financial services · Income Tax · income tax return

ITR Filing: Things to know if you’re a salaried person

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Every year there are millions of people in India who file Income Tax return at the end of each financial year. Out of those, salaried individuals or professional and businesses are required to file ITR to claim deductions. But despite repeating the process every year, many individuals who are earning income from salary end up with making a minor error or last-minute errors that possibly disturb their claims and filings.

Hence, it is necessary to declare income, deductions, and tax paid via ITR filing very carefully while filing ITR. Simultaneously, there are plenty of ways in which salaried employee can make mistakes in their income tax return filing that perhaps occurs mostly due to negligence or lack of time. Here we’ve discussed some of the common rules that you should ensure at the time of e-filing ITR

Benefits you can get if you’re a salaried employee-

Along with this, a person who is receiving an amount through salary and file their ITR can save tax on the salary income. The following are the perks you can have when you file ITR-

  • Standard deduction for salaried persons raised from Rs. 40,000 rupees to Rs. 50,000.
  • Individuals having taxable income upto Rs. 5,00,000 to get full rebate of the tax
  • TDS threshold on interest on bank and post office deposits raised from Rs. 10,000 to Rs. 40,000.

Therefore, we are looming around the deadline of ITR filing i.e. July 31, an important date for all taxpayers as it is the last day for filing FY 2018-19 income tax returns. And we can’t disagree on the fact that how the tax filers have gradually improved over the years, from a tedious process to an easy and user friendly one. So, if you file it after the due date but before December 31, 2018, you will end up paying a fee of `5,000 under section 234F of the Income Tax Act. You have to pay Rs10,000 if you file it after December.

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