Tax Return: It’s that time of the year again when salaried individuals must gear up to file their Income Tax Returns (ITR). Filing your ITR accurately and on time is not just a legal obligation but also crucial for financial planning and accessing various benefits like loan approvals and visa processing. With changing tax rules and multiple income components, it’s easy to overlook key details. To help simplify the process, here are seven important things every salaried taxpayer should keep in mind while filing their ITR this year. Staying informed ensures a smooth filing experience and helps avoid unnecessary notices or penalties.

1. Choose the tax regime: Choose the tax regime according to your investment and income level. If you want to opt for the old tax regime, you have to inform your employer. Otherwise, the new tax regime will be automatically selected.

2. Form 16 Mandatory: Form 16 is a document that salaried employees are required to obtain from their employers. It contains the details of TDS paid by the employer on behalf of the employees

3. Cross-check the details using Form 26AS: The taxpayer can cross-check the TDS details given in Form 16 using Form 26AS. Form 26AS is a statement that provides details of the amount deducted as TDS or TCS from various sources of income of a taxpayer, including salary, interest on savings accounts and fixed deposits.

4. HRA Exemption: If you are eligible for House Rent Allowance exemption, you can file your return through the old tax system. Otherwise, as a salaried person, you can opt for the new tax regime.
6. Investment in stocks: If a salaried person invests in stocks, he/she has to file his/her income tax return through ITR-2.
7. Income from house property: If a salaried person has income from only one house, he/she can file ITR-1. However, if he/she has income from multiple houses, he/she has to file ITR-2.

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