Income tax (I-T) return filing deadlines of July 31 are drawing near, so taxpayers need to gather the paperwork, forms, and information they need to file their returns as soon as possible.
Make sure you have linked your PAN and Aadhaar before completing your tax return. It should have been verified that the bank account you wish to use to receive your refund exists. Here, we summarize some of the key information that employers must provide to employees for them to complete their income tax return (ITR).
Before filing the return, make sure you select the appropriate ITR form. If not, the return would be considered faulty, and you would need to file a corrected ITR with the appropriate form once again. If you are a salaried taxpayer, you must file an ITR-1 income tax return.
What is ITR-1?
Residents who have income from salaries, one house property, family pensions, agricultural income up to ₹5,000, and other sources such as interest from savings accounts, interest from deposits, and interest on enhanced compensation or family pensions and whose total income does not exceed ₹50 lakh during the financial year can file an ITR-1.
ITR-1 Is Useful For Whom?
It is crucial to keep in mind that an individual who is not an Indian resident or non-resident, has total income exceeding ₹50 lakh, has income from the lottery, racehorses, or legal gambling, has taxable capital gains (either short- or long-term), has invested in unlisted equity shares, and has income from multiple house properties is not eligible to file an ITR-1.
What Are The Documents I Need Before Filing The ITR?
The AIS (Annual Information Statement) must be downloaded, and copies of Form 16 and, if relevant, the home rent and investment payment premium receipts must be kept.
But it’s important to remember that you cannot attach any documents to your return, including TDS certificates or evidence of investment. However, you must save these records in case you are required to provide them to the tax authorities for an examination or assessment.
Important Things To Keep In Mind While Submitting Your ITR
- Difference In Points: Download the AIS and form 26AS first, then be sure to verify the TDS and TCS. Make careful to resolve any discrepancies that may exist.
- Carefully Review All Supporting Documentation: When submitting your ITR, make sure to gather and go over all supporting documentation, including interest certificates, bank statements, passbooks, Form 16 (Annual Information Statement), investment proofs, and receipts for exemptions or deductions.
- Prefilled Data: Taxpayers are required to verify that the pre-filled data has accurate information about PAN, permanent address, contact information, bank account information, and other facts.
- Don’t Forget To E-Verify It: E-verify the return following e-filing. The signed hard copy of the ITR-V Acknowledgment can be mailed (by expedited post) to the Income Tax Department’s Centralized Processing Center at Bengaluru 560500 if you would want to manually validate your return.
