If you’re a salaried individual looking to file your income tax return, you’ll find the process to be quite straightforward. For most salaried taxpayers, you will use Form 1, also known as ITR-1. This form can be used by resident individuals whose total income does not exceed ₹50 lakh in a financial year. The income sources included under ITR-1 are salary, income from one house property, family pension income, agricultural income (up to ₹5,000), and other sources such as interest income from bank fixed deposits or other investments.

However, it’s important to note that certain types of income cannot be reported using ITR-1. These include profits and gains from business and professions, capital gains, income from more than one house property, and winnings from lotteries or horse racing. Let’s delve deeper into the key points you should be aware of when filing your income tax return.

Key Points to Note When Filing Your Income Tax Return

1. Nature of Employment
When you’re filing your income tax return, you need to specify the nature of your employment. This means you have to indicate whether you are a central government employee, a state government employee, an employee of a public sector enterprise, a pensioner, or an employee in the private sector. This classification is crucial as it can impact the allowances and exemptions you are eligible for.

2. Documents You Need
Before you start filing your tax return, gather the necessary documents. Key documents include:

• Annual Information Statement (AIS): This provides details of your income and tax deducted.
• Form 16: Issued by your employer, this form summarizes your salary and the tax deducted at source (TDS).
• House Rent Receipts: If you claim house rent allowance (HRA), you’ll need receipts to validate your claim.
• Investment Payment Receipts: Proof of investments like life insurance premiums, Public Provident Fund (PPF) contributions, and others.
  While you don’t need to attach these documents to your tax return, it’s essential to keep them handy. You might need to produce them if there is any assessment or inquiry by the tax authorities.

3. Tax Already Paid During the Year
Throughout the year, taxes are collected in the form of TDS or TCS (tax collected at source). When filing your return, ensure that the taxes you’ve paid match the figures reported. You can verify this using the AIS and Form 26AS, which detail the taxes already paid. If there’s any discrepancy, you’ll need to reconcile it before filing your return.

4. Filing Returns for Previous Years
If you missed filing your income tax returns for the previous two years, you can still file them using the ITR-U (updated income tax return). This allows you to file returns for up to two years prior, in addition to the current year (FY24). This option is particularly useful if you discover any missed income or deductions from past years that need to be reported.

5. Steps to Prevent Issues
To avoid problems when filing your return and to ensure you receive your refund promptly, follow these steps:

• Link Aadhaar and PAN: Ensure your Aadhaar number is linked with your PAN (Permanent Account Number). This is mandatory and facilitates smoother processing of your return.
• Pre-validate Your Bank Account: The income tax department transfers refunds to your bank account. Make sure to pre-validate the account where you want to receive your refund. This step ensures that the refund is credited without any delays.
• Choose the Correct ITR Form: It’s crucial to select the appropriate ITR form for your income type. Using the wrong form will result in your return being treated as defective, and you’ll have to file a revised return using the correct form.

Detailed Steps to File ITR-1 for Salaried Individuals

Step 1: Gather Your Documents
Start by collecting all necessary documents, including your Form 16, AIS, house rent receipts, and investment receipts. These documents will help you accurately fill in your income details and claim eligible deductions.

Step 2: Login to the Income Tax Portal
Visit the official Income Tax e-filing portal and log in using your PAN, password, and captcha code. If you are a new user, you will need to register first.

Step 3: Select the ITR Form
Choose the ITR-1 form from the list of available forms. Ensure you select the correct assessment year for which you are filing the return.

Step 4: Fill in the Required Details
Enter your personal information, including your name, address, and contact details. Then, fill in your income details based on your Form 16 and other relevant documents. Make sure to declare income from all sources, including salary, house property, and interest income.

Step 5: Claim Deductions
Enter details of all deductions you are eligible for under various sections of the Income Tax Act. This includes deductions under Section 80C (investments like PPF, life insurance premiums), Section 80D (health insurance premiums), and other applicable sections.

Step 6: Verify Your Tax Payable
The portal will automatically calculate your tax payable or refund based on the information you have provided. Review these calculations to ensure their accuracy.

Step 7: Submit and E-Verify
Once you have reviewed all the details, submit your return. After submission, you need to e-verify your return using any of the available methods such as Aadhaar OTP, net banking, or by sending a physical signed copy to the Centralized Processing Center (CPC) of the Income Tax Department.

By following these steps and keeping the key points in mind, you can ensure a smooth and hassle-free experience while filing your income tax return.