How to file income tax return online with form 16
How to file ITR AY2023? ITR filling TUTORIAL for SALARIED EMPLOYEES | Income Tax Return | ITR 1
Timecodes:
If you are a Salaried Employee
Then to file your ITR
To a Professional
or you don't have to pay anyone
By yourself
By visiting the Income Tax portal
You can file your ITR
That too within 10 - 15 mins
How?
We will learn that today
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According to Income Tax Act
There are 5 heads of Income
Among them, If these 3 Heads
i.e Income from Salary,
Income from One House Property
and Income from Other Sources
If you have that
Then you can file ITR 1
All the people who file return
Among them, 50% of people get their work done with ITR 1
Which we are going to learn today
For clarity
You visit incometax.gov.in
On Income Tax's website
Here in the Individual HUF Section
Go to the Salaried Employee section
Return forms applicable to me
Then you will be able to see
The ITR 1 (SAHAJ)
That, any salaried person
Their One House property
i.e They are receiving Rental Income from one house
Along with that
Other Sources Income such as Interest or Dividend
And agricultural income is less than Rs 5,000
You need to remember certain things
Who cannot file ITR 1
If someone is a Director in the company
If they have unlisted shares
i.e If they have ESOPs
Or If they have an Asset beyond India
Like they have invested in US Stocks
Or If they want to carry forward the loss
Of any kind
Then they cannot file ITR 1
And most importantly, If you have Capital Gain
And you have invested in Stocks or Mutual Funds
Or you have received some money
Then you cannot file ITR 1
In this, you will have to file ITR 2
But, from this video
You will get help on filing ITR 2 as well
Because, the process is almost the same
While filing the Income Tax
The major confusion that we have
Which number to add in which section
We think
whether we need to create an entire balance sheet for this
Or do we have to look at the entire bank statement
No!
For this, you will have to see 2 simple forms
1st Form is Form 16
2nd Form is Form 26AS
You get Form 16 through your employer
If you have worked with more than one company in a year
Then you can have multiple Form 16's too
Here on Form 16, it is written as
Name and Address of the Company
who have issued this
And here, your name and address is written
Here, the assessment year is also mentioned
We will check Assessment Year 2023 - 24
i.e From 1 April 2022 - 31 March 2023
The earning that you have
We will file that return
Which is known as Assessment Year 2023 - 24
In the below section
How much quarter-wise income have you earned?
i.e How much has the company paid you
And against that how much TDS has the company deposited
You will be able to see that
As you can see here
This employee's Income is 24,59,000
And approximately Rs 5L TDS has been deposited
TDS means Tax Deduction at Source
i.e that money which the company already deducted
On behalf of you,
against your PAN
have deposited to the Income Tax
But the important thing here is
That If you didn't give the entire declaration properly
Apart from that, If you have any other Income
Which you have not told the employer
Or If there are few of your deductions
Which you have not mentioned to your employer
This amount can become more or less
Which while filing ITR
you can rectify.
Maybe your TDS might have been deducted more
And you might get a refund
Maybe your TDS isn't sufficiently deducted
You might have to deposit more to the Income Tax
We will cover all this ahead
If we go ahead with Part B of this form
Then you will get more details in this
How much salary have you received in Part B?
That will be mentioned
Apart from this, which are the exempted allowances
Have you received Gratuity?
Have you received any Pension?
In this particular case, you can see
HRA exemption that you have received
This employee has received Rs 1,21,000
If you scroll down, then you will see
Standard Deduction which is of Rs 50,000
Every salaried employee receives it
Apart from that,
this particular employee
has deposited a Professional Tax of Rs 2500
Which is exempt under Section 16
Apart from this you can see
Any other income, this particular employee
haven't declared to the employer
This doesn't mean, they don't have any other income
Or there is no other Income from House Property
It's just that, they have not declared this to the employer
The Gross Total Income that you see here
It's the same income
which reflects after removing deductions & exemptions
Apart from this, the 80C exemption
It's of Rs 71,700
Apart from this 80D,
which is our Health Insurance Section
0 is mentioned here
Again, this particular employee
have already applied for Health Insurance
But, didn't declare it to the employer
Hence, it does not reflect on Form 16
While scrolling on the Annexure of Form 16
Exactly salary allowances are also mentioned
You will be able to see here
How much is the Basic Salary?
How much is the HRA?
