In this article we will discuss about A taxpayer (salaried employee) may want to file his income tax return for reporting his income for a financial year, claiming an income tax refund etc. An income tax return is a form which enables a taxpayer to declare his income, expenses, tax deductions investment, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return in every financial year.
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 have the necessary documents at the ready.
- 1. Calculation of Income and Tax?
- 2. What is form 16 ?
- Form 16 is issued by employer to employee and this is detailed discussion about employee salary, TDS deduction, Investment provided to employer. This form is divided in to 2 part Part A and Part B. Part A describes about Employer details with total TDS deposited on employee behalf and refund detail.
- Form 16 B defines total annual salary with deductions details along with investment details. Form 16 B tells total refund amount.
- 3. Choose the right Income Tax Form
- 4. Log in to efiling income tax portal
- 5. Fill in your details in forms
- 6. Validate the information entered
1. Calculation of Income and Tax?
The taxpayer will be required to calculate his/her income as per the income tax law provisions applicable to him/her. If Taxpayer is salaried employee and he had his form 16
received from his employer with that taxpayer can easily file his income tax return.
2. What is form 16 ?
Form 16 is issued by employer to employee and this is detailed discussion about employee salary, TDS deduction, Investment provided to employer. This form is divided in to 2 part Part A and Part B. Part A describes about Employer details with total TDS deposited on employee behalf and refund detail.
Form 16 B defines total annual salary with deductions details along with investment details. Form 16 B tells total refund amount.
3. Choose the right Income Tax Form
The taxpayer has to ascertain the ITR Form applicable for filing his income tax return. After ascertaining the ITR form, the taxpayer can proceed with the filing of the income tax return.
There are 2 modes available for filing–online and offline. The online mode is available only for ITR 1 and ITR 4 it is not available for forms of other categories of individual taxpayers. The offline mode (generating XML and uploading) is available for all types of income tax forms.
ITr 1 can be filled by individual whose income from salary/ pension, house property, other sources,agricultural income 5000/- does not exceed 50 lakh per year.
4. Log in to efiling income tax portal
5. Fill in your details in forms
fill in the relevant details of your income, and check the tax payable or the refund receivable as per the calculations. The details of income tax challan match with your form 16.
6. Validate the information entered
Review all details submitted in form and confirm before final submission. check your bank details for refund if any. then submit and verify with aadhar OTP or any other way you like.
Last date for filing Income Tax Return is 30.09.2020. for any queries please email us at info@cmaindiagroup.com
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