Income tax return filing: Key points to remember for taxpayers

The tax-filing season is here and taxpayers should consider certain key aspects such as components of their salaries, bonuses, before filing returns

- MONIKA YADAV

The last day for income tax return filing for individuals not subject to tax audit, is on July 31. So, those who have not yet filed their ITR, need to gear up and file them timely to avoid late penalties. Whether you have hired a tax expert or not, it’s always beneficial to know the basics of the process.

Firstly, one should know that there are four ITR forms applicable to an individual. For example, if one is a salaried individual or a pensioner with income from one house property and other sources like interest with income up to ₹50 lakh per annum, then ITR Form 1 is applicable.

However, if one’s income from salary, pension and other sources is more than ₹50 lakh per annum, then ITR Form 2 should be used. On the other hand, if a person is self-employed with business profits as his or her income source, then he/she can file returns using ITR Form 3. One who is a salaried individual and also has business income can go for ITR 3 form.

ITR 4 can be filed by those who are opting for presumptive taxation.

Form 16/A and 26AS