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Income Tax Return for Salaried

About of Service

  • Who Needs to File an ITR?
  • Income Exceeds Basic Exemption Limit: Salaried individuals whose total income exceeds the basic exemption limit must file an ITR.
    • Below 60 years of age: ₹2.5 lakh
    • Between 60 and 80 years: ₹3 lakh
    • Above 80 years: ₹5 lakh
  • Other Conditions: Filing is also mandatory if:
    • Tax has been deducted at source (TDS) and a refund is sought.
    • Income includes short-term or long-term capital gains.
    • Gross total income exceeds the basic exemption limit before claiming deductions under sections 80C to 80U.
    • Holding foreign assets or earning foreign income.
    • Being a resident and having signing authority in any account located outside India.
  • 2. Types of ITR Forms for Salaried Individuals
  • ITR-1 (Sahaj): For individuals having income up to ₹50 lakh from salary, one house property, and other sources (interest, etc.).
  • ITR-2: For individuals having income above ₹50 lakh, having income from more than one house property, or having capital gains.
  • 3. Components of Income
  • Salary Income: Includes basic salary, allowances (House Rent Allowance, Dearness Allowance, etc.), perquisites, and bonuses.
  • Income from House Property: Rental income or deemed rent from house property.
  • Income from Other Sources: Interest income from savings accounts, fixed deposits, bonds, etc.
  • 4. Deductions and Exemptions
  • Section 80C: Deductions for investments in PPF, EPF, LIC, ELSS, NSC, principal repayment of home loan, etc. (up to ₹1.5 lakh).
  • Section 80D: Deductions for medical insurance premiums for self, spouse, children, and parents.
  • Section 24(b): Interest on home loan (up to ₹2 lakh for a self-occupied property).
  • Section 10: Exemptions like House Rent Allowance (HRA), Leave Travel Allowance (LTA), and standard deduction.
  • Other Sections: Various other deductions like 80E (interest on education loan), 80TTA (interest on savings account up to ₹10,000), 80G (donations to specified funds), etc.
  • 5. Documents Required
  • Form 16: Issued by the employer, detailing salary paid and TDS deducted.
  • Form 26AS: Tax credit statement showing details of tax deducted and deposited with the government.
  • Bank Statements: For interest income and other financial transactions.
  • Investment Proofs: Documents for claiming deductions under various sections (80C, 80D, etc.).
  • Rental Agreement: For claiming HRA exemption.

Uses and Benefits
  • Who Needs to File an ITR? Income Exceeds Basic Exemption Limit: Salaried individuals whose total income exceeds the basic exemption limit must file an ITR. Below 60 years of age: ₹2.5 lakh Between 60 and 80 years: ₹3 lakh Above 80 years: ₹5 lakh Other Conditions: Even if the income is below the exemption limit, filing is mandatory if: TDS has been deducted and a refund is sought. Income includes short-term or long-term capital gains. Income exceeds ₹2.5 lakh before claiming deductions under sections 80C to 80U. Holding foreign assets or earning foreign income. Being a resident and having signing authority in any account located outside India.
  • . Types of ITR Forms for Salaried Individuals ITR-1 (Sahaj): For individuals having income up to ₹50 lakh from salary, one house property, and other sources (interest, etc.). ITR-2: For individuals with income above ₹50 lakh, having income from more than one house property, or capital gains.
  • Income Components Salary Income: Basic salary, allowances (HRA, DA, etc.), perquisites, and bonuses. House Property Income: Rental income or deemed rent from house property. Other Sources: Interest income from savings accounts, fixed deposits, bonds, etc.
  • Deductions and Exemptions Section 80C: Deductions for investments in PPF, EPF, LIC, ELSS, NSC, principal repayment of home loan, etc. (up to ₹1.5 lakh). Section 80D: Deductions for medical insurance premiums for self, spouse, children, and parents. Section 24(b): Interest on home loan (up to ₹2 lakh for a self-occupied property). Section 10: Exemptions like House Rent Allowance (HRA), Leave Travel Allowance (LTA), and standard deduction. Other Sections: Various other deductions like 80E (interest on education loan), 80TTA (interest on savings account up to ₹10,000), 80G (donations to specified funds), etc.

