ITR Filing Online 2024-25 | Income Tax Return ( ITR 1) filing online 2024-25 (FY 2023-24) | Guide

Summary

In this video, Pramod explains how salaried individuals can easily file their Income Tax Return (ITR) themselves in just 10-15 minutes without needing professional help. He guides viewers through the process on the Income Tax portal, detailing necessary documents like Form 16 and Form 26AS. The video covers step-by-step instructions on logging in, filling out personal information, declaring income, applying deductions, verifying tax paid, and submitting the return. He emphasizes the ease of filing ITR online and ensures users know how to verify and submit their returns successfully.

Takeaways

• 😀 You can file your Income Tax Return (ITR) by yourself without hiring a professional, especially if your income comes from salary or other common sources.
• 😀 The process of filing ITR online is simple and can be completed within 10-15 minutes using the Income Tax portal.
• 😀 The key documents required for filing ITR are Form 16 (from your employer) and Form 26AS (for details of TDS deductions).
• 😀 Form 16 contains detailed information on your salary and the TDS deducted by your employer, while Form 26AS provides a summary of all TDS deductions from various sources.
• 😀 To download Form 26AS, you need to log in to the Income Tax portal, where it will automatically populate your TDS details when filing ITR.
• 😀 When filing your ITR, make sure to select the right tax regime (Old or New) and enter your personal and income details correctly.
• 😀 Your salary income details will be auto-populated from Form 16, and if needed, you can manually update any discrepancies or missing data.
• 😀 You must fill out details about any income from rental properties and other sources like bank interest or FD interest, and ensure these are correctly entered into the form.
• 😀 The deductions section allows you to claim tax-saving deductions under sections like 80C, 80D, and others for things like life insurance, PPF, and medical insurance.
• 😀 After filling in all sections, review your total tax liability, and ensure everything is accurate before confirming and submitting your ITR. You will also need to e-verify your ITR to complete the process.

Q & A

What is the first step to file your Income Tax Return (ITR) online for salaried individuals?

The first step is to log in to the Income Tax Portal using your PAN number. If you are not already registered, you must create an account on the portal with your PAN and other necessary details.

What documents are essential for filing ITR for salaried individuals?

The two essential documents for filing ITR are Form 16 and Form 26AS. Form 16 is provided by your employer and contains details of your income and TDS deductions. Form 26AS shows all the TDS deductions applicable to you, including those from your employer and other sources like bank interest.

Where can you find Form 26AS and how do you download it?

Form 26AS can be downloaded from the Income Tax Portal. After logging in, go to the 'e-file' section, select 'Income Tax Return,' and click on 'View Form 26AS.' You'll then confirm the disclaimer and select the appropriate assessment year to download the form.

How can you verify if your TDS details are correct while filing ITR?

You can verify your TDS details by cross-checking the information in Form 26AS. This form will show all the TDS deductions, which should match the details entered while filing your ITR. Any discrepancies can be corrected directly in the portal.

What should you do if the TDS information in Form 16 is incorrect?

If there is any error in Form 16, you can edit the details while filing your ITR online. You can make necessary corrections to ensure accurate data is reflected in your ITR filing.

How do you proceed after logging in to the Income Tax Portal to file your ITR?

After logging in, you should go to the 'Home' page and click on the 'File Now' option. Choose the appropriate assessment year and select 'Online' as the mode of filing, then proceed to the next step.

What is the 'Standard Deduction' for salaried individuals, and how does it affect ITR filing?

Salaried individuals are eligible for a standard deduction of ₹50,000 under the Income Tax Act. This deduction is automatically applied in your ITR under the 'Income from Salary' section and reduces your taxable income.

What tax regime should you choose while filing your ITR, and how can you make this selection?

While filing your ITR, you will be given a choice between the 'Old Tax Regime' and the 'New Tax Regime.' The new tax regime offers lower tax rates but without most exemptions, while the old regime provides various exemptions. You can select the appropriate regime based on your preference.

How do you add details for income from other sources like bank interest or fixed deposits in ITR?

For income from other sources such as bank interest or FD interest, you need to add the total amount of interest earned during the financial year. This amount can be retrieved from your bank statement and entered into the 'Income from Other Sources' section of the ITR.

What is the process for verifying your ITR after filing?

After filing your ITR, you must verify it using one of the e-verification methods available on the Income Tax Portal, such as Aadhaar OTP, EVC (Electronic Verification Code), or a physical signature. Once verified, your ITR is officially submitted, and you will receive a confirmation via email and SMS.