Income Tax 2024-25: Keep these things in mind while paying income tax..

If you file an Income Tax Return, then start collecting information about your income source from collecting papers. Let us tell you that this time the last date for filing an Income Tax (I-T) return is 31st July. As this date approaches, before taxpayers file their tax returns, ensure that they have linked their Aadhaar with their PAN. The bank account in which you want to receive your refund is active. Here, we have given some important information that the working class should keep in mind while filing income tax returns.

Select the correct form

Before filing the return, make sure that you have chosen the correct ITR Form. Otherwise, the return will be treated as incorrect, and you will have to file the revised ITR again using the correct form. If you are a salaried taxpayer then you have to file ITR-1 to file an income tax return.

What is ITR-1?

ITR-1 can be filed by an individual whose total income does not exceed ₹50 lakh during a financial year and has income from salary, a house property, family pension income, agricultural income (up to ₹5,000), and other sources. .

Who cannot use ITR-1?

It is important to remember that ITR-1 cannot be filed by a person who is not an Indian resident and whose total income exceeds ₹50 lakh.

What documents will be required?

You need to download AIS (Annual Information Statement) and keep copies of Form 16, House Rent Receipt (if applicable), and Investment Payment Premium Receipt (if applicable). However, it is important to note that taxpayers will not have to attach any documents (like proof of investment, or TDS certificate) with your return. But you need to keep these documents with you in case you need to present them before the tax authorities for assessment or inquiry.

4 things to remember 

First and foremost, download AIS and check Form 26AS and actual TDS/TCS. If there is any mistake then get it corrected first.

Make sure to compile and carefully check the documents to be referred to while filing your ITR.

Check that the pre-filled data like PAN, permanent address, contact details, bank account details, etc. are correct.

After e-filing the return, e-verify it. If you wish to manually verify your return, you can send the signed physical copy of the ITR-V Acknowledgment (by Speed Post) to the Centralized Processing Centre, Income Tax Department, Bengaluru 560500.