ITR Filing: Employed People should do these 5 things while Filing ITR for Tax Saving
The income tax returns filing process has started and is currently going on. Taxpayers can file Income Tax Returns (ITR) for FY 2023-24 by July 31, 2024. For different categories of taxpayers, ITR forms are also different and choosing the correct ITR Form is also necessary.
Employed people should file the Income Tax Return form for various benefits and Taxpayers with an annual salary less than Rs.50 lakh can fill the ITR -1 form. While filing the ITR, it is important to take special care of some things otherwise a small mistake can cost you a lot.
If you are a salaried person then keep these 5 things in mind while filing an income tax return to get benefits and tax savings.
Collect these documents before filing ITR
Salaried individuals should have these important documents while filing ITR. Without these, the entire process remains incomplete, after which there may be a need to pay a fine. Salaried people have to download AIS before filing income tax and to claim HRA, the availability of rent slips is essential.
Tax Exemption also depends on Job Sector
The salary breakup is different for different employees – private and government and Tax Exemption depends on this. Therefore, while filing ITR, first claim exemption according to job sector.
Tax Assessment and Reconciliation is Necessary
Assessment and reconciliation of tax before filing ITR is very important for employed people. The tax of a salaried employee is already deducted from the salary in the form of TDS.
Despite this, taxpayers need to be sure that the due tax amount is right and can verify the actual tax from documents like AIS and 26AS and if you find any mistake, you can also make corrections before final ITR submission.
4 Things to take care of before Filing ITR
- Ensure that your Aadhar card is linked to your PAN, before filing an ITR.
- E-verification of Bank accounts is a must.
- Choosing the correct ITR Forms.
- While filing income tax return, ensure that your tax returns for the last two years are clear. If you have forgotten to file ITR or have omitted it by mistake, you can file an updated ITR along with filing the missed return.
