Salary is the remuneration paid by the employer to the employee for the services rendered for a certain period of time.
- Basic Salary
- Perquisites & Bonus
- Allowances (such as HRA, LTA, etc.)
Income from Salary is taxed at the applicable slab rate & is to be reported in ITR 1 when filing your Income Tax Return.
There are two ways to add Salary income to your Income Tax Return on Quicko.
- Adding Salary using Form 16
- Adding Salary details Manually
Here's a complete guide on Income from Salary & Taxes.
Adding Salary using Form 16
Form 16 is a document that contains all of the information is need to prepare and file your tax return. It shows the salary income breakdown as well as the amount of TDS deducted by the employer.
Form 16 contains mainly comprises two parts:
- Part A contains the details of the TDS deducted
- Part B contains the details of break up of the salary
To add Salary using Form 16:
- In the Filing tab, navigate to INCOMES > SALARY from the side nav
- Click on Upload Form 16
- Click on Browse and upload Form 16 pdf file
- On the next screen, you will see SALARY details
Ensure that your Form 16 is:
1. In a PDF Format, not exceeding 5MB
2. Both parts, A & B, should be generated from TRACES
Here's a guide on how to download Form 16 from TRACES
Adding Salary Manually
In case you haven't received Form 16, you can still report your salary using a salary slip.
- Click on SAVE
Note: The standard deduction is automatically added, once all the details have been entered.