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The countdown to file income tax returns has started. As always, this time too the last date for filing ITR is 31 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 for employed people (Tips for ITR file 2024) and what 5 things should they keep in mind the most? We are giving you information about this.
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 have to 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 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 lottery or horse racing, then also you should not fill ITR-1 form. Apart from this, you should keep some other things in mind, the information of which we are giving you.
Which sector do you work in
Before filing income tax return, it is important to keep in mind which sector you work in. For example, if someone works in the central government (IT filing deadline) then his salary details are different. Similarly, if you are a state government employee or work in the private sector then the salary breakdown is different and the tax exemption you get (how to file ITR) also depends on this.
Keep these important documents ready
To file ITR, you will get Form-16 from your employer. Apart from this, download the Annual Information Statement (AIS). Keep the rent slip ready to claim HRA and also keep the receipts of other investments with you. You do not need to upload these documents (documents required for ITR filing), but keep them ready if needed.
Tax reconciliation is a must
Salaried people usually have tax deducted in the form of TDS or TCS before their salary, however, 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, you can also correct it with the help of these documents.
How to fill previous return
The Income Tax Department also gives the salaried people an opportunity to file returns for the last 2 years. If you have forgotten to file any return (income tax return) in the last 2 years or there is some mistake in it, then along with filing the missed return, you can also file the updated ITR (ITR-U).
Do this for a refund
After filing ITR, you have to keep some things in mind to get your refund quickly and easily (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. The most important thing is that you choose the right ITR form. Even if it is wrong, fill the revised ITR in time.