Income Tax 101 Salaried

This video briefly explains essential income tax terms for beginners which could facilitate a seamless tax-filing experience. Some of the terms discussed in...

The Old and New Tax Regimes present distinct frameworks for taxation of income. Under the old regime, taxpayers benefit from various exemptions and exemption...

The term income tax slab refers to income brackets dictating the amount of tax owed based on earnings. Introduced for equitable taxation, the slabs may...

Learn about essential tax declarations: disclose your total salary, encompassing basic pay, allowances, bonuses, and prerequisites...

For salaried individuals, choosing the right ITR filing form is crucial for accurate tax filing. The decision to file ITR-1 or ITR-2 depends on your income structure. ITR-1 is suitable for those with a single income source, one house property, and limited deductions. However, if you have multiple properties, capital gains, foreign income, or exceed ₹50 Lakhs, ITR-2 is the way to go, allowing you to report diverse income streams and claim applicable deductions.

You can easily file your ITR-1 online in a few quick steps. First, log into the e-filing portal, select the appropriate ITR form, and check your personal and financial information. Next, you have to provide all the details of your income sources, claim applicable deductions, and verify your tax payments. You can complete the process by finally submitting and e-verifying your return. Once you complete the tax payment, if any, your ITR-1 form will be successfully submitted.