Income Tax Return (ITR) Filing for Salaried Person
Income Tax is a direct tax, that is annually imposed on the taxpayer against their annual income, by the Government of India.
Income Tax is imposed on both earned as well as unearned income. Earned income is the salary, wages etc, unearned income is interest income, rent etc.
Benefits of Income Tax Return (ITR) Filing for Salaried Person
Legal Benefit
Loan Approval
Tax Refund
Quick Visa Processing
Documents Required for ITR Filing for Salaried Person
- PAN Card
- Aadhar Card
- Form 16
- Form-16A/ Form-16B/ Form- 16C
- Bank Account details
- Form 26AS
Procedure of ITR Filing for Salaried Person
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Due Date for Income Tax Return Filing
- Income tax return filing wherein the audit is not necessary 31 July of every year
- Income tax return filing wherein the audit is necessary on 31 October of every year.
New Tax Regime for ITR Filing
S.NO. | INCOME TAX SLAB | INCOME TAX RATE |
|---|---|---|
01 | Up to ₹ 2,50,000 | NIL |
02 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
03 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
04 | ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
04 | ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 |
05 | ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 |
06 | Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
What People Frequently Ask…
Individuals, NRIs, partnership firms, LLPs, companies and Trusts are supposed to file Income Tax Returns every year.
ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income as salary or pension and have one house property only.
Yes, taxpayers who do not file their Income Tax Return on time are subject to penalty and charged an interest on the late payment of income tax. The penalty for late filing has been increased recently.
ITR-3 form must be filed by professionals or people who are operating a proprietorship business in India.
ITR-5 form is filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs. 50 lakh.
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