Salaried Individual ITR Filing (ITR-1 / ITR-2)
Accurate Income Tax Return (ITR) filing for salaried employees, government officials, and IT professionals by B. Mallesh & Co., Chartered Accountants. Complete Form 16, AIS, and TIS 26AS matching with optimal Tax Regime comparison (Sec 115BAC).
1. Statutory Filing Requirement (Section 139(1))
Under Section 139(1) of the Income Tax Act, 1961, every individual whose total income during the financial year exceeds the basic exemption limit (₹3,00,000 under New Tax Regime u/s 115BAC or ₹2,50,000 under Old Tax Regime) is legally mandated to file an Income Tax Return before the statutory due date (31st July).
Applicable Form Selection Criteria
For resident individuals with total income up to ₹50 Lakhs from Salary, 1 House Property, and Interest / Other Sources.
For individuals having income exceeding ₹50 Lakhs, multiple house properties, capital gains (shares/crypto), or holding directorships/unlisted shares.
2. Tax Regime Comparison (Sec 115BAC vs Old)
Our CA team performs automated mathematical computations comparing tax liabilities under both regimes before filing:
Default New Tax Regime (Sec 115BAC)
- • Standard Deduction of ₹75,000 available for salaried taxpayers.
- • Lower tax slab rates (Nil tax up to ₹7 Lakhs net taxable income u/s 87A).
- • No requirement to maintain Chapter VI-A investment proofs.
Optional Old Tax Regime
- • Section 80C deductions up to ₹1,50,000 (PPF, ELSS, EPF, LIC).
- • Section 80D Mediclaim deductions up to ₹25,000 / ₹50,000.
- • HRA (Sec 10(13A)) & Home Loan Interest (Sec 24(b)) deductions up to ₹2 Lakhs.
3. Mandatory Document Checklist
Documents Required for Salaried Filing
- Form 16 Part A & B from Employer
- PAN Card & Aadhaar Card
- Annual Information Statement (AIS / TIS)
- Bank Statements for all active savings accounts
- Proof of Tax Saving Investments (If opting Old Regime)
- Home Loan Interest Certificate (If applicable)
4. Step-by-Step CA E-Filing Timeline
Step 1: Document Upload & AIS / Form 26AS Reconciliation
Reconciling your Form 16 with Income Tax Portal AIS/TIS data to ensure zero mismatch notices.
Step 2: Dual Tax Regime Computation & Client Approval
Comparing Old vs New Regime tax liabilities and sharing detailed calculation draft for your review.
Step 3: Portal E-Filing & Aadhaar OTP E-Verification
Filing ITR-1/ITR-2 on the e-filing portal and assisting with immediate Aadhaar OTP e-verification.
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Mancherial Office Contact
B. Mallesh & Co., Co. Laxmi Theater, Indra Nagar, Mancherial, Telangana - 504208