Filing ITR-1 for employees is very simple.
Employees can file their income tax return with help of form 16. However there are few points you need to remember and do not commit following mistakes:
- Do not claim wrong deduction under chapter VI. Under section 80C you can claim deduction for investments such as FD, PF, tuition fee etc. Make sure you deduct correct amount without any false details.
- Claim correct HRA and other allowances.
- Claim correct amount of home loan interest.
- Disclose your other income correctly. Many people due to ignorance, or willfully do not disclose their incomes such as capital gains, gifts etc. Make sure to disclose correct details.
- Disclose salary received from all employers. Many employees to avoid tax, do not consider income from all employers. Remember that details are available with IT department and you may be penalized heavily for hiding details.
- Disclose income from your saving bank accounts/ Fixed deposits. These details are already available to IT department. You should always disclose these details, though SB interest upto 10,000 is exempt. But disclose them to avoid any notice for mis information.
Hope these points help you to file your IT returns with correct information. If you have any further tips to save income tax and file returns accurately, share them.
| Latest response: 18/06/18 | Sort by