How to File Income Tax Return For Salaried Employee – Steps to ITR E-Filling

Feeling stressed about tax season and the upcoming deadline for filing your income tax returns (ITRs) using the ITR e-filing system? Don’t worry, we’ve got your back! The deadline for filing your ITRs is fast approaching on July 31st, and we understand how overwhelming it can be to navigate through the process.

For most of you who prefer the convenience and efficiency of filing your ITR online through the income tax department, we’ve taken the initiative to create a comprehensive, step-by-step guide that will make your life easier. Our user-friendly guide will walk you through the entire ITR e-filing process, ensuring that you can complete your tax return submission accurately and on time.

Filing your income tax returns through ITR e-filing has numerous advantages, such as faster processing, instant acknowledgment, and the ability to access previous tax records easily. However, we understand that it might seem daunting, especially for first-timers. But fear not, our expert team has broken down the process into simple, easy-to-understand steps, eliminating any confusion you may encounter along the way.

So, instead of feeling overwhelmed, why not take a moment to relax? Grab a cup of coffee, get comfortable, and allow us to guide you through the ITR e-filing process smoothly. We’re confident that with our assistance, you’ll be able to complete your ITR submission with confidence, ensuring compliance with all the necessary tax regulations.

Remember, the deadline is just around the corner, and it’s crucial to file your ITRs on time to avoid penalties and interest charges. So, let’s get started on your ITR e-filing journey together and make this tax season a stress-free and successful one!

How to File Your ITR for FY 2022-23 – ITR E-Filing Steps

• Collect Important Documents: Start by gathering all the necessary documents needed to file your ITR. These include your Form 16 (TDS certificate), bank statements, investment proofs, and any other supporting documents related to your income, deductions, and exemptions.

  (Note: Don’t worry if you don’t have Form 16. You can still calculate your income using alternative documents like salary slips, bank statements, and investment statements. Additionally, you can access information about your TDS and TCS through Form 26AS, which can be downloaded from TRACES via the Income Tax portal.)

• Choose the Right ITR Form: It’s crucial to select the appropriate ITR form based on your income sources, residential status, and other factors. In India, different ITR forms (ITR-1 to ITR-7) cater to different categories of taxpayers. Make sure you choose the form that best suits your specific situation. If you’re a salaried person, you can choose ITR-1, ITR-2 or ITR-3.

• Calculate Your Taxable Income: Next, calculate your total income for the financial year by considering all sources of income, such as salary, business income, rental income, capital gains, and other earnings. Deduct eligible deductions and exemptions to arrive at your taxable income.

• Fill Out the ITR Form: Now it’s time to accurately fill out the selected ITR form. Provide all the necessary details, including your personal information, income details, deductions, tax payments made, and other relevant information. Take extra care to ensure the information you enter is correct to avoid any discrepancies.

• Submit Your ITR

A Step-by-Step Guide to ITR E-filling

Before we get into the steps, first thing first, open the ITR e-filing website – https://www.incometax.gov.in/iec/foportal/

Step 1

Get started by logging in to the ITR e-Filing portal using your user ID and password. And now, let us go through the process together, one step at a time.

Step 2

Head over to your Dashboard and click on “e-File,” then select “Income Tax Returns,” and finally click on “File Income Tax Return.” 

Step 3

Now, let’s set the stage for the upcoming financial year. Choose the Assessment Year as 2023–24 and select “online” as your Mode of filling. Hit that “continue” button to move forward.

Step 4

Got a pending return that needs your attention? Just click on “Resume Filing” to pick up where you left off. If you want to start fresh and forget about the saved return, click on “Start New Filing.” It’s all about flexibility!

Step 5

Choose your status (individual, freelancer, or whichever applies to you) and hit “Continue” to move to the next step.

Step 6

Now, let’s figure out the right form for your Income Tax Return. If you already know which ITR form to file, go ahead and select it. But if you’re not quite sure, no worries! Just click on “Help me decide which ITR Form to file” and let the system guide you. It’s like having a helpful virtual assistant by your side. If you’re a salaried employee, you can opt for ITR-1, ITR-2, or ITR-3.

ITR Form for Salaried Employee

ITR Form	Eligibility
ITR-1 (Sahaj)	If you are a salaried employee earning up to ₹50,00,000 in total income, you need to file your income tax returns using the ITR-1 form. This total income includes your salary and any additional earnings from other sources. However, to be eligible for ITR-1, you should not own more than one house property. Also, your income from agriculture should not be more than ₹5,000. Make sure to keep these criteria in mind while filing your tax returns.
ITR-2	The ITR-2 form is suitable for salaried individuals whose total income is up to ₹50,00,000. If your total income exceeds ₹50,00,000 or if you have more than one house property, then you should use the ITR-2 form for filing your income tax returns. Furthermore, individuals who generate income from capital gains and/or other sources, but not from profits or gains from business or profession, are also eligible to file their tax returns using the ITR-2 form.
ITR-3	If you are a salaried employee and have income from various sources such as salary, business or profession, house property (one or multiple), capital gains, and other sources, you can use the ITR-3 form to file your income tax returns. The ITR-3 form is designed to accommodate individuals with multiple income streams and offers a comprehensive way to report and file taxes for such cases.

Step 7

Great! You’ve selected the right ITR form. Now, take note of the required documents, and let’s dive into the process. Click on “Let’s Get Started.”

