It’s that time of the year again when you have to file your income tax return.
Read more here. Let me ask you something. How important is tax filing for you? The process should be tedious but Undoubtedly it’s very important. It’s that time of the year again when you have to file your income tax return. Filing an income tax return is essential to prove that you have a source of income which helps you the truth about filing them, if you are unsure about whether you must file your return.
As a result, what if TDS takes care of your tax payments?
There are certain incomes that are exempt from income tax. Read more here. Oftentimes your tax liability gonna be zero, if you get your income from these sources. Plenty of info can be found online. Read more here. Tax can be very a problem to deal with but And so it’s also unavoidable.a lot of individuals are not sure how tax is treated or how their interest income is getting charged under tax, interest earned above a certain limit attracts tax deduction on interest income. Whenever recurring deposits earn income interest, that should be reported in one’s income tax return, Fixed deposits, savings account, post office schemes.
The tax return filing deadline is 31st July A tax return filed within the due date can be revised later for any mistakes/omissions and all that If you have any losses from house property, capital gains etcetera which needs to be carried forward, tax return has to be filed by 31st July Read more here.
Here is a ’10 point’ guide. You have to file income tax return online, I’d say in case your income is above Rs 5 lakh. Consequently, the last date of filing income tax return is generally July 31 of each year. Then again, read more here. Follow these easy steps and efile your income tax return.
Filing your tax return for the year should be slightly complex, I’d say if you have changed jobs in the course of the financial year. To avoid these it’s a good idea to folow things in mind. This form, applicable from June 1, 2016, will act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the ‘I T’ Act. Read more here. Read more here. That’s interesting. You have to collate data from more than one Form 16 to fill up the tax return form. For instance, your salary as well as the structure of the salary may change and if you don’t take proper care, you may end up paying higher tax or availing higher deductions. Any employer had to submit proof for any investment made in the year, since there was no standard format required by salaried employees to disclose their investment details to their employers. The Central Board of Direct Taxes has introduced a brand new Form 12BB.
Income tax returns must be verified after submission.
This process means signing a physical copy of your ITRV and sending it via speed post to CPC. Essentially, you can choose any of these means to verify your tax return and skip sending the physical copy of ITRRead more here. This process means signing a physical copy of your ITRV and sending it via speed post to CPC. You can choose any of these means to verify your tax return and skip sending the physical copy of ITRRead more here. Income tax returns must be verified after submission.