How to file ITR AY2023?

 

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If you are a Salaried Employee

Then to file your ITR

To a Professional

or you don't have to pay anyone

By yourself

By visiting the Income Tax portal

You can file your ITR

That too within 10 - 15 mins

How?

We will learn that today

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According to Income Tax Act

There are 5 heads of Income

Among them, If these 3 Heads

i.e Income from Salary,

Income from One House Property

and Income from Other Sources

If you have that

Then you can file ITR 1

All the people who file return

Among them, 50% of people get their work done with ITR 1

Which we are going to learn today

For clarity

You visit incometax.gov.in

On Income Tax's website

Here in the Individual HUF Section

Go to the Salaried Employee section

Return forms applicable to me

Then you will be able to see

The ITR 1 (SAHAJ)

That, any salaried person

Their One House property

i.e They are receiving Rental Income from one house

Along with that

Other Sources Income such as Interest or Dividend

And agricultural income is less than Rs 5,000

You need to remember certain things

Who cannot file ITR 1

If someone is a Director in the company

If they have unlisted shares

i.e If they have ESOPs

Or If they have an Asset beyond India

Like they have invested in US Stocks

Or If they want to carry forward the loss

Of any kind

Then they cannot file ITR 1

And most importantly, If you have Capital Gain

And you have invested in Stocks or Mutual Funds

Or you have received some money

Then you cannot file ITR 1

In this, you will have to file ITR 2

But, from this video

You will get help on filing ITR 2 as well

Because, the process is almost the same

While filing the Income Tax

The major confusion that we have

Which number to add in which section

We think

whether we need to create an entire balance sheet for this

Or do we have to look at the entire bank statement

No!

For this, you will have to see 2 simple forms

1st Form is Form 16

2nd Form is Form 26AS

You get Form 16 through your employer

If you have worked with more than one company in a year

Then you can have multiple Form 16's too

Here on Form 16, it is written as

Name and Address of the Company

who have issued this

And here, your name and address is written

Here, the assessment year is also mentioned

We will check Assessment Year 2023 - 24

i.e From 1 April 2022 - 31 March 2023

The earning that you have

We will file that return

Which is known as Assessment Year 2023 - 24

In the below section

How much quarter-wise income have you earned?

i.e How much has the company paid you

And against that how much TDS has the company deposited

You will be able to see that

As you can see here

This employee's Income is 24,59,000

And approximately Rs 5L TDS has been deposited

TDS means Tax Deduction at Source

i.e that money which the company already deducted

On behalf of you,

against your PAN

have deposited to the Income Tax

But the important thing here is

That If you didn't give the entire declaration properly

Apart from that, If you have any other Income

Which you have not told the employer

Or If there are few of your deductions

Which you have not mentioned to your employer

This amount can become more or less

Which while filing ITR

you can rectify.

Maybe your TDS might have been deducted more

And you might get a refund

Maybe your TDS isn't sufficiently deducted

You might have to deposit more to the Income Tax

We will cover all this ahead

If we go ahead with Part B of this form

Then you will get more details in this

How much salary have you received in Part B?

That will be mentioned

Apart from this, which are the exempted allowances

Have you received Gratuity?

Have you received any Pension?

In this particular case, you can see

HRA exemption that you have received

This employee has received Rs 1,21,000

If you scroll down, then you will see

Standard Deduction which is of Rs 50,000

Every salaried employee receives it

Apart from that,

this particular employee

has deposited a Professional Tax of Rs 2500

Which is exempt under Section 16

Apart from this you can see

Any other income, this particular employee

haven't declared to the employer

This doesn't mean, they don't have any other income

Or there is no other Income from House Property

It's just that, they have not declared this to the employer

The Gross Total Income that you see here

It's the same income

which reflects after removing deductions & exemptions

Apart from this, the 80C exemption

It's of Rs 71,700

Apart from this 80D,

which is our Health Insurance Section

0 is mentioned here

Again, this particular employee

have already applied for Health Insurance

But, didn't declare it to the employer

Hence, it does not reflect on Form 16

While scrolling on the Annexure of Form 16

Exactly salary allowances are also mentioned

You will be able to see here

How much is the Basic Salary?

How much is the HRA?

