Salaried employees having gross total income exceeding the basic exemption limit during the previous year must file an income tax return in applicable income tax return form on or before the ITR due date. ITR due date is 30th September of the assessment year for taxpayers whose accounts are required to be audited and ITR due date is 31st July of the assessment year for other taxpayers. If ITR is not filed within the ITR due date penalty is levied.
Online Income Tax Return filing procedure for salaried employees for FY 2018-19?
For online income tax return filing for FY 2018-19, salaried employees should follow the following steps:
Step 1: Register themselves on the Income Tax Department’s online income tax return filing site (incometaxindiaefiling.gov.in).
Step 2: Choose how they want to file their Income Tax Return as there are two ways. One is to go to the download section and select the required income tax return form, download it and fill all the details offline and then upload it back on the site. And, second is to fill the income tax return form online by selecting the quick e-file option.
Step 3: Select the applicable income tax return form available for Salaried Employees:
ITR 1-This form is for Individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakhs.
ITR 2-This form is for Individuals not having income from profits and gains of business or profession.
ITR 3-This form is for Individuals having income from profits and gains of business or profession.
ITR 4‐This form is for Individuals opting for presumptive income from business or profession.
ITR V– This is an acknowledgment of tax returns filed electronically without digital signature.
Step 4: Keep all the documents ready like PAN, Form 16 and 16A, Form 26AS, bank statements, interest statements, details of investments, insurance and home loans ready. If you earn more than Rs.50 lakhs than you will also have to fill an additional column —”AL” or assets and liabilities.
Step 5: Fill the form and upload and if you choose to fill the form offline, then after you have downloaded the form and fill all the details, click on generate XML. Then log in to the income tax website to upload the XML file and click on submit.
Step 6: Verify ITR V as the tax filing process is incomplete and ITR is invalid unless your ITR V is verified. For verification of ITR-V, you can electronically verify or send the signed ITR V to the processing center in Bengaluru within 120 days of filing the return.
You can either do online income tax return filing yourself or take help of professionals through our online platform CAONWEB. And, if you have any queries relating online income tax return filing, income tax return form and ITR due date then you can also contact professionals through CAONWEB.
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Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.