5 Essential Things Salaried Taxpayers Must Remember While Filing ITR
It is a very important financial duty to file your Income Tax Return (ITR). Late submission can result in penalties and legal actions. The deadline of July 31 is coming up soon, so everyone should take out their important papers and information to help in the filing process.
There are five key things that every salaried taxpayer has to keep in mind while filing his or her ITR.
1. Choose the Correct ITR Form
Selecting the right ITR form is the first and most important step. Filing an incorrect form will result in your return being classified as defective, requiring you to revise and resubmit it.
Who Should File ITR-1?
ITR-1 (Sahaj) is for resident individuals whose total income does not exceed ₹50 lakh in a financial year. This form is applicable if your income consists of:
- Salary or pension
- Income from a single house property
- Family pension income
- Agricultural income (up to ₹5,000)
- Interest from savings accounts, deposits, or enhanced compensation
Who Cannot Use ITR-1?
ITR-1 is not applicable for individuals who:
- Are non-residents or not ordinarily residents
- Have an annual income exceeding ₹50 lakh
- Have taxable capital gains (short-term or long-term)
- Earn from lottery winnings, racehorses, or other legal gambling
- Hold unlisted equity shares
- Have income from multiple house properties
2. Keep Essential Documents Ready
Before filing your ITR, gather the following key documents:
- Annual Information Statement (AIS) – Provides a consolidated summary of financial transactions
- Form 16 – Issued by the employer, detailing salary and TDS deductions
- Form 26AS – Reflects tax credits, advance tax, and TDS details
- House Rent Receipts (if applicable) – Required to claim HRA exemption
- Investment Payment Receipts – Proof of tax-saving investments such as LIC premiums, PPF, ELSS, etc.
While you do not need to attach these documents with your ITR, keeping them handy is essential in case of an audit or inquiry by tax authorities.
3. Verify Data for Accuracy
To avoid errors, cross-check your financial details before submission:
- Download AIS & Form 26AS – Ensure the reported TDS and TCS figures match your actual deductions. If there is any discrepancy, get it rectified before filing.
- Review Prefilled Data – Check that pre-filled details like PAN, contact information, and bank account details are correct.
- Validate Income and Deductions – Ensure that income from various sources and deductions under sections like 80C, 80D, and 80G are accurately reported.
4. Link Aadhaar with PAN & Validate Bank Account
- Aadhaar-PAN Linking – Ensure your Aadhaar is linked with your PAN, as failure to do so may result in your return being considered invalid.
- Bank Account Validation – The bank account where you expect your refund must be validated on the income tax e-filing portal.
5. E-Verify Your ITR
After successfully filing your ITR, you must complete the e-verification process. You can do this through:
- OTP-based verification via Aadhaar
- Net banking
- Demat account
- Bank account-based EVC (Electronic Verification Code)
If you prefer manual verification, send a signed physical copy of the ITR-V acknowledgment via speed post to the Centralized Processing Center (CPC), Income Tax Department, Bengaluru – 560500.
Conclusion
Filing your Income Tax Return (ITR) correctly and on time is crucial for salaried taxpayers to avoid penalties and legal complications. Choosing the right ITR form, keeping essential documents handy, and verifying financial details can make the process smoother. Ensuring that your Aadhaar is linked with your PAN and validating your bank account are also vital steps. Additionally, reconciling discrepancies in Form 26AS and AIS before filing prevents future issues.
A common mistake taxpayers make is failing to e-verify their return, which can lead to rejection or delays in refunds. The e-verification process is simple and can be done through Aadhaar OTP, net banking, or an Electronic Verification Code (EVC).
By following these steps, taxpayers can ensure an accurate and hassle-free tax filing experience. Planning ahead and double-checking details will help avoid errors, ensuring compliance with tax laws while maximizing eligible deductions and benefits.
Read More: Key Terms of Income Tax Explain before you filing tax returns