How to file it returns online with form 16
ITR Filing for salaried employees | Online Tutorial AY 2023-24 | Income Tax Return | LLA
Timecodes:
If you are a salaried employee
So to file your return
Neither need to pay anyone nor professional required
You can file your return in just 10-15 minutes from the Income Tax website itself.
how to do it?
that we will learn in today's episode
Hello Friends!
I am your Jagruk RJ Rishabh
and you are watching the Labour Law Advisor
If you haven't subscribed, the channel yet
So please do, is very wrong
[intro]
So in today's episode, we are going to learn
How to file ITR-1?
those people, who file returns
the work of more than 50% of them only done with this form
There are five heads of income
and out of these five heads,
if your income is in these three heads,
that is, Income from salary,
Income from one-house property
and Income from other sources
then you can file the ITR-1
which is easiest among all.
For clarity, go to the Income Tax website
There click on the help section
Here in the View All topic, you will find
Returns applicable for me
and look at the top
Details of ITR One Sahaj are given
in which, it is written
if the salaried person is there, If income is coming from one house property,
Other sources, such as a family pension, have income from interest
and agriculture income is less than Rs 5000
they can file ITR-1
who can not do it?
the one, who is a director in any company,
Those who have any income coming from outside
those who have shares of an unlisted company/ ESOP
Or did they have a loss
which they want to carry forward further
All these people have to file ITR-2
Apart from this, there are some other forms of ITR as well,
like, ITR-3, ITR-4
which are generally helpful for business owners
If you have any of these incomes
So you can file ITR-2
Which is a bit more complicated than ITR-1
but watching this video
Your basics will also be cleared
So the biggest question that comes to our mind while filing a return is
which value will go into which head?
whether we need to see our complete bank statement balance sheet?
to take out those numbers
No, for that you have to refer to 2 forms
the first is FORM-16
and the second is FORM-26AS
This Form 16 is available on Trace's website
and is provided to you by any particular company
Here will be the details of the company, whose this form-16 is.
And here your name will be mentioned
that looks like something
So in this trace form
How much did your employer pay you quarter-wise
And how much of your tax they have deducted and deposited against your PAN
that is shown here.
If you scroll to page 3 of the same form
so here you will find,
What is the total payment received against your salary?
How many allowances have been received?
All those details will also be visible point by point
And also the declaration you have given
that much tax was deducted
I have made 80C/80D investments in these places
All of them will be reflected here
here, your total taxable income will also be shown
And also how much net tax is being imposed on you?
It is based on the assumptions that,
That whatever your income is, you have already declared to the company
Suppose there is some such income
which you have not declared to the company
it won't show up in Form-16
And then you will have to enter it manually while filing the return
we will learn that too
Also in the Particulars of this Form
How much payment have you received against which allowance?
Like, Basic, Conveyance Allowance
House rent allowance, LTA
All those breakups will also be seen
Now let's log in to the Income Tax Portal
Login ID will be your PAN card
Before proceeding to return filing, check your personal information here
Especially your phone number and email ID
Before filing return
We will first see the form 26AS
Choose the assessment year, which is current
Click on the view as HTML
Once you have to click view download
And then click on Export to PDF
so, this is your form 26AS
As Form 16 provides you with the details of a particular employer
like, how much he paid you?
How much TDS is deducted?
Form 26 shows Your overall tax deduction
Shows your overall income
You may have multiple employers in a particular financial year
Apart from this, also from bank deposits
or other freelancing income
you have got some tax deduction
or you got some income
You will see all that income in Form 26AS
here you have to mention the name of your employer
And in which month how much payment has come?
How much tax has been deducted can see there
In this particular case, you can see that
Which employee's income is coming from multiple sources
have been multiple employees this year
All those details are visible here
For example, from the 1st company,
There has been some income of 5,80,000
and TDS of 17,000 deducted
So now click on file now to file the return
select the assessment year
as a current assessment year
and click on the online form
Then you have to select the option Start New Filing
Continue selecting the Individual option
select ITR-1
let's get started
If your overall income is more than Rs 5,00,000 then,
select the first option
don't be fear
Maybe after adding the deduction
maybe your income will come below the taxable limit
and you don't have to pay any tax
But by selecting the first option, you go ahead
first, go to the personal information
Here, verify your details by the profile at the top
Verify the contact details once
After that, you have to select Nature of Employment
whatever your employment is
The central government, state government, public sector
Otherwise, you can select other
If you are filing your return before the due date
then select “section 139(1)”
Lastly, you have to select whether you want to move to New Texas Regime
you can select that as “no”
in the bank details section,
You will see all your bank accounts linked against PAN
Select which of these banks you want your refund in
select at least one option
This personal detail section is completely verified
now do continue
In the cross total income section, you will see this question answer
you can skip that
And edit the “income from the salary section” once
Here is all your income, which was shown to you in Form 26AS and Form 16
it will come pre-filled automatically
That is, you can see the total salary income here.
how many other perquisites you have,
which are already mentioned there,
will be seen here as pre-filled
But you have to fill in the details of exemption allowance here manually.
Here in our case, LTA is Rs 13,000
that I have added
Whatever your exempted allowance other than this,
you fill it here
like, LTA in this case
got some reimbursement
which comes to the exempt head category
Other than that, there is an allowable exemption of HRA, which we have filled in here.
