Tuesday, February 18, 2025

Income Tax Filing – Important points for Salaried individuals

Income Tax filing for salaried persons – If you receive a salary and need to file your income tax return, the process has been made quite hassle free. All you need to do is submit your return using Form ITR-1 (also known as Form 1).

Income tax returns

Who all can fill Form ITR-1

The income tax filing via Form ITR-1 or Form 1 is applicable for following

  • Resident individual
  • Income less than 50 Lakhs in the financial year
  • The income consists of Salary, Property, Agriculture income and Interest from Bank and FDs etc

Income which do not make part of above

  • Capital gains
  • Income from additional property
  • Lottery etc

Income Tax Filing for Individual Points to remember

  1. TDS: Details of tax already paid via TDC or TCS. You can access the details through AIS (Annual Information Statement) and form 26AS. This should be in advance so that in case of any missing data, user can take immediate action.
  2. Type of Employment: The individual has to declare what type of employment he/she is active in, including the retirees.
  3. Form 16: This is the main document that the individual tax payer will require
  4. Ensure that the bank is validated with the tax depatment for the process of refund, if any.
  5. Link your Aadhar and PAN card.

Most important point to remember: Do not make mistake in choosing the assessment year and correct ITR form before making the final payment.

Disclaimer: This is not a legal advice. Please check the official website of Income Tax department and take advice of your CA.

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