Income Tax Return of Salaried Employees for FY 2023-24: Key Points & Misconception

We all know that ‘Income Tax Return’ is the form in which a taxpayer submits information about his / her income earned during the previous year and taxes paid thereon to the Income Tax Department.

The following points should be kept in mind before proceeding with filing of the return:

1. Form 16 (Salary Certificate) – Salaried employees get Salary Certificate from the employer giving complete details of Salary Income, Allowances, Perquisites, TDS deducted during the year etc. Before proceeding with the filing of return on the basis of other documents, wait for Form 16 from the employer.

2. AIS, TIS and 26AS – These statements contain details related to all the income earned during the previous year by the individual, taxes paid in advance, TDS deducted from the income of the individual, etc. This information is PAN-specific and is available with the IT department.

These statements are available on the Income Tax portal of the Assessee (Taxpayer).

Normally, these statements get updated by May 31^st every year. So it is advisable to file your return on or after June 15^th after reconciling these statements with details available with you, so that all the details get updated in these statement and your return is filed properly.

The due date to file ITR for FY 2023-24 is July 30, 2024.

Misconception among the employees regarding the filing of the return:

Normally, individuals think that as TDS is deducted from their salary income, so they have to show only salary income in the return. This understanding is wrong. ITR is the information of all the income earned by the individual during the previous year. So, all the income should be reported properly.

Moreover, all your income earned during the year is reported in AIS, TIS, and 26AS. So the IT department is well aware of your income earned during the previous year. So be wise and file the correct return to avoid unpleasant incidents from the department.

This write-up is for the benefit of salaried employees, but by and large, every entity should reconcile their income with AIS, TIS, and 26AS before filing of the ITR.