Income Tax for Salaried Individuals

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Salaried Employees ITR

During the relevant financial year, we pay income tax at the prescribed rates on the total income earned. An income tax return is a declaration of income received to calculate tax liabilities and remitting or refunding taxes to the government. Thus, the goal of submitting the return is to declare to the government our income and taxes paid on it. Individuals, NRIs, partnership businesses, LLPs, companies, and trusts must submit income tax forms each year. The income tax return form can be electronically or manually filed.


Individuals with income up to Rs. 50 lacs are required to file their Income Tax Returns. A working individual may have alternative sources of income besides wages that are Taxable under the laws. 


Other sources of income include:


  • Other sources of income: This includes an interest in savings bank accounts, fixed deposits, and winning monetary prizes in competitions like KBC.
  • Income from the house: Rent from tenants
  • Income from Capital Gains: Financial profits earned by investing in mutual funds, stocks, and real estate.
  • Income from Business: For self-employed individuals who operate as contractors or freelancers or who run their businesses. Doctors, lawyers, tutors, CPAs, life insurance agents, and so on.


You can file your income tax returns with the assistance of Law Suvidha Experts.

Income Tax Slabs

The Income Tax to be paid by people falling under these Tax brackets are as follows.

Annual Income

Tax Rate (%)

Amount to be paid as Tax

Less than Rs. 2.5 lacs


Zero (No Tax)

Between Rs. 2.5 lacs to Rs. 5 lacs


5% of income over Rs. 2.5 lacs

Between Rs. 5 lacs to Rs. 10 lacs


Rs. 12,500 + 20% of income above Rs. 5 lacs

Above Rs. 10 lacs


Rs. 1,12,500 + 30% of income above Rs. 10 lacs

Benefits of Filing ITR to Salaried Employees

  • Hassle-free loan processing
  • Additional Refunds
  • Travel & Credit Applications Access
  • Legal Proof

Documents Required for filing Salaried ITR in India

  • Form 16 from your company
  • Additional Form 16
  • Form 26AS Tax Credit Statement
  • Aadhaar card
  • Bank statement if interest received is above Rs. 10,000/-
  • Salary Slip of any month during the Financial Year
  • Annual Information Statement

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Frequently Asked Questions (FAQ)

Your company deducts tax from your paycheck and pays it to the Internal Revenue Service on your behalf. It’s known as TDS. TDS is tax deducted at the point of sale. Every month, your employer deducts a percentage of your salary and sends it to the Income Tax Department on your behalf.


Your employer decides how much TDS we must deduct from your income each month based on your overall earnings for the year and your investments in tax-saving goods.


TDS is a significant component of a salaried employee’s income tax payment. Your employer will provide you with a TDS certificate called Form 16 in June or July, indicating how much tax was deducted each month.

TDS certificates are issued in Form 16. The I-T Department requires your company to deduct TDS from your salary and deposit it with the government.


The Form 16 certificate provides information about your pay for the year and the TDS amount deducted.


It contains two parts:

  • Part A contains information regarding the employer’s and employee’s names, addresses, PAN and TAN numbers, and TDS deductions.
  • Part B contains information on the salary received, extra income, deductions authorised, and tax payable.

Individuals can claim an income tax deduction for interest paid on house loans and housing renovation loans. Furthermore, in the case of self-occupied property, the maximum deduction for interest paid on a housing loan is Rs. 2 lakh. This deduction, however, is not accessible to those who choose the New Tax Regime.

Section 80CDeduction in respect of life insurance premia, deferred annuity, contributions to provident fund, etc₹1,50,000
Section 80CCCAnnuity plan of LIC or another insurer towards Pension Scheme
Section 80CCDPension Scheme of Central Government
Section 80CCD(1b)Investment in National Pension Scheme₹50,000
Section 80DDeduction towards payments made to Health Insurance Premium & Preventive Health check up₹25,000 / ₹50,000
Section 80DDBDeduction wrt medical treatment, etc.₹40,000 / ₹1,00,000
Section 80DDDeduction in respect of maintenance including medical treatment of a dependent who is a person with disability₹75,000 / ₹1,25,000
Section 80EEDeduction towards interest payments made on loan for higher education of self or relativeTotal amount paid towards interest on loan taken
Section 80EE/EEADeduction towards interest payments made on loan taken for acquisition of residential house property₹50,000 / ₹1,50,000
Section 80EEBDeduction towards interest payments made on loan for purchase of Electric Vehicle₹1,50,000
Section 80GDeduction towards Donations made to certain Funds, Charitable Institutions, etc.₹2,000
Section 80GGDeduction towards rent paid for house & applicable only where HRA is not part of Salary

Least of the following:

Rent paid reduced by 10% of Total Income before deduction,

₹5,000 per month

25% of Total Income before deduction

Section 80GGADeduction towards Donations made for Scientific Research or Rural Development₹2,000 (cash)
Section 80GGCDeduction towards Donations made to Political PartyAny amount other than cash
Section 80TTADeduction on interest received on saving bank accounts by Non-Senior Citizens ₹10,000
Section 80TTBDeduction on interest received on deposits by Resident Senior Citizens₹50,000
Section 80UDeductions for an individual with Disability₹75,000 / ₹1,25,000

Note: Under the new tax regime, deductions only under Section 80CCD(2) and Section 80JJA are available.

While tax is paid monthly, it is computed annually. Individuals, corporations, and enterprises all pay income tax. While you may observe that the tax is taken periodically on your pay stub, it is computed yearly.

You may reduce your tax liability by investing in ELSS, FDs, insurance products, and PPFs. This strategy can save you up to 1.5 lakhs. Other tax-saving solutions are available under Section 80C of the Income Tax Act.