New Delhi. The countdown for filing Income Tax Return has started. Like always, this time also the last date for filing ITR is 31st July, 2024. The Income Tax Department has also issued different ITR forms for all types of taxpayers.
If you are a salaried person and do not do any side business, then you have to fill ITR-1 form. What are the other conditions for filing ITR for a salaried person and what 5 things should they keep in mind the most. We are giving you information about this.
If the annual income of a salaried person is less than Rs 50 lakh. Also, if there is income from sources like property, family pension, farming (up to 5 thousand maximum) and FD, then they should fill the ITR-1 form. It is important to note that income from business and profession will not be filled in the ITR-1 form. Apart from this, if you have capital gain or income from more than one property or have earned money from things like lottery or horse racing, then also you should not fill the ITR-1 form. Apart from this, you should keep some other things in mind, the details of which we are giving you.
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Where do you work?
Before filing income tax return, it is important to note in which sector you work. For example, if someone works in the central government, then his salary details are different. Similarly, if you are a state government employee or work in the private sector, then the salary break-up is different and the tax exemption you get also depends on this.
First gather the necessary documents.
You will get Form-16 from your employer to file ITR. Apart from this, download the Annual Information Statement (AIS). Keep the rent slip ready to claim HRA and also keep the receipt of other investments with you. You do not have to upload these documents but keep them ready for the need.
Make sure to match the tax.
Tax of salaried people is usually deducted from their salary in the form of TDS or TCS, however, you must match this tax with other documents. For this, you can assess the actual tax with the help of documents like AIS and 26AS. If there is any mistake, you can also correct it with the help of these documents.
You can file the previous return.
The income tax department also gives the salaried people the opportunity to file the returns of the last 2 years. If you forgot to file any return in the last 2 years or there is some mistake in it, then you can file the updated ITR (ITR-U) along with filing the missed return.
Do this for refund
After filing ITR, you have to keep some things in mind to get your refund quickly and easily. First of all, check whether your Aadhaar and PAN are linked or not. Apart from this, it is also necessary to verify the bank account. It is most important that you choose the right ITR form. Even if it is wrong, then fill the revised ITR in time.