One thing you notice here
House Rent Allowance is Rs 2,98,000
But, the exemption received from House Rent Allowance
Under Section 10
Only received Rs 1,21,000
This is because
The entire HRA amount is not exempt
The HRA amount that is exempted
That happens according to a Calculation
Wherein, we have created a detailed video
You can watch that too
After watching this video
You can find the link to it in the i button and pinned comment.
Apart from that,
you can also get Leave Travel Allowance
Of Rs 5,900
How much will that be exempt?
How much exemption will you get?
I will give a video of that in the pinned comment
Now Form 26AS
and there is one more thing
Annual Income Statement AIS
To check them both
We will login in the Income Tax Portal
And from there we will file our return
To login, the User ID is your PAN Number
To download 26AS
You have to go to E file
Here under the Income Tax Return
You will find View Form 26AS
Click on Confirm
Click on Agree and Proceed
Click - Assessment Year 2023 - 24
View as HTML
You have to click on View/ Download
And Export as PDF
Now, as we saw in Form 16
You will be able to see
From a particular company to this employee
Has received Rs 24,59,000 amount
Apart from that,
he received certain amount from different places
Just like you will be able to see
He has received interest from Bank of Baroda as well
Apart from that, from another particular company
There is a Rs 2300 Payment
So basically in Form 26AS, at whichever place
Tax has been deducted
The entire computation,
entire calculation will be visible here
After this, we will check out AIS
Here we will go to the AIS Section
And we will check the Tax Information Summary
So basically against your PAN
Wherever, whatever payments have been done to you
The government is tracking almost all of it
And showing it to you here
The way you will be able to see
The salary that you receive from both companies
You can check it's sum here
Apart from this, interest from Saving Bank Account
has automatically been populated
Interest from deposits
has already been populated
i.e He might have received interest on FD
If you want, you can download it too
So now the objective is
That all your numbers
Form 16, Form 26AS
and AIS
They should match with each other
which will automatically match, 99% of cases
And the AIS numbers
Now, since we are going towards Return Filing
All the numbers
will already reflect in your ITR returns
So, let's click on file now
You will have to select in your Assessment Year
2023 - 24
Online option, which is recommended
You need to select that
And you need to click on continue
If you have started filing ITR
And you have only filled the form partially
Then you will be able to see
You can resume the file
But we will learn from the beginning
So, we will click on Start New Filing
Here, you will have to select Individual
And ITR 1 in ITR Form
Under Filing Income, you have to add
Taxable Income more than the Basic Exemption Limit
In case, If you earn less than 2.5L
And despite that you are filing ITR
Then in that case, you can select others
Here, you will see a pop-up
A lot of information which was with the Income Tax Department
We have already in the ITR as per that
You need to certainly verify that
This is the feat of AIS
That most of your Information, already
will be populated in this Income Tax Return
And my work here has become easier
You will find 5 sections here
We need to complete all the sections 1 by 1
We will head to the Personal Information section
Here you need to check your Basic Information
If you need to update your Address
Then you can do it here
I updated the address and saved it
You have to click Others in Nature of Employment
If you have Government or any such employment
Then you can do that too
If you work in Private Sector, then select Others
If you are submitting ITR before due date
Then select Section 139 (1)
If you want to check the New Tax Regime
If you have a lot of Exemptions and Deductions
Then going to the new tax regime won't be beneficial for you
Hence, keep it as No
Most importantly, ensure to check this section
This is the bank detail
wherein you will get the Refund
So, If you have updated the wrong detail
Then, the refund can go to the wrong account
And click on Confirm towards the end
So our Section 1 has been completed
Now this is the most important part
Gross Total Income
Here, we are talking about all those Salary Exemptions
Which a particular employee receives
If your employer has declared these already
Then they will reflect in your Form 16
and automatically they will reflect here too
But, If the employer has not declared this
And you are adamant
You want to declare some exemptions here
Then you do it
But you need to have proper proof of that
Just like this particular employee
Under Section 10
Wants to claim Internet expenses of Rs 12,000
Which you get in Other Allowances
But, he didn't submit his bills
to his employer
Hence, the employer didn't update it
Apart from this,
Children education allowance,
Hostel allowance, compensatory allowance, If there is none
Then we selected No
House Rent Allowance
already Rs 1,21,000 exemption has been received
We will continue that
Leave Travel Allowance
Employee has received that too
But it has not been updated
Just like you can see here
Leave Travel Allowance is of Rs 5,952
But, again,
this employee
has not submitted his travel vouchers, travel tickets to employer
Hence, it didn't reflect in Form 16
Hence, it is not visible in ITR
The next section is of Leave Travel Allowance
Again, you can only claim it's exemption
when you will follow all it's terms and conditions
Wherein, a detailed video is created
You can check that out in the pinned comment later
But, if this employee
did not submit
his vouchers, travel tickets timely to his employer
Due to which,
their exemptions didn't reflect in Form 16
by his employer
Now this employee wants to claim it
In the Annexure of Form 16,
He has received Rs 5,952
Leave Travel Allowance has been received
We filled that here
Any other exemptions?
