Income tax filing: What salaried taxpayers should remember
Income tax filing for salaried taxpayers looks so easy, but omitting a few items can lead to errors, delays, or penalties. Reading the instructions first makes processing more convenient and refunds quicker.
Include all your income sources Even if your salary income is taxed under source, you need to report other incomes such as interest on savings account, fixed deposits, rent, or capital gains. Default in reporting these will get you notices from the taxman, as a large amount of this information is already furnished through your PAN in the Annual Information Statement.
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Claim eligible deductions and exemptions Salaried taxpayers can decrease taxable income by using deductions under sections 80C on investments, 80D on health insurance premiums, and exemptions like house rent allowance. Verifying Form 16 with investment proofs prevents mismatches and makes you entitled to all the benefits you are eligible for.
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Verify TDS and Form 26AS Always cross-check tax deducted at source disclosed in your Form 16 with Form 26AS and Annual Information Statement. Any mismatch should be corrected with your employer or the deductor before filing, otherwise, the tax credit may not get reflected properly and delay in refunds or increased tax payable may result.
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File on time and confirm return Filing on time avoids late fees, interest payments, and loss of some carry-forward relief. Filing being done, you have to e-verify your return—either online via Aadhaar OTP, net banking, or by bank account verification, or offline by sending a signed ITR-V form by post. Only an e-verified return is sent for refund and compliance.
The bottom line Salary earners feel that the filing is done automatically because TDS has been deducted, but you are responsible for filing correctly. When you report all income, make settings of deductions, check TDS, and file within the timelines, you shield yourself from penalties and obtain refunds smoothly.
