ITR Filing for salaried employees | Online Tutorial

 Intro

If you are a salaried employee

So to file your return

Neither need to pay anyone nor professional required

You can file your return in just 10-15 minutes from the Income Tax website itself.

how to do it?

that we will learn in today's episode

Hello Friends!

I am your Jagruk RJ Rishabh

and you are watching the Labour Law Advisor

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[intro]

How to file ITR-1?

So in today's episode, we are going to learn

How to file ITR-1?

those people, who file returns

the work of more than 50% of them only done with this form

There are five heads of income

and out of these five heads,

if your income is in these three heads,

that is, Income from salary,

Income from one-house property

and Income from other sources

then you can file the ITR-1

which is easiest among all.

For clarity, go to the Income Tax website

There click on the help section

Here in the View All topic, you will find

Returns applicable for me

and look at the top

Details of ITR One Sahaj are given

in which, it is written

if the salaried person is there, If income is coming from one house property,

Other sources, such as a family pension, have income from interest

and agriculture income is less than Rs 5000

they can file ITR-1

who can not do it?

the one, who is a director in any company,

Those who have any income coming from outside

those who have shares of an unlisted company/ ESOP

Or did they have a loss

which they want to carry forward further

All these people have to file ITR-2

Apart from this, there are some other forms of ITR as well,

like, ITR-3, ITR-4

which are generally helpful for business owners

If you have any of these incomes

So you can file ITR-2

Which is a bit more complicated than ITR-1

but watching this video

Your basics will also be cleared

So the biggest question that comes to our mind while filing a return is

which value will go into which head?

whether we need to see our complete bank statement balance sheet?

to take out those numbers

No, for that you have to refer to 2 forms

the first is FORM-16

and the second is FORM-26AS

This Form 16 is available on Trace's website

Form 16

and is provided to you by any particular company

Here will be the details of the company, whose this form-16 is.

And here your name will be mentioned

that looks like something

So in this trace form

How much did your employer pay you quarter-wise

And how much of your tax they have deducted and deposited against your PAN

that is shown here.

If you scroll to page 3 of the same form

so here you will find,

What is the total payment received against your salary?

How many allowances have been received?

All those details will also be visible point by point

And also the declaration you have given

that much tax was deducted

I have made 80C/80D investments in these places

All of them will be reflected here

here, your total taxable income will also be shown

And also how much net tax is being imposed on you?

It is based on the assumptions that,

That whatever your income is, you have already declared to the company

Suppose there is some such income

which you have not declared to the company

it won't show up in Form-16

And then you will have to enter it manually while filing the return

we will learn that too

Also in the Particulars of this Form

How much payment have you received against which allowance?

Like, Basic, Conveyance Allowance

House rent allowance, LTA

All those breakups will also be seen

Now let's log in to the Income Tax Portal

Login ID will be your PAN card

Before proceeding to return filing, check your personal information here

Especially your phone number and email ID

Before filing return

We will first see the form 26AS

Choose the assessment year, which is current

Click on the view as HTML

Once you have to click view download

Form 26AS

And then click on Export to PDF

so, this is your form 26AS

As Form 16 provides you with the details of a particular employer

like, how much he paid you?

How much TDS is deducted?

Form 26 shows Your overall tax deduction

Shows your overall income

You may have multiple employers in a particular financial year

Apart from this, also from bank deposits

or other freelancing income

you have got some tax deduction

or you got some income

You will see all that income in Form 26AS

here you have to mention the name of your employer

And in which month how much payment has come?

How much tax has been deducted can see there

In this particular case, you can see that

Which employee's income is coming from multiple sources

have been multiple employees this year

All those details are visible here

For example, from the 1st company,

There has been some income of 5,80,000

and TDS of 17,000 deducted

So now click on file now to file the return

Online ITR filing

select the assessment year

as a current assessment year

and click on the online form

Then you have to select the option Start New Filing

Continue selecting the Individual option

select ITR-1

let's get started

If your overall income is more than Rs 5,00,000 then,

select the first option

don't be fear

Maybe after adding the deduction

maybe your income will come below the taxable limit

and you don't have to pay any tax

But by selecting the first option, you go ahead

first, go to the personal information

Here, verify your details by the profile at the top

Verify the contact details once

After that, you have to select Nature of Employment

whatever your employment is

The central government, state government, public sector

Otherwise, you can select other

If you are filing your return before the due date

then select “section 139(1)”

Lastly, you have to select whether you want to move to New Texas Regime

you can select that as “no”

in the bank details section,

You will see all your bank accounts linked against PAN

Select which of these banks you want your refund in

select at least one option

This personal detail section is completely verified

now do continue

In the cross total income section, you will see this question answer

you can skip that

And edit the “income from the salary section” once

Here is all your income, which was shown to you in Form 26AS and Form 16

it will come pre-filled automatically

That is, you can see the total salary income here.

how many other perquisites you have,

which are already mentioned there,

will be seen here as pre-filled

But you have to fill in the details of exemption allowance here manually.

Here in our case, LTA is Rs 13,000

that I have added

Whatever your exempted allowance other than this,

you fill it here

like, LTA in this case

got some reimbursement

which comes to the exempt head category

Other than that, there is an allowable exemption of HRA, which we have filled in here.