- No
And Continue
Here Income from Salary came
Apart from that, allowances claimed reflects here
are more than the exempt allowance
detail provided by the employer.
Please re-verify
The one's which are correct
They have added some Rs 17,000 additional allowances
Exempted
But, if the employee has the proof
If they receive the notice
Then he is able to reply
There is no Income from House Property
Hence it is marked as 0
Income from Other Sources
You can check here
There was no tax refund of last year
It is 0
Income from Deposits, FD etc
It is some Rs 526
Income from Savings Bank Account
That is already Rs 14,000
If you have an account more than this
Or there is an account which is not linked
which is not been reflected
You can select and edit it
You select and edit it
The interest received from Savings Bank account
There is a deduction of Rs 10,000 on that
We will check how to claim it
If you any other income, apart from this
Then you can go here
and add Other Income
This our Gross Total Income becomes Rs 22,85,196
Confirm this
Here 2 sections are completed
Now, let's come to the deductions section
This section is the most important
In which you want to plan the salary
You want to save it
By the way,
If you come under Taxable Limit
And do a proper planning of your salary
Then a lot of your Tax will be saved
For this, we are doing a Live
Capital Gain Masterclass
Wherein, we will teach you
Capital Gain on
Stocks, Mutual Funds,
Bond, Real Estate,
Gold, Crypto, US Stocks
Invoice discounting
All the investments, whichever you do
How is taxation levied on them
We will teach you
At the same time,
How to save Tax on that
We will teach you that too
Tax Loss Harvesting
Capital Gain Harvesting
Tax Off Setting
REC Bonds
These workshops will help you become a
Smart and Intelligent Investor
You will find the link to this in the pinned comment
Batches get filled very quickly
Then reserve your spot now
I promise you
This tiny investment, won't just save a lot of your Tax
But will also make you a Tax-Smart Investor
So any deduction for donation paid - No
Any deduction for research - No
Any deduction under Section 80 GG
I am talking about this separately because
Under Section 80 GG
Those people can claim deductions
who do not receive HRA
But they stay in a rented house
And upto Rs 5000/ month
Or Rs 60,000
They can claim it here
After this, Section 80 C
Wherein, Rs 71,700 is already reflected
Here, you can claim all those deductions
PF, PPF, ELSS
Life Insurance Premium
Principal Amount of Home Loan
The repayment that you are doing
All that comes under this
Then, 80 CCD is also No for this
But, the Insurance Premium here
The employee has took it here
But again, has not mentioned the employer
It's his fault
I will mark it as Yes
You will have to fill the detail later
That we will do
There is no Interest/ Loan
Apart from this, the Section 80TTA
Here, we would like to claim deduction
Because, we have received interest from Savings Account
I will consider this as Yes
Any other deductions? - No
Continue
You can see here,
We have received Rs 71,000 deduction in 80C
In 80D,
I will fill the deduction we have received
Then here is what you are going to file
Is he a Senior Citizen?
