File Salary ITR in 10 mins | CA Rachana Ranade

Summary

CA Rachana Ranade's video offers a comprehensive guide to filing ITR1 for individuals with income from salary, house property, and other sources, up to 50 lakh rupees. She emphasizes the importance of documents like Form 16 and AIS, and walks viewers through the process step-by-step, from validating pre-filled income details to confirming deductions and final tax liability. The video also addresses the new tax regime, the significance of e-verification, and offers assistance for those needing professional help, ensuring a clear understanding of the income tax filing process.

Takeaways

• 🚫 Beware of fraudulent advertisements promising high returns through stock tips, as the speaker does not provide advisory services but only educational content.
• 📚 The video is an educational guide on how to file an income tax return, particularly for individuals with income from salary, house property, and other sources.
• 📑 ITR1, also known as SAHAJ, is the appropriate form for filing income tax returns for individuals with income up to 50 lakh rupees from the mentioned sources.
• 📋 Essential documents for filing ITR1 include Form 16 from the employer, details of all income sources, and the Annual Information Statement (AIS).
• 🔒 AIS is a crucial document as it serves as a financial statement linked to an individual's PAN, reflecting all financial transactions including dividends and mutual fund units.
• 📝 The video outlines the step-by-step process of downloading AIS and using it to file the income tax return through the official government portal.
• 🔄 It is important to verify personal details, gross total income, deductions, and taxes paid during the filing process to ensure accuracy.
• 📉 The video explains the option to opt out of the new tax regime under Section 115BAC subsection 6, and how to use the income tax calculator to determine the most beneficial tax regime.
• 💡 The importance of e-verification is highlighted, as it is the final step that confirms the validity of the filed income tax return.
• ❓ For those who are not confident in filing their returns, the speaker offers to facilitate the process through a provided Google form link.
• 🌐 The speaker also promotes a community challenge on Nas.io/InvestInIndia for learning about legal tax-saving strategies, including those for NRIs.

Q & A

What is the main purpose of the video?

The main purpose of the video is to guide individuals through the process of filing their Income Tax Return (ITR1) in India, particularly for those with income from salary, house property, and other sources, and whose income is up to 50 lakh rupees.

Who is CA Rachana Ranade?

CA Rachana Ranade is a Chartered Accountant who provides educational content on finance and taxation through social media and her website, and she is the presenter of the video.

Why is it important to file an Income Tax Return?

It is important to file an Income Tax Return to comply with the tax laws, report taxable income, claim tax refunds, and avoid penalties or legal issues for non-compliance.

What are the three primary sources of income considered in the video for filing ITR1?

The three primary sources of income considered for filing ITR1 in the video are income from salary, house property, and other sources.

What is the significance of Form 16 in the ITR filing process?

Form 16 is a certificate provided by an employer that contains details of the tax deducted at source (TDS) on salary, which is essential for verifying the income from salary while filing the ITR.

What is AIS and why is it required for ITR filing?

AIS stands for Annual Information Statement. It is a financial statement provided by the government that consolidates all the financial transactions linked to an individual's PAN, such as dividend income, and is required to verify the accuracy of the income reported in the ITR.

How can one download AIS?

One can download AIS by logging into the income tax portal with PAN details, navigating to the AIS section, and downloading the statement in PDF format after entering the PAN and date of birth as a password for the password-protected document.

What is the difference between the old tax regime and the new tax regime mentioned in the video?

The difference lies in the tax calculation and rates. The new tax regime offers lower tax rates and is optional for taxpayers to choose. The video suggests using the income tax calculator on the income tax website to determine which regime is more beneficial for an individual's tax liability.

What is the importance of e-verification after filing the ITR?

E-verification is crucial as it confirms the taxpayer's identity and finalizes the ITR filing process. Without e-verification, the ITR is considered incomplete and invalid.

What should one do if they find an error during the validation process of ITR filing?

If an error is found during validation, the taxpayer should correct the error, save the changes, and revalidate the return to ensure all information is accurate before proceeding to verification.

How can viewers get help if they are not confident in filing their ITR themselves?

Viewers who are not confident in filing their ITR can seek professional help from a Chartered Accountant. CA Rachana Ranade offers to facilitate this process by providing a link to a Google form in the pinned comment and description box of the video.