1. INDIVIDUAL SALARY ITR FILING ( SINGLE FORM -16)
Income Tax Return (ITR) is a form where the taxpayers file the accurate and required information about his/her income earned for the financial year and taxes which apply to the income tax department. ITR (Income Tax Return) is a form that taxpayers are believed to submit to the Income Tax Department of India. In this form, All information related to the taxpayer’s yearly income and the whole amount of tax to be paid is mentioned along with a refund that needs to be credited for that specific year. The Department of income tax has announced seven types of forms to date. The Relevancy of these ITR forms differs based on earned income, source of the income of the tax-payer, and category of income.
2. About the Plan
Salaried people are issued Form 16 which provides salary information attained and advance taxes paid. Except for the basic salary, there are other elements being benefits that are completely and partly taxable. Further, there are tax-saving options available such as eligible investments under section-80C, donations made, etc. Note: You are instructed to upload Form 16 and Form-26AS (mandatory) to get an expert assigned to your order. We request you to attach these documents within the time of 24hours of plan purchasing to help us assign an Expert and file your returns on time.
3. Services Covered in Plan
- Filing ONLY ITR-1 (Sahaj)
- CA Expert assisted ITR filing
- ITR filing for salaried individuals with Form 16 upload
- Tax payable/refund and filing confirmation
- Suggestions on best tax saving options
- 24x7 Customer support from CA expert
- Incometax.gov.in Verify Submit
4. Who should buy
- Employees whose annual salary (Salaried / Interest Income) is less than Rs. 50 Lakhs
- Salaried employees who are having single or multiple Form 16
- Salaried employees who are having the ownership of properties (single or multiple)
- New joiners or freshers
- If your earned salary is more than Rs. 50 Lakhs
- If you are a boss in any company or a shareholder in an unregistered company.
5. How it is performed
This plan is furnished with end-to-end online completion through our experts. No annoyance, 100% safe, secure, and Digital.
6. 4 days estimate
Upload documents to the vault
Check Calculation sheet
Get ITR-1 after e-filing
Frequently Asked Questions
What is Form 16?
Form-16 is used to provide the information related to the tax deduction to their employee by the companies. Form 16 possesses all the valid details required to prepare and file your income tax return. In simple words, form 16 is a type of certificate that is furnished by your employer and it certifies the details of salary and amount of deducted TDS. Form 16 has two parts, Part A and Part B. Employers must issue it to their employees every year on or before 15th June of the subsequent year, If you misplace or lose your Form 16, you can request a replication from your employer. Form 16 is an essential form for salaried employees. If Your income for a financial year is more than the basic exemption limit of Rs. 2.5 lakh then your employer needs to deduct TDS on your salary and deposit it on time in the account of the government. Form 16 is issued under section 203 of the Income Tax act 1961. It is also known as a salary TDS certificate.
What is Form 26AS?
Form-26AS is a compact annual tax statement that contains information about tax deducted or collected at the source and TDS on various salaries, interest, self-assessment, and advances tax. The Budget for 2020-21 had declared the modified Form 26AS providing a more comprehensive profile of the taxpayer going further the details of tax organized and deducted at source.
What is HRA?
HRA stands for house rent allowance which is the payable amount along with salary by the employee of the employee. In simple words, HRA is the amount to meet the expenditure of an employee’s accommodation. The house rent allowance varies based on the salary of the employee and the place of living. An employee of both sectors public and private has a deductible house rent allowance included in their salary. Anyone can easily determine his/her HRA based on his/her salary and city.
What is the due date for return filing?
The income tax return the last date is the 31st of July by which the returns can be filed out without bearing a late fee or penalty. Those Taxpayers who file their return after the itr filing the last date will have to pay interest under Section 234A and a penalty under Section 234F. All taxpayers must recall the last date of filing income tax returns on time. The income tax return last date differs based on the category of taxpayers. For example, salaried individuals are usually instructed to file their income tax returns by the 31st of July, and corporates, firms, and organizations are required to conduct audits and can file their returns by the 31st of October of the assessment year until it is augmented by the government.
Can an individual file return after the due date?
If any individual is unable to file the income tax return at a given date then he/she can file the belated return by the 31st of December 2022 with the imposed penalty. The late fee for filing ITR is Rs. 5000 with the due date before the 31st of December 2020. However, the late fee for return filing is Rs. 1000 which should not exceed more than this if the net income of the individual is below the Rs.5 lakh.
Can I file a revised return to correct a mistake in an original return filed?
Yes. The return can be modified in one year from the end of the pertinent assessment year or before the completion of the assessment. To file revised returns is not a component of the plan. The Plan buyer is needed to furnish full and exact information to avoid the need for any rectification in the originally filed return.
Why do we need rent receipts in HRA?
A rent receipt is a necessary document that is used as proof of the rent paid to the landlord. It is a tool for tax saving and so should be collected and kept safely. Salaried employees must fill out rent receipts to declare their House Rent Allowance (HRA). if You want to claim income tax advantages on house rent allowance then you must provide the proof of rent paid to the employer.
What is Basic Salary?
This is a specified segment in your paycheck and forms based on other portions of your salary and the name. It is a considerable amount of your whole salary. HRA has also described a percentage of this Basic Salary. Your PF is deducted at 12% of your Basic Salary.
What is the cancellation/refund policy?
Refund or cancellation is pertinent only if no Expert has been assigned.
How tax exemption for Transport Allowance is calculated?
To calculate the tax on exemption allowance is not a hard nut to crack. It is a very simple process. Anyone can calculate his transport allowance. Let's have an example to understand how it is calculated. If your company or employer provides you Rs. 2100 per month as a transportation allowance then the taxable amount will be Rs. 500. Because we know that amount should be more than Rs 1600 per month to be taxed. If the received amount was Rs.1600 instead of Rs.2100 then It will be tax-free.