ITR Filing Tips: Before filing ITR, definitely check these 5 things, you will get bumper refund along with huge tax savings..
The countdown for filing Income Tax Returns 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 (ITR Filing Process). 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 (Tips for ITR file 2024) for a salaried person and what 5 things should they keep in mind the most? We are giving you information about this.
In such a situation, do not fill ITR-1 form
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 a maximum of 5 thousand), and FD, then they should fill ITR-1 form (ITR-1 form kya hai). 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 the lottery or horse racing, then also (Income tax department) you should not fill ITR-1 form. Apart from this, you should keep in mind some other things, the details of which we are giving you.
In which sector do you work
Before filing an income tax return, it is important to note in which sector you work. For example, if someone works in the Central Government (IT filing deadline), then his salary details are different. Similarly, if you are an employee of the state government or work in the private sector, then the breakdown of the salary is different and the tax exemption you get (how to file ITR) also depends on this.
Keep these important documents ready
You will get Form-16 from your employer to fill 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 (important documents for ITR filing) but keep them ready for the need.
Tax matching is important
A tax on salaried people is usually deducted in the form of TDS or TCS before salary, yet you must match this tax with other documents. For this, you can assess the actual tax with documents like AIS and 26AS. If there is any mistake, then you can also correct it through these documents.
This is how to fill out the previous return
The Income Tax Department also gives the salaried people an opportunity to file the return of the last 2 years. If you forgot to file any return (income tax return) in the last 2 years or there is any mistake in it, then you can file the updated ITR (ITR-U) along with filing the missed return.
Do this for a refund
After filing ITR, to get your refund quickly and easily, some things have to be kept in mind (Income tax saving tips). First of all, check whether your Aadhaar and PAN are linked or not. Apart from this, it is also important to verify the bank account. It is most important that you choose the right ITR form. Even if it is wrong, then fill in the revised ITR in time.
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