A taxpayer’s life could become stress-free if a little discipline is exercised. The first step towards achieving that is to file income tax returns in a timely manner. The income tax department of the Government of India (GOI) had introduced the online facility with the purpose of ensuring speedy and accurate filing of income tax return online. Not only resident Indians but also non-resident Indians (NRIs) can use this e-filing facility with the support of e-return intermediaries. Having over two decades of in-depth industry experience, Alankit Limited is a registered e-return intermediary which offers reliable professional ITR filing services.

Qualified professionals at Alankit offer meticulous support for smooth e-filing of I-T returns. Mentioned below are easy-to-follow procedures for filing ITR online for salaried employee.

ITR filing with Form 16

Form 16 is an important document which is required when filing income tax return online or offline. It is a certificate issued by an employer, giving details of salary paid and the TDS (Tax Deducted at Source) deducted with respect to payment to each of its employees. It is mandatory for employers to issue the Form 16. However, taxpayers need not worry if they do not have Form 16 as income tax return online or offline can be filed even without the Form 16.

Steps to file ITR without Form 16

Gather all payslips and calculate taxable income: The first step to filing ITR online involves collating the net salary from all the payslips the employee receives from his or her employer in the financial year. If an employee has switched more than one job in a financial year, he or she should include payslips from all the employers.

Calculate TDS: The next step to filing income tax return online involves figuring out the TDS deducted by employer in the year and verifying the amount given on the Form 26AS. This is the form that indicates that the tax, which has been deducted, has also been deposited with the Government. Any discrepancy observed in the TDS amount should be rectified by the employer, for instance, if the TDS amount actually deducted and the amount which is supposed to be deducted does not match.

Claim your deductions: If an employee resides in a rented apartment and is provided House Rent Allowance (HRA) by the employer, then he or she should consider the HRA component in their salary and thus claim deduction when filing income tax return online. For doing the same, employees should furnish rent receipts to their payroll department in advance.

Furthermore, there are a number of investments considered as tax deductible viz. deductions under sections 80C of I-T act (Life insurance, EPF, PPF, etc.), 80D (medical insurance premium) and 80E (interest on education loan), etc. The amounts eligible for deductions must be accurately computed.

Disclose additional income sources: When filing ITR online or through offline mode, taxpayers should share complete information as income proofs. That is, they should include additional income, obtained from sources other than their salaried job, as part of their taxable income when filing income tax return online or offline. This may include interests accrued on fixed deposits, rental income on property owned by the employee, etc.

Pay additional tax, if required

If the taxpayers find that the total tax paid by them in the financial year is lower than what is reflected as payable in the Form 26AS, then they must pay the variance online.

File the ITR

After thorough calculations and assessment, taxpayers should ensure that the taxes paid by them must match the taxes payable by them. After they have ensured the same, they can proceed to finally file ITR online.

Alankit facilitates easy ITR filing procedures

Mentioned below are the quick steps to prepare and submit ITR online

1. Taxpayers should access the e-filing facility for income tax return online using their login credentials.
2. They must prepare and submit ITR online for salaried employee. Only ITRs 1 and 4S can be filled online.
3. Taxpayers should select ITR Form ITR 1/ITR 4S and the Assessment Year.
4. They must fill and submit the details of income tax return online.
5. They should upload the Digital Signature Certificate (DSC), if applicable.

The steps to the actual process of submitting ITR online are explained in detail below:

• As an e-return intermediary, Alankit provides online support to taxpayers through which they can prepare their income tax return online. That is, they can pre-populate their personal details and tax payments/TDS as well as compute the tax & interest liability and final figure of refund or tax payable. The ITR data is finally saved in XML format that can be downloaded.
• Taxpayers must login to the e-filing facility and proceed to e-file and upload their income tax return online.
• They should select the appropriate ITR, assessment year and XML file, and also upload Digital Signature Certificate (DSC), if applicable.
• If DSC is not used, ITR-V is displayed that should be downloaded and sent to the registered email. If ITR is uploaded with DSC, the filing process of ITR online is complete.
• If the return is not uploaded with DSC, then the ITR-V should be printed, signed and submitted to CPC within 120 days from the date of e-filing of income tax return online or offline. Upon receipt of signed ITR-V, the return is processed.