ITR Filing 2024: Income tax returns are being filed for the financial year 2023-24 and assessment year 2024-25. If you are a salaried taxpayer, then these five things must be known before filing income returns.
ITR Filing 2024 : Income tax returns are being filed for the financial year 2023-24 and assessment year 2024-25. Its last date is 31 December. If you are a salaried taxpayer, then the process of filing income returns is quite simple. You only have to file your return through Form 1 i.e. ITR-1. Income Tax Return Form-1 can be filed by any resident individual whose income does not exceed Rs 50 lakh during a financial year and this income is from salary, house property, family pension income, agricultural income up to 5000 and interest income from other sources such as bank FDs or other investments. However, it is important to note that some income will not form part of ITR-1, including profits and capital gains from business and professions, income from more than one house property and income from lottery. Let us know what things salaried taxpayers should keep in mind.
Tell me the nature of employment
While filing income tax returns, salaried taxpayers must define the nature of job while filing returns, such as whether he is a Central Government employee or State Government employee, Public Sector Enterprises (PSU) employee, pensioner, private sector employee.
Which documents are necessary
You need to download the AIS and keep copies of other documents like Form 16, house rent receipts (if applicable) and investment payment premium receipts (if applicable). However, you should not attach any of these documents like investment certificates with your ITR. You need to retain them only in case you are asked to produce them before tax authorities such as assessment and investigation.
Taxes already paid during the financial year
Taxpayers pay TDS or TCS (tax collected at source) during the financial year and these figures should match with the tax shown while filing returns. Data on taxes already paid can be obtained from Annual Information Certificate (AIS) and Form 26AS, where taxpayers should check the tax actually paid. And in case of any discrepancy, you should match it.
Filing of Income Tax returns for the last two years
Along with the current year (FY2024-25), if you have forgotten to file income tax returns for the last two years, you can file it. For the last two years, you can file ITR-U (Updated Income Tax Return).
Do these things before filing ITR
To avoid problems in filing your income tax return and receiving your refund, make sure you have linked Aadhaar and PAN. When the Income Tax Department sends a refund, it transfers the money to a bank account. So you must verify your bank account beforehand where you want to receive your refund. You must choose the correct ITR form before filing it otherwise the filed return will be considered defective and you will have to file a revised ITR using the correct form.
