Filing Income Tax Returns Online: Guide for Salaried Employees

Filing Income Tax Returns is obligatory for individuals, entities, and corporations falling within the current tax slab provided by the government of India. All individuals earning income in India are required to familiarize themselves with the rules and regulations related to Income Tax. As per the Income Tax Act 1961, all income earners must submit a report of their incomes, expenses, and taxes to the Income Tax Department annually, known as "Income Tax Return." Online ITR filing is available for salaried employees, individuals, HUFs, firms, and LLPs. Among the individuals to whom ITR is applicable, salaried employees are the most common. In this article, we will explore the process of filing ITR online for salaried employees.

Who is considered a salaried employee in online ITR filing?

Under the Income Tax Return Act, salary is one of the categories of income. Therefore, the calculation of tax liabilities and received incomes is based on a person's salary. According to section 17 of the Act, the term "salary" for online ITR filing includes the following sources of income:

  • Wages
  • Pension
  • Gratuity
  • Advance payment of salary
  • Leave encashments
  • PF (to the extent it's chargeable as per laws)

Individuals earning income through any of the above methods are considered "salaried employees" for online ITR filing.

Is online ITR filing required for all salaried individuals?

Only salaried employees with a total income of up to INR 50,00,000/- are required to file ITR online using form ITR-1. For the upcoming due date of ITR filing for FY 2022-23, salaried employees with an annual income up to Rs. 2,50,000/- are exempt from paying taxes.



 

 

Location: New Delhi, Delhi, India

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