ITR Filing: Filing ITR seems easy for a salaried person, but leaving out some small things can lead to error, delay or penalty. Therefore, some things must be kept in mind. So that filing is easy and refund can be received quickly.
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Include all income sources
Even though TDS has been deducted on your salary, other income like interest on savings account, interest on fixed deposit, rental income, capital gain etc. need to be reported. If this information is not given, the tax department can send you a notice. Actually, all this information is already available in the Annual Information Statement of your PAN.
Claim required deductions and exemptions
Salaried individuals can avail several deductions and exemptions to reduce their taxable income such as Section 80C- Deduction on Investment, Section 80D- Health Insurance Premium, HRA (House Rent Allowance). Verifying Form 16 with your investment proofs will eliminate any mismatch and you can avail all the benefits.
Check TDS and Form 26AS
Always cross-check the TDS shown in your Form 16 with Form 26AS and Annual Information Statement. If there is a mismatch, correct it with your employer or deductor. Otherwise, tax credits will not be reflected correctly and may result in delay in refund or additional tax payable.
File ITR on time and confirm your return
Filing ITR on time saves you from paying late fees, interest and losing some carry-forward relief. After filing, it is necessary to e-verify the return. If doing it online, post Aadhaar OTP, net banking or bank account verification and if doing it offline, post the signed ITR-V. Only e-verified returns are valid for refund and compliance.
File ITR correctly
Salaried people think that ITR gets filed automatically because of TDS deduction, but it is your responsibility to file it correctly. When you declare your full income, set deductions correctly, check TDS and file the return on time, you avoid penalty and also get refund easily.
What is ITR and when is the last date for this year?
Income Tax Return (ITR) is actually your annual tax accounting. In this, you tell the government how much you earned last year, how much tax was to be paid on it and how much tax you have already deposited. This makes it clear whether you have to pay more money to the government or it will refund you. The last date to file ITR for the financial year 2024-25 is September 15, 2025.
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