I have marked him as No
The premium that has gone in Health Insurance
That is Rs 20,148
Employee has it's proof
Plus, in the preventive health check-up
He did one preventive health checkup in a year
Of Rs 1,200
I am also filling that
In this maximum of Rs 25,000
You can claim a deduction
Apart from that, if you have parents
And on their behalf too
If you have bought policies
Then you can claim their deductions too
Uptil Rs 50,000
If they are above 60 years
If they are below 60 years
then their Rs 25,000 deduction can be claimed
By the way, this video is not about Tax Planning
It's too late for that
We are only filling out return
If you want to also learn Tax Planning
Then we have created an amazing video
On Tax Planning
You can watch that later
We are not claiming for parents
We are only claiming for ourselves
And I will save this
Then last 80TTA Section
Interest on Saving Bank Account
I need to fill this
I will fill this
Our Saving Bank Account Interest
That was Rs 14,775
I will add this
Now, all my deductions have been added
I will confirm this
Apart from this, If you have any other deduction
Then you can go and add it here
Like, an Interest of House Property
Or If you have given donation to a Political Party
Lastly, our amount comes as
Tax Paid
You confirm this
Our Total Tax liability has formed
You can see, our Total computation of Income
appeared as Rs 21,00,000
Apart from that, the Tax which has formed
Rs 4,67,000
Our Tax has formed
And by adding CESS, it forms Rs 4,85,000
Confirm
Proceed
And the refund amount that is forming here
That is forming as Rs 10,000 refund
Preview Return
Here, click on your Name
Without selecting any option, Click on Proceed to Preview
And your entire computation is ready
Here, your Total Income was Rs 24,00,000
Here, you claimed all these exemptions
Rs 1,21,000
Rs 12,000
And Rs 5,952
Apart from this, Standard Deduction of Rs 50,000
And Professional Tax of Rs 2,500 payment
You will get that Under Section 16
Then, 80C and 80D deduction
You can see that
At the same time,
Interest on Saving Account
Rs 10,000 deduction on that
That will be reflected here
Total deduction of Rs 1,03,000
And after removing all the exemptions, deductions
Our tax amount that is forming
That is forming as Rs 4,85,000
We have already paid a TDS of Rs 4,95,000
Due to which, Rs 10,000 refund is forming
The bank account of Refund
You can verify that from here
And proceed to validation
This is a very important point
If there is any error in ITR
Then, it will be reflected here
You can click that
You can solve it
Our ITR is validated here
There is a very important point
If your Tax is forming
Then, you will get an option to pay Tax
And after that,
Here Proceed to Verification
which is the most important point
You need to definitely verify this
If you don't verify your ITR
Then it automatically gets cancelled in 120 days
Here you will have 3 options for verification
e Verfiy now
Through Aadhar, Bank account
Or else you can verify it through DEMAT Account
Which is the most easier one
E Verify later, you can verify it in the next 30 days
You need to print it
and send it via speed post to the Income Tax department
If you click on E Verify now
And If you continue
How would you like to verify
You need to select Aadhar here
And click on Continue
You will receive OTP on your Aadhar
Which you can add and verify your form
To file your ITR
I will share 2 Ninja techniques
Before that, understand one small thing carefully
When do most of us, think about our returns
When the July or September deadline is on us
That time, you can only file your return
Not your Tax Planning
Because, Tax Planning starts when the year starts
Tax Planning starts from 1st April
and ends on 31st March
After that, you cannot do any Planning.
For this, it's very important
That you understand Tax,
The more you understand Tax,
the more you will be able to save it
For this, LLA is doing a Capital Gain Masterclass for you
We teach you about Capital Gain in-depth
We teach you, How to Save Tax
Plus, we take your Live Questions
And there are a lot of interesting classes
You can definitely attend this
Seats get filled quickly
You will find the link in the pinned comment
Then, before you leave
I will tell you 2 Ninja Techniques
1. How much ever your Additional Income is
Assume, you have a Freelancing Income
Or If you have received Rent from House Property
If you declare this to your employer
Then he will update in the Form 16
There are 2 advantages of this
Firstly, when you will file the return
Then automatically, all the amount will be populated
And 2. Most important benefit
There won't be any interest penalty levied on you
For paying Late Tax
Because, If your Tax is forming above Rs 10,000
In that case, you will have to file an Advance Tax
That too, before 31st March
And No 2
The amount of exemptions and deductions proof you have
Assume you have invested in ELSS yourself
Or else you have purchased a Mediclaim
If you don't tell your employer
It won't appear in his dreams
And he won't update that in Form 16
Following which, maybe
your TDS should be deducted so much
It might deduct more than that
But, you won't incur any loss
That money after a few months
Will come back to you
But, you are taking the opportunity loss of some months
Hence, the second important point is
any amount of deductions
It's proof, within the stipulated time
Generally, between November or December
Company recalls from you
That you definitely submit to the employer
So that it gets updated in Form 16
So before leaving, I request you from the heart
The more you know about Tax
You will be able to save that much Tax
For which, we are doing a lot of hard work
We have got Capital Gain Masterclass for you
You will have a lot of fun
And you will be able to save a lot of Tax
You will become a Smart Tax Investor
Link is in the pinned comment
Like this video and share with your friends
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