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ITR Filing for salaried employees | Online Tutorial AY 2022-23 | Income Tax Return | LLA - YouTube
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If you are a salaried employee
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So to file your return
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Neither need to pay anyone nor professional required
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You can file your return in just 10-15 minutes
from the Income Tax website itself.
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how to do it?
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that we will learn in today's episode
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Hello Friends!
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I am your Jagruk RJ Rishabh
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and you are watching the Labour Law Advisor
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If you haven't subscribed, the channel yet
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So please do, is very wrong
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[intro]
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So in today's episode, we are going to learn
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How to file ITR-1?
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those people, who file returns
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the work of more than 50% of them only done with this form
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There are five heads of income
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and out of these five heads,
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if your income is in these three heads,
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that is, Income from salary,
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Income from one-house property
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and Income from other sources
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then you can file the ITR-1
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which is easiest among all.
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For clarity, go to the Income Tax website
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There click on the help section
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Here in the View All topic, you will find
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Returns applicable for me
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and look at the top
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Details of ITR One Sahaj are given
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in which, it is written
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if the salaried person is there,
If income is coming from one house property,
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Other sources, such as a family pension,
have income from interest
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and agriculture income is less than Rs 5000
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they can file ITR-1
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who can not do it?
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the one, who is a director in any company,
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Those who have any income coming from outside
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those who have shares of an unlisted company/ ESOP
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Or did they have a loss
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which they want to carry forward further
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All these people have to file ITR-2
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Apart from this, there are some other forms of ITR as well,
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like, ITR-3, ITR-4
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which are generally helpful for business owners
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If you have any of these incomes
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So you can file ITR-2
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Which is a bit more complicated than ITR-1
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but watching this video
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Your basics will also be cleared
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So the biggest question that comes
to our mind while filing a return is
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which value will go into which head?
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whether we need to see our complete
bank statement balance sheet?
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to take out those numbers
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No, for that you have to refer to 2 forms
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the first is FORM-16
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and the second is FORM-26AS
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This Form 16 is available on Trace's website
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and is provided to you by any particular company
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Here will be the details of the company,
whose this form-16 is.
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And here your name will be mentioned
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that looks like something
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So in this trace form
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How much did your employer pay you quarter-wise
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And how much of your tax they have deducted
and deposited against your PAN
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that is shown here.
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If you scroll to page 3 of the same form
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so here you will find,
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What is the total payment received against your salary?
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How many allowances have been received?
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All those details will also be visible point by point
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And also the declaration you have given
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that much tax was deducted
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I have made 80C/80D investments in these places
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All of them will be reflected here
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here, your total taxable income will also be shown
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And also how much net tax is being imposed on you?
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It is based on the assumptions that,
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That whatever your income is,
you have already declared to the company
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Suppose there is some such income
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which you have not declared to the company
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it won't show up in Form-16
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And then you will have to enter it
manually while filing the return
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we will learn that too
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Also in the Particulars of this Form
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How much payment have you received
against which allowance?
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Like, Basic, Conveyance Allowance
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House rent allowance, LTA
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All those breakups will also be seen
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Now let's log in to the Income Tax Portal
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Login ID will be your PAN card
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Before proceeding to return filing,
check your personal information here
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Especially your phone number and email ID
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Before filing return
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We will first see the form 26AS
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Choose the assessment year, which is current
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Click on the view as HTML
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Once you have to click view download
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And then click on Export to PDF
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so, this is your form 26AS
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As Form 16 provides you with the details
of a particular employer
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like, how much he paid you?
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How much TDS is deducted?
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Form 26 shows Your overall tax deduction
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Shows your overall income
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You may have multiple employers in a particular financial year
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Apart from this, also from bank deposits
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or other freelancing income
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you have got some tax deduction
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or you got some income
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You will see all that income in Form 26AS
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here you have to mention the name of your employer
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And in which month how much payment has come?
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How much tax has been deducted can see there
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In this particular case, you can see that
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Which employee's income is coming from multiple sources
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have been multiple employees this year
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All those details are visible here
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For example, from the 1st company,
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There has been some income of 5,80,000
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and TDS of 17,000 deducted
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So now click on file now to file the return
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select the assessment year
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as a current assessment year
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and click on the online form
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Then you have to select the option Start New Filing
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Continue selecting the Individual option
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select ITR-1
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let's get started
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If your overall income is more than Rs 5,00,000 then,
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select the first option
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don't be fear
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Maybe after adding the deduction
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maybe your income will come below the taxable limit
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and you don't have to pay any tax
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But by selecting the first option, you go ahead
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first, go to the personal information
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Here, verify your details by the profile at the top
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Verify the contact details once
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After that, you have to select Nature of Employment
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whatever your employment is
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The central government, state government, public sector
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Otherwise, you can select other
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If you are filing your return before the due date
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then select “section 139(1)”
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Lastly, you have to select whether
you want to move to New Texas Regime
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you can select that as “no”
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in the bank details section,
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You will see all your bank accounts linked against PAN
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Select which of these banks you want your refund in
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select at least one option
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This personal detail section is completely verified
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now do continue
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In the cross total income section,
you will see this question answer
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you can skip that
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And edit the “income from the salary section” once
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Here is all your income, which was
shown to you in Form 26AS and Form 16
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it will come pre-filled automatically
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That is, you can see the total salary income here.
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how many other perquisites you have,
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which are already mentioned there,
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will be seen here as pre-filled
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But you have to fill in the details
of exemption allowance here manually.
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Here in our case, LTA is Rs 13,000
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that I have added
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Whatever your exempted allowance other than this,
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you fill it here
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like, LTA in this case
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got some reimbursement
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which comes to the exempt head category
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Other than that, there is an allowable exemption of HRA,
which we have filled in here.
