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.
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.