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Charges Structure & Our Scope of Work

Additional Disclosure

  1. Income Details:

    • Provide details of income earned from salary during the financial year. This includes salary, allowances, bonuses, commissions, perquisites (such as rent-free accommodation, car, etc.), and any other benefits received from employment.

  2. Income from Other Sources:

    • Disclose income from other sources, if any, such as interest income from savings accounts, fixed deposits, etc., or rental income from property owned.

  3. Exemptions and Deductions:

    • Claim exemptions and deductions applicable to salaried individuals under various sections of the Income Tax Act, such as:
      • Standard deduction under Section 16.
      • Deductions under Section 80C (e.g., investments in PF, PPF, life insurance premium, tuition fees, etc.).
      • Deductions under Section 80D (medical insurance premium).
      • Deductions under Section 80TTA (savings account interest).

  4. Tax Computation:

    • Compute taxable income after considering deductions, exemptions, and allowances. This computation should be supported by relevant documents like Form 16 (TDS certificate issued by employer), salary slips, investment proofs, etc.

  5. Tax Payments:

    • Provide details of tax deducted at source (TDS) on salary income and any advance tax/self-assessment tax paid during the year.

  6. Verification and Compliance:

    • Confirm compliance with all applicable tax laws and regulations. Ensure that the tax return is filed within the due date and that all income sources are correctly disclosed.

  7. Previous Years’ Tax Matters:

    • Provide information on any carry-forward losses or adjustments from previous assessment years, if applicable.

Terms & Conditions

Documents & Detail Required

Personal Information

  1. PAN Card
  2. Aadhaar Card
  3. Bank Account Details
  4. Address Proof

Income Details

  1. Form 16: Provided by your employer, containing details of your salary and the TDS deducted.
  2. Salary Slips: Monthly salary slips for the financial year.
  3. Income from Other Sources: Details of income from sources like interest on savings accounts, fixed deposits, etc.

Tax Deduction Details

  1. Section 80C Deductions:

    • Investment in PPF
    • Life Insurance Premium
    • ELSS (Equity Linked Savings Scheme)
    • NSC (National Savings Certificate)
    • Home Loan Principal Repayment
    • Children’s Tuition Fees

  2. Section 80D Deductions: Health Insurance Premiums.

  3. Section 24(b): Interest on Home Loan.

  4. Other Deductions: Under sections 80E (Education Loan Interest), 80G (Donations), etc.

Investment Details

  1. Interest Certificates: For fixed deposits, recurring deposits, etc.
  2. Capital Gains: Details of any capital gains from investments (e.g., shares, mutual funds).

Proof of Exemptions

  1. HRA (House Rent Allowance): Rent receipts and rental agreement.
  2. LTA (Leave Travel Allowance): Proof of travel expenses.

Bank Statements

  1. Bank Statements: For the financial year, showing all transactions.

Other Documents

  1. Aadhaar OTP for Verification: Your Aadhaar number should be linked with your PAN for e-verification.
  2. TDS Certificates: Form 16A (for TDS on income other than salary), Form 16B (for TDS on sale of property), and Form 16C (for TDS on rent).

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FAQ'S

Who is required to file an Income Tax Return?

Every individual whose income exceeds the basic exemption limit prescribed by the Income Tax Act is required to file an ITR. This includes salaried individuals, self-employed individuals, and others with taxable income.

What is Form 16?

Form 16 is a certificate issued by an employer, which provides details of the salary paid to the employee and the TDS (Tax Deducted at Source) deducted on it.

Which ITR form should salaried individuals use?

Salaried individuals typically use ITR-1 (Sahaj) if they have income up to ₹50 lakh, one house property, and income from other sources like interest. For higher incomes or additional sources of income, other forms like ITR-2 or ITR-3 may be applicable.

How can I claim House Rent Allowance (HRA)?

To claim HRA, you need to provide rent receipts and a rental agreement. If the rent paid exceeds ₹1 lakh annually, the landlord’s PAN is required.

Can I file my ITR without Form 16?

Yes, you can file your ITR without Form 16 by using your salary slips and Form 26AS, which shows the details of tax deducted and deposited to the government.