File ITR for Salary Income

File ITR for Salary Income

Taxpayers deriving income from salary can file the ITR under this particular head. Generally, the income from salaries refers to the compensation amount given by the employer to his or her employees for performing a particular task in a specified period. Various bonuses, wages, allowances, deductions, and perks are included in the salary. The following are the basic components of salary

• Leave encashment
• Fees, commissions, and profits apart from salary or wages
• Pension, annuity, gratuity and wages
• Employer’s contribution to any provident fund above a specified limit
• Allowances such as dearness allowances, housing rent, and other travel benefits are offered by the employer

Leave encashment refers to the amount paid to an employee by an employer for the unused paid leave. Provident funds are supervised by the government and the employer’s contribution to them is considered a part of salary and therefore taxable. Pension is a fixed amount an individual receives from the government or a company generally after attaining the age of retirement.

Allowances such as dearness, house rent, conveyance, and leave travel come under the salary when filing an ITR. An annuity is a kind of insurance program where companies pay out a fixed portion of the payment to the insured persons. Gratuity refers to the amount employees receive for working for a decent number of years. Standard deductions up to Rs 75000 are claimable.

Allowance Type	Taxability	Perquisites Type		Taxability
House Rent Allowance	Partially Exempt	Rent Free Accommodation		Taxable (based on salary or location)
Dearness Allowance	Fully Taxable	Car/Conveyance Facility		Taxable (varies)
Leave Travel Allowance	Fully Taxable	Medical Facilities		Partially Exempt
Special Allowance	Fully Taxable	Interest-Free Loans		Taxable (varies)
Children’s Education	Partially Exempt	Free/Discounted Goods & Services		Partially Exempt
Uniform Allowance	Partially Exempt	LTC		Partially Exempt
Entertainment Allowance	Fully Taxable (except government)	Gift Vouchers		Partially Exempt
Conveyance Allowance	Fully Taxable	–	–

Document Requirements for Filing ITR for Salary Income

The following documents are required to file ITR if a taxpayer has income from salaries

• Form 16– Form 16 is a TDS certificate issued by the taxpayer’s employer and contains details on the TDS deducted from their salary, employee’s PAN, and employer’s PAN
• Salary Slips– latest salary slips containing information about HRA, transport allowances, and others if any, for example, GA55 for Rajasthan government employees
• Interest Certificates from Post Office & Banks– taxpayers getting interest from a savings bank account or account in a post office or fixed deposits have to provide interest certificates from respective post offices or bank accounts
• For Claiming Deductions- Tax-Savings Investment Proofs to claim deductions up to Rs 1.5 lakh, Health Insurance Premium Receipts up to Rs 50,000
• Others– including under section 80C- to claim up to 1.5 Lakh, (LIC, Insurance, School Fees, PF, etc.), 80CCD (1B)- to claim up to Rs 50,000 (contribution to the pension fund), 80TTA- to claim up to Rs, 10,000 (interest on saving bank)

How TaxDunia File Your ITR?

1. After Taxpayers have logged in to our platform, give us primary additional information so that we can know your requirements better 
2. Then you have to provide us with all the documents required for the particular service (as mentioned above in the article)
3. Now it is time to pay the service fee which is auto-calculated based on the questions we asked you earlier
4. As soon as the payment is made, TaxDunia assigns an expert to the client
5. The expert evaluates the documents and starts the procedure on the respective government portal on behalf of the client
6. If any specific documents are required later, the expert will communicate to you directly
7. Based on the complexity of the task, the government sends approval for the aforesaid service

Our team is available from 10 AM to 7 PM on working days (Monday to Saturday), except public holidays. The expert is not responsible for the authorities’ judgment.

We keep the client informed about the current updates to make the procedures transparent. Credibility and confidentiality matter to us. Today is the most suitable day to start with TaxDunia.