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Income tax return for salaried employees!

Pavel (Student CA Final) (212 Points)

26 March 2014

dear experts, i am new to the task of filing return. I Need to file a return of an individual who is a salaried employee and has form 16. can anyone please guide me as to the following queries:- - the documnts relevant. - the matters to be kept in mind as such while planning tax - others if any. it may look as a silly question in front of experts like u all but i ll b grateful if u provide me with ur precious advise!! thank you all !!

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5 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 26 March 2014

Dear pavel, if you want to file itr for salried employee then download itr1 form income tax site. Check 26as. Then fill is as per the instruction given in itr( I.e fill all red column of itr as these are mandatory) . Double check PAN no. And personal details. Fill it according to form 16. ( if no other income) click on auto calculation for calculating tax. Fill tds area carefully with correct TAN no mentioned in your form 16. Upload it on income tax site by making it XML. Enjoy :)

CA Nitin K. Varshney (FCA DISA CCA Peer Reviewer (ICAI)) (606 Points)
Replied 26 March 2014

dear pavel, filing of itr of salaried employee is not so difficult. download excel or java utility from e-filing website. fill all the relevant part of form. check 26as of the assessee for tds details. fill the salary income from form-16 and other incomes, if any. check validity of all sheets and caclulate tax. after generating xml file, upload it on e-filing website.

Pavel (Student CA Final) (212 Points)
Replied 26 March 2014

Thank you experts.. But isnt it itr 2? Instead of itr 1?

sadashiv Rupchand Gaikwad (Proprietor) (521 Points)
Replied 13 April 2014

ITR1 for salary, One Housing Loan, & Ohter sources Income

Madav (Senior Consultant) (172 Points)
Replied 13 April 2014

I was looking into your query and it might be late to answer but I still thought it might be a gooid idea to give you heads up on the second part of your query (while first one was precisely answered by othr collegues), There are limited options available for salaried person wrt to tax planning. One best option is to invest in various schemes menioned u/s 80C such as Investment in Life insurance policies (remember not every policy is covered so please make sure you double check before buying), Tax savind deposits,Pension fund etc..This will give you a deduction upto Rs 100000/-, you can also avail deduction u/s 80D upto Rs. 30000 (including insurance for parents), there are other section as well which you can to reduce your overall taxable income.. Post your reply if you are interested in that..

Rgds,

Madav