Who Should File an ITR?
Many people think that ITR filing is only for salaried employees. That is not always the case. Your ITR requirement depends on your income, income sources and other applicable conditions.
Salaried Individuals
Employees receiving salary income above the basic exemption limit must file.
Freelancers
Freelancers and independent professionals must report their professional income.
Business Owners
Must report business income, expenses and relevant financial information, even in loss.
Capital Gains
If you sold shares, mutual funds or properties, these gains must be reported.
Crucial Documents Required
The documents required depend on your income sources and the type of ITR applicable to you. You do not attach these to the return, but you need them for accurate filing.
- Form 16 & Salary Slips: Essential for salaried employees to verify TDS and allowances.
- Form 26AS & AIS: Extremely critical to check all taxes deducted and high-value transactions reported to the government.
- Bank Statements: For the period of 1st April to 31st March to calculate savings interest.
- Business Records: Invoices, expense receipts, and profit/loss statements if you run a business or freelance.
Common Mistakes to Avoid
A small mistake in your return can create unnecessary confusion or lead to a defective return notice.
- Selecting the wrong ITR Form based on your income type.
- Forgetting to declare savings bank account interest.
- Ignoring mismatches between your calculation and the AIS (Annual Information Statement).
- Failing to pre-validate your bank account for receiving refunds.
Prepared and updated by the tax & legal compliance specialists at Saifi Tax Solutions (Dehradun). We help salaried individuals, freelancers, and MSMEs across India file accurate, notice-free Income Tax and GST returns.
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