How To File Online ITR For Salaried Employee, Freelancer And Self Employeed?

The full form of ITR is an Income Tax Return. All ITR forms are issued under the Income Tax Act 1961, which prescribes the following procedures. In this blog, What Is ITR (Income Tax Return), How To File ITR Online For Salaried Employee, How To File ITR Online For Freelancer, How To File ITR Online For Self Employed, Income Tax Return 2023-24 Last Date, Income Tax Return 2023-24 Due Date, Last Date for Filing Income Tax Return and Types of ITR Forms have been discussed.

Income tax is significant for the development of any country because it is the primary source of income for the government. The government uses this money to pay salaries, create welfare schemes, undertake government projects, and make defense-related payments. To ensure that every person or entity on whom tax is payable pays tax to the government, such taxpayers must file Income Tax Returns (ITR) every financial year.

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What Is ITR? Please read this blog to learn more about it.

What Is ITR or Income Tax Return

The short form of Income Tax Return is ITR. It is a prescribed form through which details of the income earned by an individual in that financial year and the tax paid on that income are submitted to the Income Tax Department. Through this, carry-forward of loss and refund can be obtained by claiming from the Income Tax Department. Different forms are prescribed for filing returns depending on the status and nature of the income. These forms can be downloaded from https://www.incometax.gov.in/iec/foportal.

How To File ITR For Salaried Employee

Every salaried employee must file income tax returns, even if you are making nil tax. A tax return is a proof of income, which helps you in taking loans, etc. For assessment year (AY) 24-25 or financial year FY23-24, the last date for filing income tax returns is July 31, 2024. Therefore, file your income tax return before this date. If you do not do so by the last date of filing your income tax return, i.e., July 31, 2024, a late fee must be paid.

Anyone working in any public or private enterprise and getting a monthly salary is required to file an income tax return. Next we will know how to file ITR for salaried employee.

Before filing your income tax return online, you must calculate your total income in FY23-24. For this, a Form-16 is given by your employer. Form-16 contains the revenue earned through salary and the tax deducted at source.

Salaried employees have two income tax return forms – ITR-1 and ITR-2. The ITR-1 form has to be filled out if the total income from the salary does not exceed Rs 50 lakh. The ITR-2 form has to be filed if the income exceeds Rs 50 lakh, and expenses must be claimed under the heading “Income from other sources.”

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Steps to File ITR For Salaried Employee

Income tax returns can be filed both offline and online. We will learn about the online method.

Follow the steps mentioned below to file ITR online –

Step 1: Visit the Income Tax e-filing portal.

Step 2: Log in to the e-filing portal using your PAN number, password, and captcha.

Step 3: Look for the “e-file” menu on the bar and click the “Income Tax Return” link.

Step 4: After this, a page will open, from which you will have to choose –

• Select “Assessment Year”
• Select “ITR Form Number”
• Select “Original/Revised Return” in Filing Type
• “Prepare and Submit Online” will appear under “Submission Mode”.

Step 5: Click on Continue in this step.

Step 6: After this, read the instructions and fill in all the required details.

Step 7: Select the accurate verification type under the “Taxes Paid and Verification” tab. To verify your income tax return, choose one of the following:

• I would like to e-Verify
• I would like to e-Verify within 120 days from the date of filing
• I don’t want to e-verify and would like to send a signed ITR-V through regular or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru – 560 500” within 120 days from the filing date.

Step 8: After this, click on “Preview and Submit”.

Step 9: Submit your ITR.

Step 10: After this, select an e-Verify option, and after this, you will be asked to write an OTP, which you will receive on your mobile or email.

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How To File ITR Online For Freelancer

Various consultants and professionals like blog consultancy, software developers, content writers, web designers, tutors, fashion designers, etc., are considered freelancers. Since freelancers have income from multiple sources, filing income taxes can be complicated for them. Per the income tax laws applicable in India, any revenue generated by a person through his manual or intellectual skills is considered “Profits from Business and Profession.” In tax terms, freelancing is regarded as a profession and a business.

Freelancers in India are kept under Income Tax and GST (Goods and Services Tax). Suppose the total turnover of a freelancer in a year is more than Rs 20 lakh (Rs 10 lakh for North Eastern and Hilly States). In that case, it will be mandatory for him to register under GST. Freelancers also have to pay income tax.

