Filing your income tax return (ITR) is a crucial step for salaried taxpayers, with the approaching deadline of July 31 adding urgency to the process. To ensure a hassle-free filing experience, it's essential to have all the necessary documents and information ready beforehand.
First and foremost, make sure your Aadhaar is linked with your PAN and that your refund bank account is validated. This ensures smooth processing of your return and timely receipt of any refunds.
Selecting the correct form is crucial. For salaried taxpayers, ITR-1 is typically the appropriate choice. This form is for resident individuals whose total income does not exceed Rs 50 lakh and includes income from salary, one house property, family pension, agricultural income (up to Rs 5,000), and other sources like interest income.
It's important to note that certain individuals cannot use ITR-1, such as non-resident Indians, individuals with income exceeding Rs 50 lakh, those with income from lottery or gambling, taxable capital gains, investments in unlisted equity shares, or income from more than one house property.
Gathering the necessary documents is the next step. Download the Annual Information Statement (AIS) and gather copies of Form 16, house rent receipts (if applicable), investment payment premium receipts, and any other relevant documents. While these documents do not need to be attached to your return, keep them handy in case of assessment or inquiry by tax authorities.
When filing your return, carefully examine all documents and pre-filled data for accuracy. Spot any discrepancies and reconcile them with AIS and Form 26AS, which show actual TDS/TCS details.
After e-filing your return, ensure to e-verify it promptly. If you choose to manually verify, send the signed physical copy of the ITR-V Acknowledgement to the designated address.
By following these steps and double-checking your forms and documents, you can streamline the tax filing process and minimize the risk of errors or delays.
