What is ITR for Salaried Employees?

An Income Tax Return (ITR) is a form that salaried individuals must file with the government to declare their taxable income and pay applicable taxes. This form helps the government track and collect taxes from individuals who earn income from salaries, pensions, or other sources.

Salaried employees are required to file ITR if their total income exceeds the basic exemption limit. The basic exemption limit for individuals below 60 years of age is ₹2.5 lakh, and for senior citizens (aged 60 years and above), it is ₹3 lakh.

Eligibility Criteria for ITR Filing for Salaried Employees

Salaried employees are generally required to file ITR if their total income exceeds the basic exemption limit for their age group. The basic exemption limit is the minimum amount of income that is exempt from taxation. For the financial year 2023-24 (assessment year 2024-25), the basic exemption limits are:

• Individuals below 60 years of age: ₹2.5 lakh
• Senior citizens (aged 60 years and above): ₹3 lakh

What Applications Can Salaried Employees Use to File ITR?

Several applications can be used to file ITR online. Some popular options include:

• Income Tax Department’s e-Filing Portal: The official portal for filing ITR online.
• MyReturns: A commercial tax filing platform with a user-friendly interface and expert assistance.

What Documents Do Salaried Employees Need to File ITR?

To file ITR, salaried employees typically need the following documents:

• Form 16 issued by the employer
• Bank account statements
• Proof of investments (e.g., mutual funds, stocks, bonds)
• Proof of deductions (e.g., medical expenses, education expenses, donations)
• Remember, filing ITR on time is crucial to avoid late filing penalties and ensure accurate tax records.