If you are a freelancer, you can file your tax return in two ways:

To file your tax return offline, download the ITR-4 form, save the generated XML file, and then upload it. Please fill out the ITR-4 form online on the Income Tax e-filing portal and submit it after e-verification. If the freelancer’s total tax liability for the year exceeds Rs 10,000, he must pay advance tax every quarter.

Steps to File ITR Online For Freelancer

Freelancers can file their income tax returns by following the steps mentioned below:

Step 1: First, calculate your total income from April 1 to March 31 of the financial year.

Step 2: Next, calculate the expenses and deductions that can be claimed for the financial year.

Step 3: As mentioned above, freelancers can file their income tax using ITR-3 or ITR-4. Therefore, according to your income, choose either ITR-3 or ITR-4 form. After this, log in to the Income Tax e-filing portal and fill in all the required details on the form.

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How To File ITR Online For Self Employed

If you are self-employed, then first of all, you should check whether your profession/business comes under the employed category as per Income Tax rules or not. Examples of such companies are –

• Author
• Doctor
• Painter
• Dancer
• Auditor
• Attorney
• Designer
• Astrologer

Steps to File ITR Online For Self Employed

Step 1: First, log in to the official e-filing website, i.e., https://www.incometax.gov.in/iec/foportal/

Step 2: Register yourself or log in to this portal.

Step 3: After this, select user type. Next, enter your current and permanent addresses before entering the captcha code and hitting ‘Submit.’

Step 4: After this, you have to fill in your personal information, like your name, your PAN, and your date of birth. While filing ITR for Self Employed and logging into the e-filing portal, you can use your PAN number in place of user ID.

Step 5: The system will verify your PAN, and your transaction ID and contact details will appear on the screen.

Step 6: At the end of this, activate your Income Tax Department account through the link sent to your email ID to complete your tax filing.

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Types of ITR Forms

There are nine different types of ITR forms. All these forms are used while filing ITR based on your income and profession. Here is complete information about Types of ITR Forms:

ITR 1 or Sahaj

A person with up to Rs 50 lakh from pension, salary, income from other sources, and house property must fill ITR 1 or Sahaj form.

ITR 2

This form can be used by individuals or Hindu Undivided Families (HUFs) who cannot file ITR 1 or Sahaj forms. However, if your income comes from any business or profession, you cannot file ITR-2.

ITR 2A

This is for HUFs and individuals who own more than one house property and have salary income without any capital gains income. You should complete this form if you have long-term capital gains and have paid securities transaction tax.

ITR 3

A Hindu Undivided Family or individual who cannot file ITR 1, ITR 2, and ITR 4 can file ITR 3. If you receive interest, bonus, salary, or commission from a partnership firm, you must also file ITR 3.

ITR-4 or Sugam

ITR 4 or Sugam form is for all types of businesses, HUFs, and undertakings. You can file ITR-4 if your total income includes business income under sections 44AD, 44ADA, or 44AE, income from any house property, salary income, and income from other sources. But, you cannot file this form if your income is more than Rs 50 lakh in a financial year.

ITR-4S

ITR-5 ITR relating to LLPs (Limited Liability Partnership), Firms, Business Trusts, Artificial Juridical Persons (AJP), Estate of Deceased, BOI (Body of Individuals), AOP (Association of Persons), Assets of Insolvent and Investment Funds The form is.

ITR 5

Cooperative societies, firms, Artificial Juridical Persons, associations of persons, local authorities, and bodies of persons can fill ITR 5.

ITR 6

ITR 6 can only be used by firms and organizations if they are not claiming tax exemption under Section 11. This form can be filed by any company only online.

ITR 7

Only political parties, religious or charitable trusts, colleges, universities, etc., can use this form to claim tax exemption.

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Income Tax Return 2023-24 Last Date

Income tax is an essential source of revenue for governments around the world. Income tax is a direct tax because individuals and entities earning taxable income pay their taxes directly to the government. The last date for filing ITR for FY 2023-24 (AY 2024-25) is July 31, 2024. Also, the last date for filing returns with late fees for the same financial year is December 31, 2024.

It is necessary to file an ITR on the due date to comply with tax laws, avoid paying late fees, claim refunds on time, and maintain accurate financial records. We advise you to file your income tax return on time to avoid unnecessary complications. Section 234A and Section 234F of the Income Tax Act contain penalties for late filing of income tax returns. Notably, the Central Government can extend the date for filing income tax returns.