Sage-Tips

Which ITR to file for salaried individuals?

If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2. And if you are having income from business or profession, then you should file ITR 3. In case you are following presumptive income u/s 44AD /44AE, then you should file ITR 4 (sugam).

What are the steps to file ITR for a salaried employee?

Steps to File ITR-1

1. Go to the menu section and select E-File > Income Tax Returns > File Income Tax Returns.
2. Select the applicable Assessment Year, i.e., AY 2021-2022 for filing tax returns for the FY 2020-201 and mode of filing, i.e., Online, and then click on continue.
3. Select your ITR form type, i.e. ITR-1.

How do I pay income tax online for an individual salaried employee?

Steps to Pay Income Tax Due

1. Step 1: Select Challan 280. Go to the tax information network of the Income Tax Department and click on ‘Proceed’ under Challan 280 option.
2. Step 2: Enter Personal Information. For individuals paying tax:
3. Step 3: Double check Information.
4. Step 4: Check Receipt (Challan 280)

What happens if a salaried employee does not file ITR?

Filing of Return within due date: Non-filing of Income Tax return within the due date may attract a penalty of Rs. 5,000 or more and an interest at the rate of 1\% on the outstanding amount of tax. Further, the individual may also lose the benefit of a set of losses if any.

How do I declare income tax?

1. Go to e-Filing website.
2. Login to e-Filing website.
3. Choose the right income tax form.
4. Check your personal details.
5. Fill in your income details.
6. Check the total taxes you are due or your tax return.
7. Declare, sign and send.
8. What are the available Tax Reliefs for Year Of Assessment 2020? (Tax filed in 2021)

Can a salaried person can file ITR 4?

Who is not required to file ITR 4 for AY 2021-22? An individual having income from salary, house property or other sources above Rs 50 lakh cannot use this form. An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.