Income Tax Filing for Salaried Person

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Income Tax Filing for Salaried Person

As per income tax laws, if the income is earned in India, it is taxable in India. Any person falling below the purview of the Income Tax Act, 1961 has to pay tax on the income acquired in a specific financial year. Taxpayers have been classified to reduce compliance.  Each category of the taxpayer has to estimate taxable income as per the Income Tax Act, 1961. After estimation, the income tax return is registered in the Form applicable to that type of taxpayer.

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Advantages of Income Tax Return for Salaried Person

  • To get a loan or credit card: Payroll processing inside your business is a time taking process. Keeping track of federal and state regulatory changes along with the time taken for benefit deductions, garnishments, new rent, and termination payments can be a frustrating task. Outsourcing payroll to Legal Advisor allows you to focus on your core business. It frees up human resources or accounting personnel to work more on strategic tasks that ultimately affect your bottom line. Employers only need to reach their outsourced payroll specialists by approving once per pay period. 
  • Claim Tax Deduction: To claim deduction under various sections of the Income Tax Act, you need to file your income tax return every year. 
  • Claim Tax Refund: It is essential to file your return if you want to be eligible for and claim the refund.” 
  • Adjust your capital gains and losses: Capital losses can be modified against capital gains. Also, as a taxpayer, if you file your income tax return regularly, you can be sure that you can carry it forward for eight consecutive financial years if you incur any capital loss. 
  • Visa Processing: If you are applying for a visa, the foreign consulate will require proof of your income and income tax receipts.” 
  • Claim refund of TDS paid from salary: Salaried workers get an income after the deduction of applicable TDS. However, it may happen that after eligible deductions, the tax liability is less than the amount of TDS deducted. In such cases, the overpayment can be claimed only when one files ITR.

Documents Required

  • Aadhar Card
  • Salary Slips
  • Tax-Savings Investment Proofs
  • Home Loan statement from NBFC/Bank
  • Capital Gains
  • Title of the invention
  • Interest certificates from Post Offices & Banks
  • Form-16
  • Form 16A/16B/16C
  • Form 26AS
  • Deductions under Section 80D to 80U

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