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ITR for Salaried

Market Price: ₹1699
Kudos Price: ₹699 incl. all
You Save: ₹1000
Government Fee: Included
Complete By*: 15-09-2024

Get file your Income Tax return online and claim refund with Kudos Startup.
 

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Market Price: ₹2499
Kudos Price: ₹999 incl. all
You Save: ₹1500
Government Fee: Included
Complete By*: 15-09-2024

Get file your Income Tax return online and claim refund with Kudos Startup.
 

Check Package
Market Price: ₹4199
Kudos Price: ₹2199 incl. all
You Save: ₹2000
Government Fee: Included
Complete By*: 15-09-2024

Get file your Income Tax return online and claim refund with Kudos Startup.
 

Check Package

ITR for Salaried Individuals - an overview

Income Tax Act, 1961 has provisions for salaried individuals. Just like corporate, LLP and other businesses Salaried Individuals also bear some legal tax responsibility. Salary is the monetary renumeration that an employee receives by the employer against the work done. Salary is also subjected to the Income Tax. Thus, Salaried Individuals shall also file Income Tax Return on the salary received. Kudos Startup is already taking the responsibility of thousands of salaried individuals by filing their ITR on time. Chose us and relieve yourself from this encumbrance.

SECTION I – Understand Your Payslip

1. Basic Salary

Basic Salary as the name suggests is a fixed amount of monetary component one receives. Basic Salary is the base for other fragments of your paycheque.

2. House Rent Allowance

Salaried Individuals can claim HRA or House Rent Allowance if residing in a rented apartment or house. Claiming HRA lowers the Tax liability hence works as deduction. But in case one receives HRA without even living on rent, in this case HRA is fully taxable under the Income Tax Act, 1961.

3. Leave Travel Allowance

Salaried Individuals gets Leave Travel Allowance. Leave travel allowance allows the employees to get exemption for any tour or trip within the country, India. The exemption can only be availed for the least distance on a trip. The claim can be availed on the actual expenses incurred and only if the trip is actually taken. Moreover, the allowance is applicable only whenthe trip is done with spouse, parents or children and not with any other relatives.

4. Bonus

Bonus is a performance incentive paid over the actual salary as an incentive. Bonus is a monetary motivation rewarded to the employee for the appraisal or the good work. Bonus is always taxable under Income Tax provisions.

5. Employee Contribution to Provident Fund (PF)

Government of India has initiated PF or Provident Fund for the social security in India. Under this scheme both employer and employee contribute every month a 12% of the employee's basic salary in the employee's fund and pension. Moreover, 8.65% of interest from the financial year 2018-19 gets accrued on PF. As per EPF Act, 1952, any company with more than 20 employees shall provide the employees with the retirement benefit.

6. Standard Deduction

2018 budget came up with an reintroduction of Standard Deduction. It is basically a replacement to the medical allowance and conveyance allowance. Now, the employee can claim a deduction of worth Rs. 50,000 which was Rs. 40,000 while filing ITR.

7. Professional Tax

Professional Tax is basically a Tx incurred on employment which is levied by a state similar to the Central Government's Income tax. The professional tax can be levied by the State Government maximum up to Rs. 2500. The employer deducts and deposits the tax with the state government which is allowed to be deducted while filing Income Tax Return.

SECTION IV – Basics of Income Tax

1.Which Income is Chargeable to Tax?

Here the concept says that the Income is not only charged on salary as an individual have many other sources of income contributing to the Total Income. The other sources can be house property, interest on fixed deposit, profit and loss from issuing/selling stocks etc.
Your income is not equal to your salary. You could earn income from several other sources other than your salary income.

Following are the income sources that contributes into the total gross income while calculating Income tax:

  • Income from Salary
  • Income from house property - self or rented;
  • Income from other sources
  • Income from capital gains
  • Income from business and professions

