Learn how to file your Income Tax Returns accurately and efficiently as a salaried employee. Understand the forms, deductions, and deadlines for FY 2025-26.
Understanding ITR Forms
Deductions and Exemptions
Filing Process and Deadlines
FAQs on ITR Filing for Salaried Employees
Identify the correct ITR form for your income sources and tax situation.
ITR-1 (Sahaj)
Suitable for individuals with income up to ₹50 lakh from salary, one house property, and other sources.
Applicable for residents with income from salary/pension.
Includes income from one house property.
Income from other sources like interest is allowed.
ITR-2
For individuals with income exceeding ₹50 lakh or having more than one house property.
Includes income from capital gains.
Applicable for individuals with foreign income or assets.
Not applicable for those with business income.
ITR-3
For individuals with income from business or profession.
Includes income from salary as well as business.
Applicable for partners in a firm.
Allows reporting of presumptive income.
ITR-4 (Sugam)
For individuals opting for presumptive taxation scheme under Section 44AD, 44ADA, or 44AE.
Income up to ₹2 crore from business or profession.
Includes income from salary and other sources.
Simplified form for small taxpayers.
Maximize your tax savings by utilizing available deductions and exemptions.
Section 80C
Deductions up to ₹1.5 lakh for investments in specified instruments.
Includes PPF, EPF, and NSC.
Life insurance premium payments qualify.
Tuition fees for children are deductible.
Section 80D
Deductions for health insurance premiums.
Up to ₹25,000 for self and family.
Additional ₹50,000 for senior citizen parents.
Preventive health check-up up to ₹5,000.
Section 24(b)
Interest deduction on home loan for self-occupied property.
Deduction up to ₹2 lakh per annum.
Applicable for loans for acquisition or construction.
Interest on let-out property is fully deductible.
Section 80TTA
Deduction on savings account interest.
Up to ₹10,000 for individuals and HUFs.
Applicable for interest from savings accounts only.
Does not include interest from fixed deposits.
Ensure timely and accurate filing of your ITR to avoid penalties.
Filing Deadline
The due date for filing ITR for salaried individuals.
Typically July 31st of the assessment year.
Extensions may be announced by CBDT.
Late filing attracts a penalty under Section 234F.
Documents Required
Ensure you have all necessary documents before filing.
Form 16 from your employer.
Interest certificates from banks.
Proof of tax-saving investments.
Online Filing Process
Steps to file your ITR online through the income tax portal.
Register or log in to the e-filing portal.
Select the appropriate ITR form.
Upload documents and verify details.
Verification of ITR
Complete the filing process by verifying your return.
E-verify using Aadhaar OTP or net banking.
Alternatively, send a signed ITR-V to CPC, Bengaluru.
Verification must be done within 120 days of filing.
What is the deadline for filing ITR for salaried employees?
The deadline for filing ITR for salaried employees is typically July 31st of the assessment year. However, this date may be extended by the CBDT under special circumstances.
Which ITR form should a salaried employee use?
Salaried employees with income up to ₹50 lakh should use ITR-1 (Sahaj). If they have additional income from capital gains or more than one house property, they should opt for ITR-2.
Can I claim deductions under both old and new tax regimes?
No, you cannot claim deductions under both regimes simultaneously. The old regime allows for various deductions like Section 80C, while the new regime offers lower tax rates without deductions.
How can I verify my ITR after filing?
You can verify your ITR using Aadhaar OTP, net banking, or by sending a signed ITR-V to CPC, Bengaluru. Verification must be completed within 120 days of filing.
What are the penalties for late filing of ITR?
A late filing fee of up to ₹5,000 is applicable under Section 234F if the return is filed after the due date but before December 31st. After this, the penalty increases to ₹10,000.
Is it mandatory to file ITR if my income is below the taxable limit?
Filing ITR is not mandatory if your income is below the taxable limit. However, it is advisable to file it for record-keeping and to claim refunds if TDS has been deducted.
Can I file ITR for previous years?
Yes, you can file a belated return for the previous assessment year until the end of the relevant assessment year. However, penalties and interest may apply.
What documents are needed for claiming deductions under Section 80C?
Documents such as investment proofs in PPF, NSC, life insurance premium receipts, and tuition fee receipts are required to claim deductions under Section 80C.
How can I save tax on my salary income?
You can save tax by investing in tax-saving instruments under Section 80C, claiming deductions under Section 80D for health insurance, and utilizing home loan interest deductions under Section 24(b).
What is the process for revising a filed ITR?
To revise a filed ITR, log in to the e-filing portal, select the 'revised return' option, and submit the corrected return before the end of the assessment year or completion of assessment, whichever is earlier.