Step 8

We need to know your reason for filing the ITR. Choose the checkbox that applies to you and hit “Continue.” We’re almost there!

Step 9

If you’re considering the New Tax Regime, select “Yes” in the Personal Information section. Keep in mind that certain deductions and exemptions may not be available in this regime. Take a moment to review your pre-filled data and make any necessary edits. Enter any remaining or additional data required, and click “Confirm” at the end of each section. You’re doing great!

Step 10

Time to enter or edit your income and total deduction details in different sections. Once you’ve completed and confirmed all the sections, click on “Proceed.”

Step 10a: Uh-oh, if there’s a tax liability, we need to sort it out. Click on “Total Tax Liability” to view a summary of your tax computation. If there’s a payment due, you’ll see options to “Pay Now” or “Pay Later” at the bottom of the page.

Note: We recommend using the “Pay Now” option to avoid any complications. However, if you choose “Pay Later,” make sure to submit the payment after filing your Income Tax Return. Keep in mind that delaying payment might incur interest charges.

Step 10b: Good news! If there’s no tax liability or you’re eligible for a refund, click on “Preview Return.” This will take you to the Preview and Submit Your Return page.

Step 11

If you want to make the payment right away, click on “Pay Now.” You’ll be redirected to the e-pay Tax service. Just hit “Continue” to proceed.

Note: Once you click “Continue,” you’ll find yourself on the e-Pay Tax page for making your tax payment. If you need more guidance, check out the e-Pay Tax user manuals.

Step 12

Congratulations! After successfully making the payment through the ITR e-Filing portal, a success message will appear. Click on “Back to Return Filing” to complete the filing of your ITR. You’re almost there, my friend!

Step 13

Let’s take a moment to review. Click on “Preview Return” once again.

Step 14

On the Preview and Submit Your Return page, select the declaration checkbox to confirm your information, and then click on “Proceed to Preview.”

Note: If you haven’t been involved in a tax return preparer or TRP, just leave those textboxes related to TRP blank.

Step 15

Fantastic! Now, it’s time to preview your return. Take a final look and click on “Proceed to Validation.”

Step 16

After validation, you’ll be back on the Preview and Submit Your Return page. This time, click on “Proceed to Verification.”

Note: If any errors are found in your return, you’ll be shown a list. Don’t worry; just go back and correct them. If everything looks good, click on “Proceed to Verification” to move forward.

Step 17

We’re almost at the finish line! On the Complete Your Verification page, choose your preferred verification option and click “Continue.”

Remember, verifying your return is mandatory. The easiest and recommended option is e-Verification (e-Verify Now). It’s quick, paperless, and safer than sending a physical ITR-V by speed post.

Note: If you select “e-Verify Later,” you can still submit your return, but make sure to verify it within 30 days of filing your ITR. If you fail to verify your tax return within the 30-day time limit, it will be considered “Invalid” and nullified. Essentially, this means that no income tax return has been filed at all. So, make sure to complete the verification within the given timeframe to avoid any complications.

Step 18

Final stretch! On the e-Verify page, select your preferred verification option and click “Continue” once again.

Once you’ve successfully e-Verified your return by using modes like Aadhar Card, Bank account number, Demat account number, Registered mobile number, Netbanking, or Bank ATM, a message will pop up, displaying the Transaction ID and Acknowledgment Number. You’ll also receive a confirmation message on your registered mobile number and email ID.

And done, now breathe a sigh of relief.

What will happen if you miss the due date or make a mistake while filing my ITR?

Missed the Due Date?

No worries! You can still file a belated return. The filing deadline for a belated return for the financial year 2022-23 (assessment year 2023-24) is December 31, 2023. However, keep in mind that you’ll have to pay a late fee under section 234F. The fee amount varies based on your income and the date of return filing. Just remember, the maximum fee you’ll have to pay is Rs. 5000/-.

Made a Mistake?

We all make mistakes sometimes! Fear not; you can easily correct any errors in your already filed Income Tax Return. Simply revise your ITR by the deadline, which is December 31, 2023, for the financial year 2022-23 (assessment year 2023-24). Take this opportunity to fix any mistakes and ensure your return is accurate.

Remember, it’s important to stay on top of your tax obligations and file your returns on time. But if you do happen to miss the due date or make a mistake, these options are here to save the day. Happy filing!

FAQs on ITR E-Filling for Salaried Employees

1. Which ITR type is required for salaried employees?

For salaried employees with a total income of up to ₹50,00,000, the appropriate ITR e-filing type is ITR-1. It is specifically designed to cater to individuals with income from salary, one-house property, other sources like interest income, etc.

2. Is TDS refundable on salary?

Yes, TDS (Tax Deducted at Source) on salary is refundable if the amount of TDS deducted is more than the actual tax liability. This typically happens when the employee has claimed deductions or investments that reduce their taxable income, resulting in a lower tax liability than the amount of TDS deducted.

3. What is the income limit for ITR?

All individuals, including salaried employees below 60 years old, are required to file their ITR if their gross total income is more than Rs 2.5 lakh in a fiscal year. However, for salaried individuals with a total income of up to ₹50,00,000 and who meet certain conditions, the ITR-1 form is applicable. Beyond that income threshold or for individuals with specific types of income, other ITR forms like ITR-2 or ITR-3 may be required.