The income tax filing session has
almost arrived and there is no denying that we can see the huge enthusiasm
amongst taxpayers in India. The filing of ITR is, however, appear burdensome
but now it is mandatory for every individual to file their ITR for the FY
2018-19. As per the income tax department, people whose income exceeds Rs 2.5
lakh is required to file ITR. Although, the last date
for ITR filing has also announced by the Government which will be on 31st July
2019.
But before ITR Filing, there are
few essentials which a taxpayer should consider while filing an income tax
return. By following these steps, you can easily set to file your income tax
return.
Select
the right form-
The first most important step is to
select the right ITR form so that your income tax return filing does not
get forbidden by the Tax Authority. Before proceeding, you should know there
are some basics to follow for selecting the right form, one is the nature of
income earned and another one is the income earned from other sources.
Disclose
correct personal details in ITR form-
Every taxpayer who is filing a return
must ensure that they are providing an accurate personal detail such as Name,
Aadhaar number, Phone Number, Date of Birth, Address, Email id and etc. In
case, you are claiming for any refunds, make sure that the bank details
provided are accurate so that you can receive your refund hassle-free.
Mention
all sources of income-
Many people often forget about
mentioning or disclosing the sources of income through which they earn their income.
Therefore, it is advisable to mention both taxable, as well as non-taxable
income such as family pension, capital gains, interest income from bank
savings, account earned during the financial year 2018-19. Along with this, if
you have any foreign income from foreign assets or any other asset owned, it
will also have to be disclosed in the ITR forms.
Make
sure you have Form 16 and Form 26AS-
Form 16 comprises the
complete details of TDS deducted by the employer from the salary paid to you.
If you are a salaried, Form 16 is the most important document for filing tax
returns. It includes the details of PAN, TAN, address, salary earned and tax
deducted. Form 26AS
is the statement that reflects TDS deducted on any type of income you have
earned, it consists TDS on salary, TDS on interests from deposits, TDS deducted
by the buyer in case you have sold a property.
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