File Income Tax Returns is not as tough as it sounds; rather, it’s pretty easy once you get to know the process. Being a salaried employee, you can easily file your tax returns online. In this guide, you will get to know how to go about it in a step-by-step manner with the guidance of Income tax return filing in Delhi.

Gather All Essential Documents

First, you need to gather all the important documents. First and foremost, take your Form 16, which your employer will be able to provide. It contains the details of your salary and the amount of tax deducted. You will be needing your PAN card at this stage because, finally, you have to file your taxes, and that requires a PAN card. Do not forget to get bank statements so that other incomes such as savings account interest could also be checked for. If you have made any investments, be it in life insurance or mutual funds, keep the proofs with you, as these will help in getting deductions.

Log In to the Income Tax Department’s Website

With all the documents in your possession, the second thing you need to do is log in to the website of the Income Tax Department. If you already have an account, use your PAN number as the user ID and type your password. If you do not have an account, you may simply register on the site by following the steps given. Log in, and on the dashboard, click on “File Income Tax Return.”.

Choose the Correct ITR Form

Now, you have to choose the right ITR form. A salaried employee has to choose the form ITR-1, Sahaj. Persons deriving an income from a salary, or house property or even interest from other sources come under it. Once you have chosen this form, you can start filling in all your details.

Fill in Required Information Accurately

The next step would be to fill in all the required information. Some of this information may be pre-filled for you; however, you are supposed to verify that it is all accurate. You will then fill in your income information from Form 16, adding any additional sources of income you may have, including interest from a savings account. Additionally, you are supposed to fill in the details of any deductions you want to claim, including investments in insurance or medical expenses. When everything is filled in, it’s a good idea to carefully review it for errors.

Claim Deductions to Reduce Taxable Income

You can also claim some deductions to bring down the tax amount if you are a salaried employee. In case you have invested in something like PPF or life insurance, you can claim them under Section 80C. You can also claim deductions for health insurance premiums or rent paid in case you are living in rented housing. Ensure you claim all these and bring down your taxable income.

Review Tax Calculations and Make Payments

Once you have filled in all the details, the website will by itself calculate how much tax is to be paid by you or whether you are eligible for a refund. Take some time to review these calculations and make sure everything appears right. If anyone owes any taxes, then the same can be paid through this portal online. Once the payment is made, you get a Challan Number. You would need to enter this in your return form.

Submit and Verify Your Tax Return

You can submit your tax return when everything is duly filled in. Once submitted, the return needs to be verified. You can verify your return through Aadhaar OTP, net banking, or sending a signed copy of the return to the Income Tax Department. Verifying your return is of utmost importance because, without verification, your return won’t get processed.

Download and Save the Acknowledgment Copy

Finally, after your submission and verification, download an acknowledgment copy of your return for your records. It serves as proof that you have filed your tax return. Keep it safe because you may need it in the future.

Conclusion: Timely Filing and Expert Assistance

File Income Tax Returns for a salaried employee is quite an easy process if done following these easy steps. Do not forget to file your returns in time, else you may attract penalties. In case you want help or expert advice to file your taxes, then you can visit the site SAP Tax Hub, the best CA firm in Delhi. It will make the process all that easier for you.