Don't Miss the Deadline: How to File Your Income Tax Returns (ITR) for 2023 as a Salaried Employee in India

Filing income tax returns is a time-consuming and tedious task for many of us unless we approach a chartered accountant or a tax consultant. As a salaried employee in India, it is essential to file your Income Tax Return (ITR) every year. The ITR filing process can be a bit intimidating for those who are not familiar with it, but with a little bit of guidance and understanding, it can be easily done. In this blog post, we will walk you through the steps you need to take to file your ITR for the year 2023. 

Step 1: Gather all the necessary documents

Before you start the ITR filing process, you need to gather all the necessary documents. Some of the important documents that you will need are your Form 16, salary slips, bank statements, investment proofs, and PAN card.

Step 2: Choose the appropriate ITR form

The next step is to choose the appropriate ITR form. As a salaried employee, you will most likely need to file either ITR-1 or ITR-2, depending on your income and sources of income. This is the most important step and you can easily identify the form by reading the description given against each form on the income tax India website.

Step 3: Calculate your taxable income

Once you have the necessary documents and have chosen the appropriate ITR form, you need to calculate your taxable income. Your taxable income is your total income minus any deductions that you are eligible for, such as Section 80C and other Chapter VI-A deductions. You can use the tool given on the income tax India website for easy calculation. 

Step 4: Fill out the ITR form

Once you have calculated your taxable income, you can start filling out the ITR form. The ITR form will ask for your personal details, income details, deductions, and tax liability. Make sure to fill out all the required fields accurately and completely.

Step 5: Pay any remaining tax liability

If you have any remaining tax liability after adjusting all your deductions and TDS, you need to pay it before the due date to avoid any penalties or interest charges. You can pay your tax liability online through the Income Tax Department's website. While paying you should be selecting the right major and minor code for paying income tax. These codes are displayed on the portal while making the payment. 

Step 6: Submitting your ITR

Once you have paid the tax liability, you should add the tax payment details like Challan number, Bank details, and amount paid as tax and then submit your tax return online.

Step 7: Verify your ITR

After you have filled out the ITR form, you need to verify it. There are two ways to verify your ITR: e-verification or sending a physical copy to the Centralized Processing Center (CPC) in Bangalore.

To e-verify your ITR, you can use any of the following methods:

Aadhaar OTP, Net banking, Bank account, Demat account, or ATM

If you choose to send a physical copy to the CPC, make sure to do so within 120 days of filing your ITR.

In conclusion, filing your ITR as a salaried employee in India may seem daunting, but by following these steps, it can be done with ease. Make sure to gather all the necessary documents, choose the appropriate ITR form, calculate your taxable income accurately, fill out the ITR form completely, pay your taxes, submit the return, and verify it. By doing so, you can stay on top of your tax obligations and avoid any unnecessary penalties or interest charges.

Disclaimer: This is just a high-level summary that helps you to file your IT returns online. However, we still advise you to approach a chartered accountant or a tax consultant for any clarifications needed or to resolve any complications in your IT returns.