One thing you notice here

House Rent Allowance is Rs 2,98,000

But, the exemption received from House Rent Allowance

Under Section 10

Only received Rs 1,21,000

This is because

The entire HRA amount is not exempt

The HRA amount that is exempted

That happens according to a Calculation

Wherein, we have created a detailed video

You can watch that too

After watching this video

You can find the link to it in the i button and pinned comment.

Apart from that,

you can also get Leave Travel Allowance

Of Rs 5,900

How much will that be exempt?

How much exemption will you get?

I will give a video of that in the pinned comment

Now Form 26AS

and there is one more thing

Annual Income Statement AIS

To check them both

We will login in the Income Tax Portal

And from there we will file our return

To login, the User ID is your PAN Number

To download 26AS

You have to go to E file

Here under the Income Tax Return

You will find View Form 26AS

Click on Confirm

Click on Agree and Proceed

Click - Assessment Year 2023 - 24

View as HTML

You have to click on View/ Download

And Export as PDF

Now, as we saw in Form 16

You will be able to see

From a particular company to this employee

Has received Rs 24,59,000 amount

Apart from that,

he received certain amount from different places

Just like you will be able to see

He has received interest from Bank of Baroda as well

Apart from that, from another particular company

There is a Rs 2300 Payment

So basically in Form 26AS, at whichever place

Tax has been deducted

The entire computation,

entire calculation will be visible here

After this, we will check out AIS

Here we will go to the AIS Section

And we will check the Tax Information Summary

So basically against your PAN

Wherever, whatever payments have been done to you

The government is tracking almost all of it

And showing it to you here

The way you will be able to see

The salary that you receive from both companies

You can check it's sum here

Apart from this, interest from Saving Bank Account

has automatically been populated

Interest from deposits

has already been populated

i.e He might have received interest on FD

If you want, you can download it too

So now the objective is

That all your numbers

Form 16, Form 26AS

and AIS

They should match with each other

which will automatically match, 99% of cases

And the AIS numbers

Now, since we are going towards Return Filing

All the numbers

will already reflect in your ITR returns

So, let's click on file now

You will have to select in your Assessment Year

2023 - 24

Online option, which is recommended

You need to select that

And you need to click on continue

If you have started filing ITR

And you have only filled the form partially

Then you will be able to see

You can resume the file

But we will learn from the beginning

So, we will click on Start New Filing

Here, you will have to select Individual

And ITR 1 in ITR Form

Under Filing Income, you have to add

Taxable Income more than the Basic Exemption Limit

In case, If you earn less than 2.5L

And despite that you are filing ITR

Then in that case, you can select others

Here, you will see a pop-up

A lot of information which was with the Income Tax Department

We have already in the ITR as per that

You need to certainly verify that

This is the feat of AIS

That most of your Information, already

will be populated in this Income Tax Return

And my work here has become easier

You will find 5 sections here

We need to complete all the sections 1 by 1

We will head to the Personal Information section

Here you need to check your Basic Information

If you need to update your Address

Then you can do it here

I updated the address and saved it

You have to click Others in Nature of Employment

If you have Government or any such employment

Then you can do that too

If you work in Private Sector, then select Others

If you are submitting ITR before due date

Then select Section 139 (1)