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By the way, in HRA
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You calculate the exempted amount
by comparing the three values
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On which we have already made a detailed video
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You will find its link in the pinned comment of the video
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After adding all these allowances
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Below you will find the net salary and
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Income chargeable under head salaries' calculation
automatically
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if any of your professional tax has been deducted,
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Its value will also automatically reflect here
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Now if scroll down in this section
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Then you will see income from house property
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If you have any rental income coming from any house property
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You can add it by going there
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here, select the option “Let out”
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And how much is the rent received in that year,
mention it here
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no rental income in our case,
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so I am cancelling it
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And lastly, income from other sources,
you will see the section here
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If you have any interest income
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So already here it will be populated in most cases
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If there is any such income other than this
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which you want to reflect here
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Then by clicking on add another option
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you can add that income here
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So look here, your two details have been confirmed.
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let's move on to the third section
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we can skip questions
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about all those deductions in this section
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Which already you have been updated in your Form-16
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it will be visible to you by populating your screen
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For example, you have paid Rs 35,000 in 80C
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Have paid some of your premiums in 80D health insurance
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If you feel the amount is wrong
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or if it is more/less, then you can edit it here
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If I want to change the amount in 80C from 35,000 to 50,000
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I have done some last movement
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so I can edit it by going here
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other than this, if any deduction is there
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which is not reflected here
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then you will get the whole list here
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like, if you go to the “See all deductions”
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and here if you want to add an NPS deduction
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So you can add the deduction of NPS from here
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Suppose you have donated to a political party,
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So you can add its section from here
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If you are not getting HRA at all
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But you live in a rented house
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so you can add an 80GG section here
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You will get the list of all these sections here
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by the way, if you want to know something more
about these all deduction
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then you can check out
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Tax planning course for salaried employees by LLA
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In which you are going to get so much savings in such a price
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and you don't trust on me
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go to the website below
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read the reviews
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More than 5000 people are saving their taxes from that course
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you can also save
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Tax planning for Salaried Employees course
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by Labour Law Advisor
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So here you will see the total deduction
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you confirm it and go ahead
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in the next part, we will see
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Which already we have paid tax
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you can verify that by form 26AS
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Whether you are seeing the same number here or not
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and by this last section
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You will see your total tax liability
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You will see the complete tax computation here
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And if you have not paid advance tax
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or if you pay your tax late
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So whatever the interest penalty is on you,
it will also be visible
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like, in this particular case
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Penalty and interest of about Rs 3000 have been imposed
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you don't have any option in this
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You have to click on confirm and move ahead
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With this, our whole ITR filing process is completed.
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you have to proceed
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and here you will find the option
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to pay now or pay later
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Now, after making this payment,
your return filing process will be completed
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which you also need to verify
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Let me show you one such ITR verification
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in which tax payment is zero
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so that you also learn those steps
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Here, if your payment is being made
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So even after making the payment, you will see the same steps
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Or maybe some of your refunds are coming
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then also the same steps will be visible
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So, this is another ITR
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in which tax is not to be paid
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In fact, getting a refund of Rs 5000
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Here below you will click on Preview Return
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Whatever information you have filed
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that all will be visible here
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You can check it once again
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and click on the “proceed to validate” option
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Many people after making their ITR payment
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don't even validate it
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until validation does not occur
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ITR is not considered to be final
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so this step is very important
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even though your net tax payment is zero, then also
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Here you will see three options
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In which you select the first option
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And verify your ITR through Aadhaar OTP
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click continue option
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You can verify through an OTP on
whatever number you have linked with Aadhaar.
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select this and click on the “Continue”
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so we added the OTP
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and then finally click on submit
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In fact, while it is loading, let me tell you one thing
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If you haven't verified your return within 120 days,
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then it becomes nil
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You can download this ITR receipt
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print it and keep it safe somewhere
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So, the Income Tax Return acknowledgement has come to you.
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So friends go to file your return
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two things are there
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maybe some refund is there,
which you may get from income tax
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Or maybe you are under the taxable limit
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and you have to pay some tax
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in the second scenario
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you must check out our Tax Planning Course
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because, maybe
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by using all the tricks and tips given in it
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You can maximize your exemptions, deductions
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You can understand the details of all the allowances
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And maybe next year you can reduce your tax a little bit
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Or maybe your tax will be zero
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because your tax planning is
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Not while filing the return
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But it starts at the beginning of any financial year
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You may have to adjust your allowance like this
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So that your tax is slightly
reduce than the Existing Taxes Limit
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We taught all these tips in our course
in a very detailed manner
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and in very simple language
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by CA Anoop Bhatia
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Already 5000+ people have enrolled in this course
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and their reviews are so amazing
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one person wrote that
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He did not file his tax return earlier
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But after taking this course of 499
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Not only did he file his own return
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but, he also claimed a refund of tax of 35,000 rupees.
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two ninja techniques during the conclusion
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#1 first, whatever your investments are,
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80C, 80D, any life insurance
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declare all to your employer
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So that all that gets updated in your Form-16
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automatically, it will display in your returns
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And you don't have to manually enter that later
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#2, if you have any additional income
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So you can tell your employer again that too
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that you add 1 lakh rupees to my income
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Your little TDS will be deducted at that time
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But the interest penalty that seems heavy
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Which is coming to you for not making advance payment
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that will be saved
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So that's all in today's episode
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do like this video
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If you have any queries then tell me in the comment
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We and our community will try to answer them
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See you in another episode
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allow your Jagruk RJ
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Jai Hind!
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