Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

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income tax return is quite simple, to say the least. You only need to file your return via form 1 i.e., ITR-1.

The income tax return form number -1 can be filed by a resident individual whose income does not exceed ₹50 lakh during the financial year and the income is from salary, house property, family pension income, agricultural income (up to ₹5,000) and other sources such as interest income from bank FDs or other investments. ALSO READ | Private sector employees should focus on EPF, PPF, NPS for retirement, says Preeti Sharma of BDO IndiaIt is, however, important to note that certain income will not form part of ITR-1 which include profits and gains from business and professions, capital gains, income from more than one house property and winning from lottery, maintaining race horses.

Let us understand more on this here.1. Nature of employment: At the time of filing of income tax return, taxpayer should define the nature of employment while filing of return i.e., whether s/he is central government employee, state government employee, employee of public sector enterprises, pensioners, employee of private sector.2.

Documents you need: You would need to download AIS and keep copies of other documents such as Form 16, house rent receipt (if applicable) and investment payment premium receipts (if applicable). However, you are not supposed to attach any of these documents (such as proof of investment) along with your return.

You only need to keep them with you just in case you are asked to produce them before tax authorities such as assessment and inquiry.ALSO READ | Submitted wrong ITR form? Know how many times you can revise return3. Tax already paid during the year: During the passage of year, taxpayers pay TDS or TCS