Tuesday, November 30, 2021
Home Business Zee Exclusive: Salaried employee working from home? Don’t miss out on THESE...

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 individuals and other category of taxpayers must complete at the end of a financial year. This year’s income tax return will be filed for the Assessment Year 2021-22 or FY 2020-21 and the deadline for the same has been set for December 31, 2021. The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. 

While the majority of the people might have already filed their Income Tax Return, it is possible that a lot of us are yet to file it. And if you are a salaried employee, working from home, you must check Income tax rules for e-filling of ITR on new portal. Also, it is very important to focus on other incomes beyond Form 16. Sujit Bangar, Founder of TaxBuddy.com in an exclusive chat with Reema Sharma of Zee Media said, “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 is also very important to decide on the particular tax regime that the salaried individual wishes to follow –New or old. 


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 considered in form 16. You can change it while filing ITR. If you have received, arrears for earlier year, don’t forget to claim benefit of deduction u/s 89 of I-T Act.” 

Lately, a lot of ITR Filers have complained of the glitch on the new income tax portal. Commenting on the same, 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 filing of ITR is just over a month away, you could file it all by yourself to avoid any last minute rush. However, before filing your ITR, firstly ensure that your PAN and AADHAR are linked. It helps in bank validation for faster refunds and in e-verification for quick processing. Secondly, keep all documents related to income earned and investments made ready with you. Thirdly, work out how much tax you have already saved from all tax saving investments and tax saving expenses. This will help work out any tax payable. Get this tax paid at earliest before filing. Fourthly, select correct ITR form. For example if you are freelancer, you should select ITR-4 and if you are salaried, you should select ITR-1. Ensure all relevant fields are filled properly.

Lastly, ensure e verification immediately after filing ITR. Keep tracking mail for any communication from I-T department till you get your refund.

Live TV


Source link


Sensex, Nifty Decline On Global Cues Ahead Of GDP Data

<!-- -->Indian equity benchmarks fell sharply on Tuesday mirroring loses in global markets after drugmaker Moderna's CEO set off fresh alarm bells in...

zara: Zara founder’s daughter Marta Ortega to lead parent company – Times of India

MADRID: The parent company of Zara said Tuesday that Marta Ortega, the daughter of the Spanish clothing giant's founder, will take over as...

After onions, tomatoes denting kitchen budget; 44% Indian households paying over Rs 60/kg for it

New Delhi: After soaring onion prices, now retail prices of tomatoes are denting the kitchen budget of the common man across the country. A...


Please enter your comment!
Please enter your name here

- Advertisment -stock market course

Most Popular

Dozens of former Afghan forces killed or disappeared by Taliban, rights group says

Human Rights Watch says more than 100 former Afghan personnel have been killed or have disappeared.

Omicron coronavirus variant halts Cape Town’s cruise ship tourism

The docking of the Europa passenger liner in Cape Town on Tuesday was meant to be a ribbon-cutting celebration marking the official start...

Cyclonic Storm Likely to Hit Odisha, Andhra Coasts Saturday Morning, Warns IMD

The storm is likely to emerge into the Andaman Sea during the next 12 hours. (Reuters)The storm is likely to move northwestwards, intensify...

On 5th Anniversary, Hazel Keech Posts An Unseen Pic With Yuvraj Singh From Their Wedding

<!-- -->Hazel Keech shared this photo. (Image courtesy: hazelkeechofficial)HighlightsHazel Keech and Yuvraj Singh got married on November 30 in 2016 On their 5th...

Recent Comments

%d bloggers like this: