Common Mistakes to Avoid When Filing ITR-1 for Salaried Employees
In the realm of income tax filings in India, the ITR-1 form holds significant importance for salaried employees. It serves as a crucial document for reporting income, claiming deductions, and ensuring compliance with tax regulations. However, navigating through the intricacies of ITR-1 can be challenging, often leading to inadvertent mistakes that may result in penalties or delayed refunds. This article aims to highlight common pitfalls and provide practical tips to ensure smooth and error-free Personal/ Salaried Return Filing ITR-1 . Understanding Personal/Salaried Return Filing ITR-1: Key Requirements and Eligibility Filing ITR-1 is mandatory for individuals with income sources limited to: Salary or pension One house property Other sources such as interest income (excluding lottery/gambling winnings) Incorrect Income Reporting in Personal/Salaried Return Filing ITR-1: How to Avoid It Incorrectly reporting income is a frequent issue that can lead to scrutiny or rejection of the income...