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News INCOME TAX

  • Jun 08, 2021
  • Salaried employee working from home? Check Income Tax rules for e-filing ITR on new portal

    Income Tax Return (ITR) filing for salaried employees during work from home 2021: The Income Tax filing season has started. This year, the government has launched a new e-filing portal to make tax filing easy for all categories of taxpayers. In normal times, the due date for ITR filing for salaried taxpayers remains 31st July of every year. However, due to the Covid pandemic, the due date has been extended to 30th September 2021 this year.

    Amid lockdowns, a large number of salaried employees are working from home. For such salaried taxpayers, there are some necessary rules they should be aware of. Take a look:
    Form No. 16 and Income Tax Return (ITR)
    Sujit Bangar, Founder Taxbuddy.com, said if the income of a salaried employee crosses Rs 2, 50,000, he needs to pay tax on the income above this limit. Therefore, your employer deducts income tax (TDS) from salary and deposits with Government. The details of such taxable income, deductions and TDS are provided by the employer to an employee in a specific form which is known as Form 16.

    Bangar said that this year, employer is required to issue Form 16 to employees before 15th July. “It should be kept in mind that this is not an ITR. You may use this form for filing your ITR. The details mentioned in this Form as per those you have submitted to your employer. Your taxable income may be more or lesser than that in Form 16 provided you have documentary proofs against your claims.”