Filing ITR: Steps for Salaried Individuals

Filing ITR (Income Tax Return) is mandatory if your income > ₹2.5 Lakhs (Old Regime) or ₹3 Lakhs (New Regime). Even if you have no tax to pay, filing ITR is crucial for Loans and Visa applications.

Documents Needed

1. Form 16: Your employer gives this. It has Salary and TDS details.
2. Form 26AS / AIS: Download from Tax Portal. Shows all taxes deducted.
3. Bank Statement: For interest income.
4. Investment Proofs: LIC, PPF receipts (if not submitted to employer).

Step-by-Step Guide (ITR-1 Sahaj)

Who can use ITR-1?

• Salaried individuals.
• Income < ₹50 Lakhs.
• One House Property.
• Agricultural income < ₹5,000.

Step 1: Login

Go to incometax.gov.in. Login with PAN.

Step 2: File Now

Click "File Now" -> Select Assessment Year (e.g., 2025-26 for income earned in FY 2024-25). Select "Online" mode.

Step 3: Select ITR-1

Choose "ITR-1 (Sahaj)". It's pre-filled with data from Form 16.

Step 4: Verify Data

There are 5 sections:

1. Personal Information: Check Name, Address, Bank Account (for refund).
2. Gross Total Income: Verify Salary against Form 16. Add "Income from Other Sources" (Bank Interest).
3. Total Deductions: Check 80C, 80D. Add if missing.
4. Tax Paid: Match this with Form 26AS.
5. Total Tax Liability: The system calculates if you owe money or get a refund.

Step 5: Validate & Submit

Click "Proceed to Validation". If no errors, "Submit".

Step 6: E-Verify (Crucial!)

Your ITR is Invalid until verified. Use "Aadhaar OTP" to verify instantly.

7-Day Action Plan

Day 1: Register on the Income Tax Portal if you haven't.
Day 2: Download your AIS (Annual Information Statement). It knows everything (Stock sales, Dividends).
Day 3: Collect Form 16 from your HR.
Day 4: Calculate Savings Bank Interest. (Up to ₹10,000 is tax-free under 80TTA).
Day 5: Login and start a "Draft" return. You don't have to submit it immediately.
Day 6: Check if you have any Capital Gains (Stocks/Mutual Funds). If yes, you need ITR-2, not ITR-1.
Day 7: File it! The deadline is usually July 31st. Don't wait for the last day.

Quiz

💡 Final Wisdom: Filing ITR is not just a duty; it's a financial document. It proves your income to the world.