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E-Filing of ITR for Salary Individuals for AY 2023-24
We at Gstmentor have been providing Income tax filing services to our clients all over India. Our packages for clients having Salary Income have been divided ino three categories which are shown below.
Basic
Income tax Return for an Individual having Salary Income of Less Than Rs. 5 Lacs- Income Tax Return Consultant Support 24/7
Standard
Income tax Return for an Individual having Salary Income more than Rs. 5 Lacs but up to Rs. 10 Lacs- Income Tax Return Consultant 24/7
Premium
Income tax Return for an Individual having Salary Income of more than Rs. 10 Lacs.- Income Tax Return Consultant 24/7
What are the documents required for filing Salary ITR?
How to contact us for for sharing documents?
Call us at the provided phone number or write to us at below email address and discuss one-to-one on ITR E-filing.
These documents are not attached along with the Income tax returns whether filed electronically or manually. However, we need to keep these records as proof in case of any assessment or inquiry by the income tax department.
How documents needs to be shared to us?
Mail us at
Whatsapp us at
Or share to us in a secured link provided to us.
Which Income tax form needs to filed to show Salary Income?
ITR-1 (Sahaj) form needs to be filed to show Salary income for AY 2023-24. The return form is used by the Residents (Other than not ordinarily residents) individuals having total Income from any of the following sources up to INR 50 lakh.
- Salary/ Pension
- One house property
- Other sources (Interest, Family Pension, Dividend)
- Agriculture Income up to INR 5,000
Also, this form is used when the income of another person like minors or spouses is clubbed and the income belongs to the above three categories only.
Who all are not required to file ITR-1 (Sahaj form)?
ITR-1 Sahaj form should not be used by the following individuals. An individual who
- is a Director in any company.
- has held unlisted equity shares at any time during the previous year.
- has income from any source outside India.
- has withdrawn cash and TDS has been deducted under Section 194 N on such withdrawal.
- has signing authority in any account located outside India.
- has any asset (including financial interest in any entity) located outside India.
- has deferred tax on ESOP received from the employer being an eligible startup.
- who has brought forward loss to be carried forward under any head of income.
Further, the ITR-1 Sahaj form cannot be used by persons having income from the following sources.
- Profit and gains from business and profession
- Capital gains
- Income from house property (More than one)
- Income under the head ‘Other Sources’ like winnings from the lottery, activity from owning and maintaining horse races, income taxable at special rates under Section 115BBDA or Section 115BBE.
- Agriculture income in excess of INR 5,000.
- Income to be apportioned according to the provisions of Section 5A.
This form is also not used by persons who have any claims of loss, deductions, tax credit, or relief of the following nature.
- Any claim of relief under Section 90 or Section 91.
- Loss under the head “Income from Other Sources”
- Any brought forward loss or loss to be carried forward under the head, “Income from House Property”.
- Any claim of deduction under Section 57, other than deduction of family pension.
- Any claim of credit of tax deducted at source in the hands of any other person.
How ITR-1 form is filed?
Procedure to file ITR-1 online
The ITR-1 Sahaj form can be filed electronically as well as manually.
Electronically: It is filed electronically on the e-filing web portal of the Income Tax department and can be verified in the following ways.
- Digitally signing the verification part
- Authentication by way of Electronic Verification code
- Aadhar OTP
- By Sending duly signed paper (ITR-V) Income Tax Return Verification form by post to Central Processing Centre located in Banglore, Karnataka. The Form ITR-V should reach within 120 days of filing the return.
Who all are required to file Income Tax Return?
Every individual whose total income before allowing any deduction to be made under Chapter VI-A or deductions for capital gains (Section 54 to Section 54GB), exceeds the maximum amount not chargeable to tax shall be required to furnish an income tax return i.e. Basic exemption limit.
Basic exemption limit is classified on the basis of age. Resident individuals below the age of 60 falls in the category of ‘Normal Persons”. While individuals having age more than 60 but less than 80 are called Senior citizens and in case an individual is over 80 years, he is a super senior citizen which are classified further in two categories below
When Section 115 BAC is not opted by an individual.
When, Section 115 BAC is not opted, basic exemption limit is different for normal, senior and super senior citizens.
If option under Section 115 BAC is opted by an individual
Section 115BAC is an option given to the taxpayers to pay tax at a lower rate. Therefore, the basic exemption limit in such a case has been kept as 250,000 for all categories of taxpayers.
| Age < 60 | Age > 60 <80 | Age >80 |
|---|---|---|
|
2,50,000 |
3,00,000 |
5,00,000 |
| Age < 60 | Age > 60 <80 | Age >80 |
|---|---|---|
|
2,50,000 |
2,50,000 |
2,50,000 |
Although, the total income of a person does not exceed the limits specified above after allowing deductions under Chapter VI-A of the Income-tax Act or Deductions mentioned under Capital Gains. Still, he will be required to file Income Tax Return, if he fulfills any of the conditions provided below.
- Deposit of amount or amounts of an aggregate of INR 1 crore in one or more current accounts.
- Incurred Expenditure of an amount or an aggregate of an amount exceeding INR 2 lakhs for travel to a foreign country for yourself or any other person.
- Incurred expenditure of an amount or an aggregate of the amount exceeding INR 1 lakh on the consumption of electricity.
