Salaried taxpayers: It is very important for all salaried employees to file Income Tax Return (ITR). If there is any mistake or irregularity in this, you may be fined and legal action is also taken against you. The deadline to file ITR is July 31. If you have to fill ITR then you should start preparing for it. Let us know the complete method of filing ITR.
Salaried taxpayers: It is very important for all salaried employees to file Income Tax Return (ITR). If there is any mistake or irregularity in it, you may be fined and legal action is also taken against you. The deadline to file ITR is July 31, which is very near.
In such a situation, if you are a salaried employee, then you should collect all the necessary documents, forms and other information to file ITR. With this you will be able to file ITR without any hassle.
Start ITR from here
You should ensure that your Aadhaar is linked to your PAN card before filing ITR. You should also check the bank account in which you want the refund. If it is not validated, your refund may get stuck.
It is important to choose the right ITR form
It is important to choose the correct ITR form before filing the return. If you select the wrong form, the return will also be considered incorrect. Then you have to file revised ITR using the correct form. You can avoid this hassle by choosing the right form. If you are a salaried taxpayer then you have to file ITR-1.
What is ITR-1 form?
If your income is less than Rs 50 lakh during a financial year, you will have to fill ITR-1 form. This income should come from sources like salary, family pension and agricultural income (up to Rs 5,000).
Who cannot file ITR-1?
If you are not an Indian citizen, you cannot file ITR-1. Apart from this, there are some other conditions which may prevent you from filing ITR-1.
Your total annual income should be more than Rs 50 lakh.
You may also earn money from lottery, horse racing, legal betting.
Capital gains come under the purview of capital gains tax.
You may have invested in unlisted equity shares.
These documents are necessary
Annual Information Details (AIS) should be downloaded. In this you get all your previous tax details. Form 16 and other important documents should be kept with you. However, investment or TDS proof does not have to be submitted along with the return. But, you should keep these documents with you so that you can show them to the authorities in case of assessment or inquiry.
Keep these things in mind
Download AIS and Form 26AS. If any error or mismatch is found in it, correct it immediately. One should avoid filling ITR form in haste. Whenever you fill the form, cross check it. With this, you will be able to correct any errors in time and your refund will not get stuck.
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