly employee, even in case income is less than the basic exemption limit.
- Filing of income tax returns enable good credit rating even for employee, apart from salary slip, and bank statement, income tax returns are required to be filed for maximum loan eligibility, and lower interest rate. Some nationalized bank requires a minimum of 3 years of income tax filing documents for processing loan applications.
- In case there is a loss in income from house property, and it is not absorbed completely in the current financial year, then carry forward of current year loss is possible only by filing the income tax return.
From Auditor DESK
Salaried individuals receive notices from the income tax department frequently due to incorrect submission of income tax returns, some of the common issues are the excess claims of deductions, deductions under the wrong section, failure to declare other incomes, etc. It is suggested to get the service of an income tax return filing consultant for the correct submission.Frequently Asked Questions
We make it easy for you to find the answer to frequently asked questions here...
As per section 139(1) the due date for filing income returns for the financial year 2022-2023 is 31st July 2023, however, if the individual has business income which is liable to tax audit then the due date is 31st October 2023. The income tax department will extend the due date if there is too much load on the portal or substantial numbers are pending to be filed, but we expect an extension will only reduce the penalty on late filing and Sec 234A interest will be charged with tax liability.
Yes belated return under section 139(4) can be filed within 31st December of the following financial year for the financial year 2022-2023 belated return can be filed up to 31st December 2023. Penalty under section 234F for the amount of Rs.5000 is applicable if the total income is more than Rs.5,00,000 and the penalty amount is Rs.1000 if the total income is up to Rs.1000.
Income tax filed with any omission, incorrect data, or mistake, then same shall be corrected by filing a revised return under section 139(5). Revised returns under section 139(5) can be filed, only if the original return is filed within due under section 139 (1) or a belated return under section 139(4). Once a revised return is filed it is considered as the original return and there is no restriction on the number of times the revised return can be filed, for the financial year 2022-2023 revised return can be filed up to date of completion of assessment but not later than 31st Dec 2023.
Certificate from a bank regarding a housing loan is not mandatory for claiming housing loan principal U/s 80C or housing loan interest against house property income, but however, we should have correct data relating to the amount of interest and principal paid, this data can be taken from EMI schedule or loan account statement provided by the bank.
Loss under the head income from house property can be carried forward even if the belated return is filed us 139(4) or revised return u/s 139(5).
For the financial year 2022-2023 income tax return filed should be verified within 30 days from the date of filing the return if you are unable to verify through Aadhaar e verification, it is suggested to send a signed acknowledgment to, income tax department central processing centre (CPC) Bangalore through normal post. If return is not verified within the time allowed, the return will become invalid, and it is considered as a return that was not filed.
Income from the sale of mutual is declared under head capital gains, Most mutual fund house provides annual capital gains statement with the classification of capital gains as short term or long term, it is recommended to declare mutual fund gain with help of this statement
Form 26As is a statement of tax deducted and tax collected at source, it contains information relating to TDS deducted on salary, TDS deducted on the interest income from bank, and TDS deducted on business income, this is the important documents which help us to verify u whether TDS is deposited and return is filed by the person who deducted TDS.
Excess tax, if any required to be paid over and above TDS, TCS, and advance tax can be paid as self-assessment tax through net banking by selecting relevant financial year and assessment year, challan for payment of tax, will be generated containing information of BSR code CIN no etc, this data in challan can be used to add tax paid data immediately because the self-assessment tax paid will not be immediately reflected in Form 26AS, so it will not be auto-populated.
Rebate under section 87A is applicable only if total income is not more than Rs.5,00,000, it should be noted that once total income crosses even by Rs.1 rebate U/s87A cannot be claimed, it is the tax benefit provided for persons with lower total income.
