IT Return Filing for Salaried Individuals in Bangalore: A Comprehensive Guide

Introduction

For most individuals with a salaried income, Seasonal capital gains (STCG) from shares, and some bank interest, fixed deposits (FD), or savings, the process of filing income tax returns (ITR) can be relatively straightforward.

Free IT Return Filing Service in Bangalore

Given the simplicity of this task, you might wonder if a professional Chartered Accountant (CA) in Bangalore is necessary or if you can handle it on your own. Fortunately, in many cases, you can file your returns for free using the government's online platform. Let's explore the options and how to do it efficiently.

Steps to File IT Return on e-Filing Platform

1. Visit the Government's e-Filing Platform: Head over to the e-Filing Home Page of the Income Tax Department to start the process. This is the official platform by the Government of India, ensuring secure and transparent filing of your returns.

2. Select the Appropriate ITR Form: For salaried taxpayers, the most suitable form is ITR-1. Once you are on the portal, navigate to the ITR forms section and select the form suitable for your income category. ITR-1 is designed for individuals whose income is from salary, business income (if any), and other sources, but with a gross total income up to Rs. 5 Lakh.

3. Enter Your Details: You will be required to enter details such as your name, address, PAN, and other relevant information. Since there is no capital gain from shares involved in ITR-1, you only need to fill in basic details.

4. Punch in Necessary Numbers: The beauty of filing ITR-1 is that you just need to input a few relevant numbers from your Form 16. This form, provided by your employer, contains necessary details about your salary income. You do not need any additional documents.

5. Generate the ITR: After entering the required details, the system will automatically generate your ITR. Make sure to verify all the information for accuracy before finalizing the process.

6. File and Sign Electronically: Once everything is perfect, file the ITR and sign electronically to complete the process. The electronic signature is legally binding, just like a handwritten one.

Filing STCG from Shares

If you have any STCG from shares, you would typically file a separate form, ITR-2, which is specifically designed for individuals who have received income from capital gains. However, since the STCG amount is below a certain threshold, you might not even need to file a separate return if your total income does not exceed the tax exemption limit.

Professional Services vs. Government Platform

While you have the option to file your returns for free using the government platform, some individuals might prefer professional service. A CA in Bangalore can be particularly helpful for:

Evaluating and optimizing your tax liability. Handling complex cases involving multiple types of income. Ensuring compliance with the latest tax laws and regulations. Offering personalized advice and support.

However, if your situation is straightforward, you can definitely save money by filing your returns on your own or with the free government service.

Conclusion

Whether you choose to file your IT returns on your own or with the help of a professional, the process is manageable and transparent. Utilize the resources available to you to make the process as hassle-free as possible. Happy filing!