Income Tax For Salaried Person
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About Income Tax Return For Salaried Person
Any person falling under the purview of the Income Tax Act, of 1961 has to pay tax on the income earned in a certain financial year. The categorization of taxpayers has been accomplished to ease compliance. Each category of a taxpayer has to calculate the taxable income in the manner as laid down in the Income Tax Act, of 1961. Post computation, Income Tax Return for salaried persons is filed in the Form applicable to that type of taxpayer.
Advantages of Income Tax Return for Salaried Person
Income Tax For Salaried Employees Process Flow
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for ITR for Salaried person
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Yes, as long as agricultural income does not surpass INR 5,000, Form ITR-1 can be filed.
Yes, Form ITR-1 can be filed if you hold a house loan.
XML is a type of file format. Income details entered in the XML file get smoothly auto-entered in the online Form ITR-1.
There is no need of attaching documents with Form ITR-1. However, the taxpayer should always keep the documents on the basis on which he/she fills the return. The tax authorities can ask the taxpayer to submit these documents to them at any time.
The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)
- Up to 31st July of next year (31st July 2018) – Individuals, HUF, BOI, and AOP (who do not fall under the audit provisions)
- Up to 30th September of next year (30th September 2018) – Companies including other entities on which Audit provisions are applicable
A late filing fee will be charged based on the date of filing a belated return. The late fee for filing relies on the period of filing:
- For return filed after the due date but till December – late filing fees of ₹ 5,000 will be set
- For return filed after 31st December – late filing fees of ₹10,000 will be levied
However, for small taxpayers with an income of up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.
In case you fail to file the return on a due date, there is a provision to file a return up to a certain date, however with a late filing fee and fewer benefits, the belated return can be filed before the end of the Assessment Year for the concerned financial year. That means for F.Y. 2017-18, belated returns can be filed till 31st March 2019.
No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if relevant.
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