Filing your income tax return (ITR) online can seem like a daunting task, especially if you are doing it for the first time. However, with the right information and guidance, the process can be quite straightforward. This guide will help salaried employees understand how to file income tax returns online with ease. Additionally, if you have a home loan, knowing the tax benefits can be quite advantageous. Whether you are new to this or looking to enhance your understanding, this article is for you.
Understanding the basics of income tax filing
Filing income tax returns is an essential duty for every salaried employee. It helps the government in managing and allocating resources for various developmental activities. For salaried employees, understanding the basics of income tax filing is the first step towards a hassle-free experience.
Income tax is levied on the income earned by individuals, companies, and other entities. For salaried employees, the tax is deducted at source (TDS) by the employer, and the remaining tax, if any, needs to be paid by the employee. The financial year in India starts on 1st April and ends on 31st March of the next year. After the end of the financial year, individuals have to file their income tax returns, usually by 31st July.
It is important to gather all necessary documents such as Form 16, which is provided by your employer, bank statements, investment proofs, and other relevant documents. These documents will help you in accurately calculating your taxable income and claiming deductions.
How to file income tax return online for salaried employees?
Filing income tax returns online has become a preferred method for many due to its convenience and speed. Here’s a step-by-step guide on how to file income tax return online for salaried employees:
- Register on the income tax department website: Visit the official income tax e-filing website and register yourself using your PAN, which will serve as your user ID.
- Download form 26AS: This form contains details of tax deducted at source, and you can download it from the TRACES website.
- Choose the correct ITR form: For salaried employees, ITR-1 (Sahaj) is generally the applicable form.
- Fill in the form: Enter your details, and income details, and claim the eligible deductions.
- Verify your details: Cross-check all the entered details to ensure there are no errors.
- Upload the form: Once verified, upload the form on the e-filing portal.
- E-Verify your return: Complete the process by e-verifying your return using Aadhaar OTP, EVC generated through net banking or other methods.
Benefits of filing income tax returns online
Filing income tax returns online offers numerous benefits to salaried employees:
- Convenience: You can file your returns from the comfort of your home or office, at any time.
- Speed: Online filing is much faster compared to traditional methods.
- Accuracy: The online portal helps in reducing errors with automated calculations and validations.
- Refunds: If you are eligible for a tax refund, filing online speeds up the process.
- Record Keeping: Online filing provides a digital record of your tax returns, which is easy to access when needed.
Preparing to file income tax returns online
Preparation is key to ensuring a smooth and accurate filing process. Here’s what you need to do to get ready:
- Collect necessary documents: Gather all required documents such as Form 16, salary slips, bank statements, and investment proofs.
- Check form 26AS: Ensure that the TDS details in Form 26AS match with your Form 16.
- Calculate your income: Include all sources of income like salary, interest from savings accounts, and any other income.
- Claim deductions: Make a list of all eligible deductions under sections 80C, 80D, etc., to reduce your taxable income.
- Choose the correct ITR form: Make sure you select the appropriate ITR form based on your income sources.
Tips for a smooth filing experience
Here are some tips to make your online tax filing experience smooth:
- Start early: Don’t wait until the last minute to file your returns.
- Double-check information: Ensure all the information you provide is accurate to avoid errors.
- Use the latest forms: Make sure you are using the latest ITR forms available on the portal.
- Save your work: Save your progress frequently to avoid losing data.
- Seek help if needed: Don’t hesitate to seek professional help if you are unsure about any aspect of the filing process.
Explore Bajaj Housing Finance Home Loan
Availing of a home loan from Bajaj Housing Finance can also offer tax benefits. Under Section 24 of the Income Tax Act, you can claim deductions on the interest paid towards your home loan. Additionally, if you are a first-time homebuyer, you can avail of additional benefits under Section 80EEA, further optimizing your tax savings.
Bajaj Housing Finance Home Loan can be a great option for salaried employees. Our loans offers competitive interest rates and long repayment tenures, making them an attractive choice for homebuyers.
Here are some attractive features offered by Bajaj Housing Finance Home Loan:
- Flexible repayment options: Enjoy extended repayment durations of up to 32 years, allowing you to select a plan that best fits your financial situation and simplifies the repayment process.
- Competitive interest rates: Begin your homeownership journey with appealing interest rates starting at just 8.25%* p.a, and EMIs as affordable as Rs. 741/lakh*, making homeownership more accessible and economical.
- Customisable loan options: Tailor your home loan to meet your specific needs with variable loan amounts, and repayment terms, giving you greater control over the home-buying process.
- Top-up loan facility: Enhance your financial flexibility with a top-up loan facility, providing access to additional funds of Rs. 1 crore* or higher at competitive interest rates and minimal documentation, making it easier to manage a home loan balance transfer.
So, simplify your taxes while fulfilling your homeownership dreams with Bajaj Housing Finance Home Loan.