2. Income Tax Rates for taxpayers below the age of 60 years

Income Tax Slab Existing Regime Slab Rates for FY 19-20 and FY 20-21 New Regime Slab Rates for FY 20-21
Resident Individuals & HUF < 60 years of age & NRIs Resident Individuals & HUF > 60 to < 80 years Resident Individuals & HUF > 80 years Applicable for All Individuals & HUF
Rs 0.0 – Rs 2.5 Lakhs NIL NIL NIL NIL
Rs 2.5 – Rs 3.00 Lakhs 5% (tax rebate u/s 87a is available) NIL NIL 5% (tax rebate u/s 87a is available)
Rs. 3.00- Rs 5.00 Lakhs 5% (tax rebate u/s 87a is available) NIL
Rs. 5.00 – Rs 7.5 Lakhs 20% 20% 20% 10%
Rs 7.5 – Rs 10.00 Lakhs 20% 20% 20% 15%
Rs 10.00 – Rs. 12.50 Lakhs 30% 30% 30% 20%
Rs. 12.5 – Rs. 15.00 Lakhs 30% 30% 30% 25%
> Rs. 15 Lakhs 30% 30% 30% 30%

FY 2018-19, FY 2017-18 and FY 2016-17:

3. TDS on Salary

TDS is the part of one's salary deducted by the employer every month and deposits to the Income Tax Department. TDS is based on the whole year's total salary and the investment in tax saving products.
In the case of fixed deposit, your bank might also deduct TDS at the rate of 10 % when you earn interest on FD. In case when the bank does not have your PAN a TDS of 20% is deducted.

4. Form 16

Form no. 16 contains all the information about one's salary and TDS deducted. Thus, this form is a TDS certificate. Part A contains the information about the employer and the employee, such as name, address, TAN, PAN and TDS. While Part B contains the statement of salary paid, incomes from other sources, deductions, payable Tax.

5. Form 26AS

Form 26AS reflects all the details about your tax deducted and Tax paid. This form is furnished by the Department of Income Tax and can be easily accessed on the website of Income Tax Department.

6. Deductions

There are many deductions that can be claimed by the tax payer in a financial year depending on the sources of income and transactions made. Deductions exempts a tax payer from paying a certain amount of money as tax. Deductions in short lowers the tax liability by reducing it to an extent. For example, Section 80C reduces the gross income maximum to Rs. 1.5 Lakhs. There are many deductions like 80D, 80E, 80GG, 80U etc.

Kudos Startup helps you in filing the return timely at a minimal fee. Contact us to get the best assistance and legal support for your Proprietorship Income Tax filing in just a few simple steps:

  • 1

    step1- Fill our easy form.

  • 2

    Get a call from our professionals.

  • 3

    Furnish the required details.

  • 4

    Sit back and get your tax return filed timely.

We notify you as soon as the return is successfully filed. Besides, you are free to contact the allotted professional to get the know-how of your case.

Pricing

Basic

₹699
  • ITR-1
  • Salary Upto Rs 5 lakh
  • Without TDS Claim
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Growing

₹999
  • ITR-1/ ITR-2
  • Directorship In Private Ltd
  • Shareholder in Unlisted Co.
  • Salary Above 5 lakhs
  • Other Income Sources
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Premium

₹2199
  • ITR-3/ ITR-4
  • Income From Salary
  • Business Income
  • Professional Income
  • Income From House Property
  • Capital Gains from Crypto
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FAQs

  • Which ITR form is to be filed by salaried individual?
    A salaried individual need to file ITR-1 who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.
  • ITR-2 is required to be filed by salaried individuals who are Directors of Companies, shareholders of private companies.
  • Yes, an individual having salary income have to pay self-assessment tax and file the income tax return by due date.
  • An individual taxpayer having income from salary and business income of less than Rs 2 Crores or professional income of less than Rs 50 Lakhs under the presumptive taxation scheme need to file ITR-4 form can be filed by taxpayers
  • It is mandatory to file income tax return in any of the below mentioned conditions :-
    • Income exceeds the basic exemption limit.
    • Deposited more than Rs 1 Crore in one or more Current Accounts
    • Expenditure incurred of more than Rs 2 Lakhs for himself/herself or for any other person for foreign travel.
    • Deposited Rs 50 lakhs or more in one or more saving Account
    • Incurred expenditure of more than Rs 1 lakhs on electricity consumption.
    • TDS/TCS is Rs 25000 or more (Rs 50000 for Senior Citizens)
    • Total Gross Receipt from profession is more than Rs 10 lakhs
    • Total Sales Turnover from business is more than 60 Lakhs
  • The benefits of filing income tax return are getting refund of TDS/TCS deducted. It gives credibility to taxpayer for the loan application i.e. Auto Loan, House Loan, Personal Loan etc before the banks/ Financial Institution.

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