By the way, in HRA

You calculate the exempted amount by comparing the three values

On which we have already made a detailed video

You will find its link in the pinned comment of the video

After adding all these allowances

Below you will find the net salary and

Income chargeable under head salaries' calculation automatically

if any of your professional tax has been deducted,

Its value will also automatically reflect here

Now if scroll down in this section

Then you will see income from house property

If you have any rental income coming from any house property

You can add it by going there

here, select the option “Let out”

And how much is the rent received in that year, mention it here

no rental income in our case,

so I am cancelling it

And lastly, income from other sources, you will see the section here

If you have any interest income

So already here it will be populated in most cases

If there is any such income other than this

which you want to reflect here

Then by clicking on add another option

you can add that income here

So look here, your two details have been confirmed.

let's move on to the third section

Total Deductions

we can skip questions

about all those deductions in this section

Which already you have been updated in your Form-16

it will be visible to you by populating your screen

For example, you have paid Rs 35,000 in 80C

Have paid some of your premiums in 80D health insurance

If you feel the amount is wrong

or if it is more/less, then you can edit it here

If I want to change the amount in 80C from 35,000 to 50,000

I have done some last movement

so I can edit it by going here

other than this, if any deduction is there

which is not reflected here

then you will get the whole list here

like, if you go to the “See all deductions”

and here if you want to add an NPS deduction

So you can add the deduction of NPS from here

Suppose you have donated to a political party,

So you can add its section from here

If you are not getting HRA at all

But you live in a rented house

so you can add an 80GG section here

You will get the list of all these sections here

by the way, if you want to know something more about these all deduction

then you can check out

Tax planning course for salaried employees by LLA

In which you are going to get so much savings in such a price

and you don't trust on me

go to the website below

read the reviews

More than 5000 people are saving their taxes from that course

you can also save

Tax planning for Salaried Employees course

by Labour Law Advisor

So here you will see the total deduction

you confirm it and go ahead

in the next part, we will see

Which already we have paid tax

you can verify that by form 26AS

Whether you are seeing the same number here or not

and by this last section

You will see your total tax liability

You will see the complete tax computation here

And if you have not paid advance tax

or if you pay your tax late

So whatever the interest penalty is on you, it will also be visible

like, in this particular case

Penalty and interest of about Rs 3000 have been imposed

you don't have any option in this

You have to click on confirm and move ahead

With this, our whole ITR filing process is completed.

you have to proceed

and here you will find the option

to pay now or pay later

Now, after making this payment, your return filing process will be completed

which you also need to verify

Let me show you one such ITR verification

in which tax payment is zero

so that you also learn those steps

Here, if your payment is being made

So even after making the payment, you will see the same steps

Or maybe some of your refunds are coming

then also the same steps will be visible

So, this is another ITR

in which tax is not to be paid

In fact, getting a refund of Rs 5000

Here below you will click on Preview Return

Whatever information you have filed

that all will be visible here

You can check it once again

and click on the “proceed to validate” option

E-verification

Many people after making their ITR payment

don't even validate it

until validation does not occur

ITR is not considered to be final

so this step is very important

even though your net tax payment is zero, then also

Here you will see three options

In which you select the first option

And verify your ITR through Aadhaar OTP

click continue option

You can verify through an OTP on whatever number you have linked with Aadhaar.

select this and click on the “Continue”

so we added the OTP

and then finally click on submit

In fact, while it is loading, let me tell you one thing

If you haven't verified your return within 120 days,

then it becomes nil

You can download this ITR receipt

print it and keep it safe somewhere

So, the Income Tax Return acknowledgement has come to you.

So friends go to file your return

two things are there

maybe some refund is there, which you may get from income tax

Or maybe you are under the taxable limit

and you have to pay some tax

in the second scenario

you must check out our Tax Planning Course

because, maybe

by using all the tricks and tips given in it

You can maximize your exemptions, deductions

You can understand the details of all the allowances

And maybe next year you can reduce your tax a little bit

Or maybe your tax will be zero

because your tax planning is

Not while filing the return

But it starts at the beginning of any financial year

You may have to adjust your allowance like this

So that your tax is slightly reduce than the Existing Taxes Limit

We taught all these tips in our course in a very detailed manner

and in very simple language

by CA Anoop Bhatia

Already 5000+ people have enrolled in this course

and their reviews are so amazing

one person wrote that

He did not file his tax return earlier

But after taking this course of 499

Not only did he file his own return

but, he also claimed a refund of tax of 35,000 rupees.

two ninja techniques during the conclusion

Ninja Technique while filing ITR

#1 first, whatever your investments are,

80C, 80D, any life insurance

declare all to your employer

So that all that gets updated in your Form-16

automatically, it will display in your returns

And you don't have to manually enter that later

#2, if you have any additional income

So you can tell your employer again that too

that you add 1 lakh rupees to my income

Your little TDS will be deducted at that time

But the interest penalty that seems heavy

Which is coming to you for not making advance payment

that will be saved

So that's all in today's episode

do like this video

If you have any queries then tell me in the comment

We and our community will try to answer them

See you in another episode

allow your Jagruk RJ

Jai Hind!