If you want to check the New Tax Regime

If you have a lot of Exemptions and Deductions

Then going to the new tax regime won't be beneficial for you

Hence, keep it as No

Most importantly, ensure to check this section

This is the bank detail

wherein you will get the Refund

So, If you have updated the wrong detail

Then, the refund can go to the wrong account

And click on Confirm towards the end

So our Section 1 has been completed

Now this is the most important part

Gross Total Income

Here, we are talking about all those Salary Exemptions

Which a particular employee receives

If your employer has declared these already

Then they will reflect in your Form 16

and automatically they will reflect here too

But, If the employer has not declared this

And you are adamant

You want to declare some exemptions here

Then you do it

But you need to have proper proof of that

Just like this particular employee

Under Section 10

Wants to claim Internet expenses of Rs 12,000

Which you get in Other Allowances

But, he didn't submit his bills

to his employer

Hence, the employer didn't update it

Apart from this,

Children education allowance,

Hostel allowance, compensatory allowance, If there is none

Then we selected No

House Rent Allowance

already Rs 1,21,000 exemption has been received

We will continue that

Leave Travel Allowance

Employee has received that too

But it has not been updated

Just like you can see here

Leave Travel Allowance is of Rs 5,952

But, again,

this employee

has not submitted his travel vouchers, travel tickets to employer

Hence, it didn't reflect in Form 16

Hence, it is not visible in ITR

The next section is of Leave Travel Allowance

Again, you can only claim it's exemption

when you will follow all it's terms and conditions

Wherein, a detailed video is created

You can check that out in the pinned comment later

But, if this employee

did not submit

his vouchers, travel tickets timely to his employer

Due to which,

their exemptions didn't reflect in Form 16

by his employer

Now this employee wants to claim it

In the Annexure of Form 16,

He has received Rs 5,952

Leave Travel Allowance has been received

We filled that here

Any other exemptions?

- No

And Continue

Here Income from Salary came

Apart from that, allowances claimed reflects here

are more than the exempt allowance

detail provided by the employer.

Please re-verify

The one's which are correct

They have added some Rs 17,000 additional allowances

Exempted

But, if the employee has the proof

If they receive the notice

Then he is able to reply

There is no Income from House Property

Hence it is marked as 0

Income from Other Sources

You can check here

There was no tax refund of last year

It is 0

Income from Deposits, FD etc

It is some Rs 526

Income from Savings Bank Account

That is already Rs 14,000

If you have an account more than this

Or there is an account which is not linked

which is not been reflected

You can select and edit it

You select and edit it

The interest received from Savings Bank account

There is a deduction of Rs 10,000 on that

We will check how to claim it

If you any other income, apart from this

Then you can go here

and add Other Income

This our Gross Total Income becomes Rs 22,85,196

Confirm this

Here 2 sections are completed

Now, let's come to the deductions section

This section is the most important

In which you want to plan the salary

You want to save it

By the way,

If you come under Taxable Limit

And do a proper planning of your salary

Then a lot of your Tax will be saved

For this, we are doing a Live

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Wherein, we will teach you

Capital Gain on

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Bond, Real Estate,

Gold, Crypto, US Stocks

Invoice discounting

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How is taxation levied on them

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At the same time,

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We will teach you that too

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Tax Off Setting

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So any deduction for donation paid - No

Any deduction for research - No

Any deduction under Section 80 GG

I am talking about this separately because

Under Section 80 GG

Those people can claim deductions

who do not receive HRA

But they stay in a rented house

And upto Rs 5000/ month

Or Rs 60,000

They can claim it here

After this, Section 80 C

Wherein, Rs 71,700 is already reflected

Here, you can claim all those deductions

PF, PPF, ELSS

Life Insurance Premium

Principal Amount of Home Loan

The repayment that you are doing

All that comes under this

Then, 80 CCD is also No for this

But, the Insurance Premium here

The employee has took it here

But again, has not mentioned the employer

It's his fault

I will mark it as Yes

You will have to fill the detail later

That we will do

There is no Interest/ Loan

Apart from this, the Section 80TTA

Here, we would like to claim deduction

Because, we have received interest from Savings Account

I will consider this as Yes

Any other deductions? - No

Continue

You can see here,

We have received Rs 71,000 deduction in 80C

In 80D,

I will fill the deduction we have received

Then here is what you are going to file

Is he a Senior Citizen?

