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Today I’m gonna show you how to file the income tax return yourself for salaried the current financial year. watch this video if you have any doubts, and subscribe our channel for more technology and life hacking videos.
The income tax site has been updated, Use this link to open the new income tax website.
If you are not registered already, use register now option, to create a new username and password.
Also you can reset your password by using forget password option if you don’t know your income tax password or your account was created by your auditor.
To register in income tax website you will need Pan number, Aadhaar, email ID and mobile number.
Before we get started let’s discuss some popular doubt about income tax filing
Can I File my ITR myself?
You can file your income tax return (ITR) yourself even with your mobile phone. And you can file your ITR yourself by both online and offline methods. After filing your income tax return, you can verify it though you mobile phone by using Adhar OTP.
Is Income tax return filing is necessary?
Filing income tax returns is not mandatory for the people whoever is having PAN card, Everybody should file the income tax whether they have taxable income or not. Somebody would say that If your income is lower then Rs.2,50,000/- you don’t need to file the income tax return.
But that’s a lie. if you are not having 3 years IT return then you can not go for any housing loan at low interest. you can simply file the nil return.
Whenever you go for housing loan, if you don’t have filled income tax return the you need to pay high interest. So filling income tax is very much useful and important.
Read this article and watch this video, then you can save your auditor bill.
Also the government has announced that, your tax will be rebated (discount) until your annual income reaches to Rs.5,00,000/-
So you don’t need to pay tax up to 5 lakhs.
How to File Income Tax Return For Salaried?
1. Use your PAN number / Adhar Number / User ID to login your account
2. Enter the login password and login
After login to the income tax website, you wills see the dashboad
Here you can see and edit your personal and contact details. and you can see there is an option to file the income tax return for the year ended on 31-Mar-2021.
3. Click on File now
4. Select assessment year : 2021-22 (Current A.Y)
5. Click Online (Recommended) and continue.
Here you can see the draft or pending returns if any.. otherwise click Start New Filing. (Above Image)
6. Choose Individual option and continue
In the next page you need to choose your ITR form.
7. Select ITR Form : Choose ITR-1 for salaried then proceed.
In the next page you can see there are three steps you need to finish for filing your income tax return.
- Validate your returns breakup (Pre-filled)
- Confirm your return summery
- Verify & submit your Return
Let’s go started..
8. In this page, you need to choose your reason for income tax filing.
If your income is more than Rs.5,00,000/- then select the first option – taxable income is more than exception limit (Indian government announced that income up to Rs.2,50,000/- is exception and tax for Rs2,50,000/- to Rs.5,00,0000/- is rebated)
And select any one option whichever is applicable in the second section.
Or simply select other. and confirm,
After that, there will be a pre-filled income tax return. If you have already filled, having any TDS receivable.
9. Check and update your personal information.
10. Choose nature of employment to others.
11. Filling Section – Choose 139(1) Return filed on or before due date.
12. Are you opting for new tax regime u/s 115BAC? – Click no to use the old tax system.
13. Check and update your bank details. and choose any one bank as primary for refund.
After finishing personal and gross total income section, you need to update total deductions.
Once you clicked on the total deductions tab, you will be asked to choose any deductions if you want to apply like house rent expense, travelling allowances etc.
You can select the deductions head and put the expenses value here. or you can skip this section here and put it directly in the next screen.
After summiting the details, the page will be redirected to gross total income page.
14. Click edit and give your total salary earnings from April 2020 to March 2021 in gross salary section.
15. If you gave any deductions whichever in the last screen, it will be reflected here. otherwise you can directly add the allowances like travelling and house rent and save it.
16. Whatever you gave as the allowances will be subtracted from your total income.
17. Slandered deduction Rs.50,000/- also be deducted automatically for every salaried person.
18. Income from other sources: You can add if you have any other taxable incomes here.
After completing this page, you need to select the tax paid section and click proceed. Here it will show if you have any tax payable, Already paid, professional taxes paid, TDS receivable etc..
As i informed If your income is below 5 laksh then you don’t need to pay any tax.
19. After finishing that, complete the tax liability by simply verifying the details and submit.
20. Verify and click preview return.
In this below page, Click the check box, give your name and your father name, Choose self and give your PAN number then click on proceed to preview.
21. Check the income details and click on proceed to validation
22. After successful validation, you need to verify your return. Click on proceed to verification.
23. Choose “e-Verify now” option and select “I would like to verify using OTP on mobile number registered with Adhar”
You will receive an OTP to your mobile number whichever is updated in your Adhar, Enter the OTP and submit to verify your return.
24. Click Submit to file your income tax return