ITR 2025: Filing return as salaried employee? 5 key points you should remember before filing Income Tax Return

The Central Board of Direct Taxes (CBDT) has extended the deadline to file the Income Tax Return (ITR) for Financial Year 2024-2025 from the original date of July 31 to September 15. The extension applies to several categories of taxpayers, including salaried individuals. We understand that filing your Income Tax Return can be a stressful task but if you follow some simple rules of thumb, it might just become a cakewalk. Here are five key points to keep in mind when filing your ITR as a salaried employee.

Choose the right ITR form: Picking the right ITR form is instrumental to a smooth return filing. The Income Tax Department offers several different forms tailored to various categories of taxpayers. If you end up filling the wrong form, it will invalidate your ITR, requiring you to file again.

Selecting your tax regime: It is crucial to decide whether to select the old tax regime or switch to the new tax regime. The new tax system is selected by default. So if you want to remain in the old tax regime, timely inform your employer. To make the right choice, it's important to understand the implications of each regime.

Review Form 16: Form 16, which is provided by employers, is a key document that summarises your TDS (Tax Deducted at Source) payments. Make sure to obtain and carefully review this form for accuracy.

Evaluate investment options: In case you have invested in government schemes like Public Provident Fund (PPF) or National Savings Certificate (NSC), carefully assess whether the new tax regime will offer equivalent tax benefits. These schemes typically bring tax exemptions under the old tax regime and can offer advantages in the long run.

Verify details with Form 26AS: Alongside Form 16, verify Form 26AS for a detailed overview of your income. This includes checking your salary, interest earned on savings accounts and fixed deposits, as well as other relevant financial information.