I have marked him as No

The premium that has gone in Health Insurance

That is Rs 20,148

Employee has it's proof

Plus, in the preventive health check-up

He did one preventive health checkup in a year

Of Rs 1,200

I am also filling that

In this maximum of Rs 25,000

You can claim a deduction

Apart from that, if you have parents

And on their behalf too

If you have bought policies

Then you can claim their deductions too

Uptil Rs 50,000

If they are above 60 years

If they are below 60 years

then their Rs 25,000 deduction can be claimed

By the way, this video is not about Tax Planning

It's too late for that

We are only filling out return

If you want to also learn Tax Planning

Then we have created an amazing video

On Tax Planning

You can watch that later

We are not claiming for parents

We are only claiming for ourselves

And I will save this

Then last 80TTA Section

Interest on Saving Bank Account

I need to fill this

I will fill this

Our Saving Bank Account Interest

That was Rs 14,775

I will add this

Now, all my deductions have been added

I will confirm this

Apart from this, If you have any other deduction

Then you can go and add it here

Like, an Interest of House Property

Or If you have given donation to a Political Party

Lastly, our amount comes as

Tax Paid

You confirm this

Our Total Tax liability has formed

You can see, our Total computation of Income

appeared as Rs 21,00,000

Apart from that, the Tax which has formed

Rs 4,67,000

Our Tax has formed

And by adding CESS, it forms Rs 4,85,000

Confirm

Proceed

And the refund amount that is forming here

That is forming as Rs 10,000 refund

Preview Return

Here, click on your Name

Without selecting any option, Click on Proceed to Preview

And your entire computation is ready

Here, your Total Income was Rs 24,00,000

Here, you claimed all these exemptions

Rs 1,21,000

Rs 12,000

And Rs 5,952

Apart from this, Standard Deduction of Rs 50,000

And Professional Tax of Rs 2,500 payment

You will get that Under Section 16

Then, 80C and 80D deduction

You can see that

At the same time,

Interest on Saving Account

Rs 10,000 deduction on that

That will be reflected here

Total deduction of Rs 1,03,000

And after removing all the exemptions, deductions

Our tax amount that is forming

That is forming as Rs 4,85,000

We have already paid a TDS of Rs 4,95,000

Due to which, Rs 10,000 refund is forming

The bank account of Refund

You can verify that from here

And proceed to validation

This is a very important point

If there is any error in ITR

Then, it will be reflected here

You can click that

You can solve it

Our ITR is validated here

There is a very important point

If your Tax is forming

Then, you will get an option to pay Tax

And after that,

Here Proceed to Verification

which is the most important point

You need to definitely verify this

If you don't verify your ITR

Then it automatically gets cancelled in 120 days

Here you will have 3 options for verification

e Verfiy now

Through Aadhar, Bank account

Or else you can verify it through DEMAT Account

Which is the most easier one

E Verify later, you can verify it in the next 30 days

You need to print it

and send it via speed post to the Income Tax department

If you click on E Verify now

And If you continue

How would you like to verify

You need to select Aadhar here

And click on Continue

You will receive OTP on your Aadhar

Which you can add and verify your form

To file your ITR

I will share 2 Ninja techniques

Before that, understand one small thing carefully

When do most of us, think about our returns

When the July or September deadline is on us

That time, you can only file your return

Not your Tax Planning

Because, Tax Planning starts when the year starts

Tax Planning starts from 1st April

and ends on 31st March

After that, you cannot do any Planning.

For this, it's very important

That you understand Tax,

The more you understand Tax,

the more you will be able to save it

For this, LLA is doing a Capital Gain Masterclass for you

We teach you about Capital Gain in-depth

We teach you, How to Save Tax

Plus, we take your Live Questions

And there are a lot of interesting classes

You can definitely attend this

Seats get filled quickly

You will find the link in the pinned comment

Then, before you leave

I will tell you 2 Ninja Techniques

1. How much ever your Additional Income is

Assume, you have a Freelancing Income

Or If you have received Rent from House Property

If you declare this to your employer

Then he will update in the Form 16

There are 2 advantages of this

Firstly, when you will file the return

Then automatically, all the amount will be populated

And 2. Most important benefit

There won't be any interest penalty levied on you

For paying Late Tax

Because, If your Tax is forming above Rs 10,000

In that case, you will have to file an Advance Tax

That too, before 31st March

And No 2

The amount of exemptions and deductions proof you have

Assume you have invested in ELSS yourself

Or else you have purchased a Mediclaim

If you don't tell your employer

It won't appear in his dreams

And he won't update that in Form 16

Following which, maybe

your TDS should be deducted so much

It might deduct more than that

But, you won't incur any loss

That money after a few months

Will come back to you

But, you are taking the opportunity loss of some months

Hence, the second important point is

any amount of deductions

It's proof, within the stipulated time

Generally, between November or December

Company recalls from you

That you definitely submit to the employer

So that it gets updated in Form 16

So before leaving, I request you from the heart

The more you know about Tax

You will be able to save that much Tax

For which, we are doing a lot of hard work

We have got Capital Gain Masterclass for you

You will have a lot of fun

And you will be able to save a lot of Tax

You will become a Smart Tax Investor

Link is in the pinned comment

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