The process of filing ITR has started. Many taxpayers have filed ITR. There is a different ITR for every income group. It is necessary for every taxpayer to file ITR. If you do not file ITR, you may face many problems. It is important to keep some things in mind while filing ITR.

Always keep these things in mind while filing ITR

Choosing the right tax system

Every taxpayer has to choose a tax system based on his investment. If you want to choose the new tax system or the old tax system, then decide this first.

Double-check the information on Form 26AS

Taxpayers should verify their TDS information. This information is given on Form 16 and 26AS. It is important to know how much of your amount is deducted in TDS and TCS.

Investment vs Tax Savings

You have to file ITR according to your investments. Some investments also give you tax savings. Therefore, you should invest in schemes like PPF, Sukanya Samriddhi, KVP. This will save your tax.

HRA Benefits

You can get a big exemption due to HRA. In this, you can file ITR as per the old tax system. If you are not getting HIA exemption, then you can file ITR as per the new tax system.

Investment in shares

Many taxpayers invest in shares. Therefore, it is necessary for these taxpayers to file ITR 2.

Income from House Property

If the salaried class is earning income from a single house property, then ITR 1 should be filed. If you are earning income from more than one house property, then ITR 2 can be filed.