By the way, in HRA
You calculate the exempted amount by comparing the three values
On which we have already made a detailed video
You will find its link in the pinned comment of the video
After adding all these allowances
Below you will find the net salary and
Income chargeable under head salaries' calculation automatically
if any of your professional tax has been deducted,
Its value will also automatically reflect here
Now if scroll down in this section
Then you will see income from house property
If you have any rental income coming from any house property
You can add it by going there
here, select the option “Let out”
And how much is the rent received in that year, mention it here
no rental income in our case,
so I am cancelling it
And lastly, income from other sources, you will see the section here
If you have any interest income
So already here it will be populated in most cases
If there is any such income other than this
which you want to reflect here
Then by clicking on add another option
you can add that income here
So look here, your two details have been confirmed.
let's move on to the third section
we can skip questions
about all those deductions in this section
Which already you have been updated in your Form-16
it will be visible to you by populating your screen
For example, you have paid Rs 35,000 in 80C
Have paid some of your premiums in 80D health insurance
If you feel the amount is wrong
or if it is more/less, then you can edit it here
If I want to change the amount in 80C from 35,000 to 50,000
I have done some last movement
so I can edit it by going here
other than this, if any deduction is there
which is not reflected here
then you will get the whole list here
like, if you go to the “See all deductions”
and here if you want to add an NPS deduction
So you can add the deduction of NPS from here
Suppose you have donated to a political party,
So you can add its section from here
If you are not getting HRA at all
But you live in a rented house
so you can add an 80GG section here
You will get the list of all these sections here
by the way, if you want to know something more about these all deduction
then you can check out
Tax planning course for salaried employees by LLA
In which you are going to get so much savings in such a price
and you don't trust on me
go to the website below
read the reviews
More than 5000 people are saving their taxes from that course
you can also save
Tax planning for Salaried Employees course
by Labour Law Advisor
So here you will see the total deduction
you confirm it and go ahead
in the next part, we will see
Which already we have paid tax
you can verify that by form 26AS
Whether you are seeing the same number here or not
and by this last section
You will see your total tax liability
You will see the complete tax computation here
And if you have not paid advance tax
or if you pay your tax late
So whatever the interest penalty is on you, it will also be visible
like, in this particular case
Penalty and interest of about Rs 3000 have been imposed
you don't have any option in this
You have to click on confirm and move ahead
With this, our whole ITR filing process is completed.
you have to proceed
and here you will find the option
to pay now or pay later
Now, after making this payment, your return filing process will be completed
which you also need to verify
Let me show you one such ITR verification
in which tax payment is zero
so that you also learn those steps
Here, if your payment is being made
So even after making the payment, you will see the same steps
Or maybe some of your refunds are coming
then also the same steps will be visible
So, this is another ITR
in which tax is not to be paid
In fact, getting a refund of Rs 5000
Here below you will click on Preview Return
Whatever information you have filed
that all will be visible here
You can check it once again
and click on the “proceed to validate” option
Many people after making their ITR payment
don't even validate it
until validation does not occur
ITR is not considered to be final
so this step is very important
even though your net tax payment is zero, then also
Here you will see three options
In which you select the first option
And verify your ITR through Aadhaar OTP
click continue option
You can verify through an OTP on whatever number you have linked with Aadhaar.
select this and click on the “Continue”
so we added the OTP
and then finally click on submit
In fact, while it is loading, let me tell you one thing
If you haven't verified your return within 120 days,
then it becomes nil
You can download this ITR receipt
print it and keep it safe somewhere
So, the Income Tax Return acknowledgement has come to you.
So friends go to file your return
two things are there
maybe some refund is there, which you may get from income tax
Or maybe you are under the taxable limit
and you have to pay some tax
in the second scenario
you must check out our Tax Planning Course
because, maybe
by using all the tricks and tips given in it
You can maximize your exemptions, deductions
You can understand the details of all the allowances
And maybe next year you can reduce your tax a little bit
Or maybe your tax will be zero
because your tax planning is
Not while filing the return
But it starts at the beginning of any financial year
You may have to adjust your allowance like this
So that your tax is slightly reduce than the Existing Taxes Limit
We taught all these tips in our course in a very detailed manner
and in very simple language
by CA Anoop Bhatia
Already 5000+ people have enrolled in this course
and their reviews are so amazing
one person wrote that
He did not file his tax return earlier
But after taking this course of 499
Not only did he file his own return
but, he also claimed a refund of tax of 35,000 rupees.
two ninja techniques during the conclusion
#1 first, whatever your investments are,
80C, 80D, any life insurance
declare all to your employer
So that all that gets updated in your Form-16
automatically, it will display in your returns
And you don't have to manually enter that later
#2, if you have any additional income
So you can tell your employer again that too
that you add 1 lakh rupees to my income
Your little TDS will be deducted at that time
But the interest penalty that seems heavy
Which is coming to you for not making advance payment
that will be saved
So that's all in today's episode
do like this video
If you have any queries then tell me in the comment
We and our community will try to answer them
See you in another episode
allow your Jagruk RJ
Jai Hind!
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