– ITR filing for the 2024-25 assessment year is in full swing. – About 4.76 lakh returns have already been submitted. – The process can feel overwhelming, especially for beginners. – Neglecting to file or submitting incorrect details can result in stressful notices.
– Different forms based on income source and filing status. – Crucial to select the appropriate form to avoid mistakes.
ITR-1: For resident individuals with income from salaries, one house property, other sources (interest, etc.), and total income up to ₹50 lakh. ITR-2: For individuals and HUFs not engaged in business or profession under any proprietorship. ITR-3: For individuals and HUFs with income from a proprietary business or profession. ITR-4: For individuals with presumptive income from business or profession.
– Form 16 is a TDS certificate from your employer for salaried individuals. – Includes salary details, deductions claimed, and exemptions availed.
New taxpayers need to decide whether to opt for the new tax regime with lower tax rates or the old regime, which provides deductions and tax benefits that can help save money.
– Accurately report all income sources. – Disclose salaries, investments, rental income, and interest from multiple bank accounts.
– AIS and TIS tools offer detailed financial transaction data. – Form 26AS serves as a tax passbook displaying TDS and TCS details. – Refer to both Form 26AS and AIS while filing ITR.
– Failure to file by the deadline subjects you to the new tax regime. – Standard due date: July 31st. – File on time to avoid late fees and interest. – Filing early prevents last-minute rush and errors.