Zee Exclusive: Salaried employee working from home? Don’t miss out on THESE other incomes while filing ITR


New Delhi: Filing of Income Tax Return (ITR) is the annual ritual that people and different class of taxpayers should full on the finish of a monetary yr. This yr’s earnings tax return might be filed for the Assessment Year 2021-22 or FY 2020-21 and the deadline for a similar has been set for December 31, 2021. The ITR this yr is relevant for earnings earned between April 1, 2020 and March 31, 2021. 

While nearly all of the folks may need already filed their Income Tax Return, it’s doable that a variety of us are but to file it. And in case you are a salaried worker, working from dwelling, it’s essential to examine Income tax guidelines for e-filling of ITR on new portal. Also, it is vitally necessary to concentrate on different incomes past Form 16. Sujit Bangar, Founder of TaxBuddy.com in an unique chat with Reema Sharma of Zee Media mentioned, “Salaried employee rely on Form 16 only for tax deduction. They must look into investments and tax saving expenses beyond Form 16. For example, if LTC Cash Voucher exemption is not reflected in Form 16, you can still claim it while filing ITR. Don’t miss out on other income like interest on bank deposits or taxable portion of maturity proceeds.” 

It can be crucial to determine on the actual tax regime that the salaried particular person needs to observe –New or outdated. 

 

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to Rs 2,50,000 Nil Up to Rs 2,50,000 Nil
Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000 Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000
Rs 5,00,001 – Rs 10,00,000 Rs 12,500 + 20% above Rs 5,00,000 Rs 5,00,001 – Rs 7,50,000 Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000 Rs 1,12,500 + 30% above Rs 10,00,000 Rs 7,50,001 – Rs 10,00,000 Rs 37,500 + 15% above Rs 7,50,000
    Rs 10,00,001 – Rs 12,50,000 Rs 75,000 + 20% above Rs 10,00,000
    Rs 12,50,001 – Rs 15,00,000 Rs 1,25,000 + 25% above Rs 12,50,000
    Above Rs 15,00,000 Rs 1,87,500 + 30% above Rs 15,00,000

Bangar says, “It doesn’t matter which tax regime your employer has thought of in kind 16. You can change it whereas submitting ITR. If you have got acquired, arrears for earlier yr, don’t neglect to assert good thing about deduction u/s 89 of I-T Act.” 

Lately, a variety of ITR Filers have complained of the glitch on the brand new earnings tax portal. Commenting on the identical, Bangar explains, “There have been many issues in new income tax portal. Lately and fortunately, most of these issues are sorted out. All types of ITR like ITR-1, ITR-2, ITR-3 , ITR-4 are being filed over new income tax portal. Although in some cases users are not intimation after processing even if refund is credited. Few cases face problems in bank account validation and even e-verification process gets stuck sometimes.” 

Now that the deadline of the submitting of ITR is simply over a month away, you may file all of it by your self to keep away from any final minute rush. However, earlier than submitting your ITR, firstly be certain that your PAN and AADHAR are linked. It helps in financial institution validation for quicker refunds and in e-verification for fast processing. Secondly, hold all paperwork associated to earnings earned and investments made prepared with you. Thirdly, work out how a lot tax you have got already saved from all tax saving investments and tax saving bills. This will assist work out any tax payable. Get this tax paid at earliest earlier than submitting. Fourthly, choose appropriate ITR kind. For instance in case you are freelancer, it’s best to choose ITR-4 and in case you are salaried, it’s best to choose ITR-1. Ensure all related fields are crammed correctly.

Lastly, guarantee e verification instantly after submitting ITR. Keep monitoring mail for any communication from I-T division until you get your refund.

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