Income Tax For Salaried Person
Starting From ₹ 999 + Govt Fees
- Preeminent TDS Filing Services
- Simplify your income tax filing
- Adjust your capital gains and losses
- Ensure smoothness and transparency
- Secure, seamless, and high-quality work
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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
To get a loan or a credit card
If You Have Filed Your Income Tax Returns Regularly, It Is Proof That You Have A Regular Income And Have Paid Taxes On It And It Is Simpler To Obtain A Loan Or A Credit Card.
Claim tax deductions
To claim deductions under various sections of the Income Tax Act it is essential that you have filed your ITR for salaried employees or persons every year.
Claim Tax Refund
Filing Your Returns Is Important If You Want To Be Eligible For A Refund And Want To Claim It.
Adjust your capital gains and losses
Capital Losses Can Be Modified Against Capital Gains. Also As A Taxpayer, You Can Guarantee That In Case You Have Any Capital Loss, You Can Take It Forward For The Next Eight Consecutive Financial Years If You File Your Income Tax Returns Regularly.
Visa processing
If You Are Applying For A Visa, The Foreign Consulate Would Need Proof Of Your Income, And Income Tax Receipts Are Needed.
Income Tax For Salaried Employees Process Flow
1-2 HOURS
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for ITR for Salaried person
- Form-16
- Salary Slips (if any)
- PAN Card
- Bank statements (from 1st april to 31st march)
- TDS certificates
- Interest certificates from Post Offices & Banks (if any)
- Tax-Savings Investment Proofs (if any)
- Home Loan statement from NBFC/Bank (if any)
- Capital Gains
- Aadhar Card
- Deductions under Section 80D to 80U (if any)
pricing packages
Basic Package
₹ 999
- Salary upto 5 lakh
- Acknowledgement
- Computation sheet
- Taxable income calculation based on given information
Growth Package
₹ 2,999
- Salary upto 10 lakh
- Acknowledgement
- Computation sheet
- Taxable income calculation based on given information
- P/L Balance sheet
Premium
Starting from ₹ 5,999
- Salary above 10 lakh
- Acknowledgement
- Computation sheet
- TDS claim
- Taxable income calculation based on given information
- P/L Balance sheet
Comparison
| Comparison Basis | Private limited company | Llp | Sole proprietor |
|---|---|---|---|
| Raising Fund | ✓ | ✕ | ✕ |
| Start-Up India Recognition | ✓ | ✓ | ✕ |
| Complince Cost | ✓ | ✓ | ✕ |
| Suited For | Growing Startup | Service Provider | Small Business |
| Taxation Benefit | ✓ | ✓ | ✕ |
FAQs
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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