Filing Finesse: Common Pitfalls Salaried Individuals Should Dodge While Filing Taxes

With the deadline for filing of return of Income Tax Returns (ITR) being July 31, salaried individual taxpayers are advised to exercise some measure of wariness in filing their returns.

How to file for ITR?

The requirements for filing your ITR include; Pancard, Aadharcard, bank statement, and form 16 and for income evidence you require investment documents. Select the correct income tax return form given your source of income and the qualification criteria. Complete the form to the best of your knowledge and ability by giving full information about the gross income taxes, income deductions, and exemptions to be claimed. This may entail cross-checking the information/input details to minimize mistakes.

Once done, you must file the ITR electronically using the Internet-based application provided by the Income Tax Department. After the submission process is completed, e-verify it via Aadhaar OTP, net banking or any other recognised means of identification within 120 days. In addition, always ensure that all documents and acknowledgements are retained as originals and copies for future purposes.

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