Returns and Forms Applicable for Salaried Individuals for AY 2024-25

Tax season can be overwhelming, especially for salaried individuals navigating through various forms and returns. With the Assessment Year (AY) 2024-25 upon us, it's crucial to grasp the essentials to ensure compliance and avoid last-minute hassles. In this guide, we'll delve into the returns and forms pertinent to salaried taxpayers for the upcoming assessment year.

1. Form 16: Your Gateway to Tax Filing

Form 16 is perhaps the most crucial document for salaried individuals. Issued by employers, it provides a summary of your income, tax deducted at source (TDS), and other deductions under Chapter VI-A. For AY 2024-25, ensure you receive Form 16 from your employer by the due date, typically on or before July 15th of the assessment year.

2. Form 12BA: Details of Perquisites

In addition to Form 16, if you've received any perquisites or fringe benefits from your employer, you'll receive Form 12BA. This form outlines the details of such benefits, including accommodation, stock options, or any other allowances provided.

3. Form 26AS: Your Tax Credit Statement

Form 26AS serves as your tax credit statement, reflecting the taxes deducted at source (TDS) from various sources like salary, interest income, or rent. It's essential to verify Form 26AS before filing your returns to ensure accuracy and avoid any discrepancies.

4. Income Tax Return (ITR) Forms

For AY 2024-25, salaried individuals can choose from various ITR forms based on their income sources and other criteria. The commonly used forms include:

• ITR-1 (Sahaj): Applicable for individuals with income from salary, one house property, interest income, and agricultural income up to ₹5,000.
• ITR-2: Suitable for individuals and Hindu Undivided Families (HUFs) with income from sources other than business or profession.
• ITR-3: For individuals and HUFs having income from business or profession.

Ensure you select the correct ITR form based on your income sources and financial activities for the assessment year.

5. Filing Due Dates

Mark your calendars with the filing due dates for AY 2024-25 to avoid penalties and interest:

• July 31, 2024: Individuals not subject to audit under any law.
• September 30, 2024: Individuals subject to audit under any law.

6. Compliance with Tax Deducted at Source (TDS)

As a salaried individual, you're subject to tax deducted at source (TDS) on your salary income. Ensure your employer deducts TDS accurately and deposits it with the government within the stipulated timelines. You can verify the TDS details in your Form 26AS.

7. Additional Deductions and Investments

Maximize your tax savings by leveraging deductions under Chapter VI-A for investments in instruments like Public Provident Fund (PPF), Equity Linked Saving Schemes (ELSS), or National Pension System (NPS). Ensure you gather the necessary proofs and documentation to claim these deductions accurately.

Conclusion

Navigating through tax returns and forms can be daunting, but with proper understanding and timely compliance, you can streamline the process. Stay informed about the latest updates and changes in tax laws to ensure seamless tax filing for Assessment Year 2024-25.

Remember, accuracy and diligence are key to a stress-free tax filing experience. Seek professional assistance if needed, and file your returns well within the due dates to avoid any penalties or legal implications.

Happy filing!

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