Most people get goose bumps while
filing their IT returns but it has become easier than ever before because the
system has been completely digitized.
Income tax returns makes it a convenient process to e-file your
returns.
There are some rules governing the
filing process and understanding these rules will make your filings easier than
ever. Filing your taxes is a mandatory process and is governed by law. So, you
can't skip it and in this article you will be looking at some of the most
crucial rules you need to follow.
File Your Returns If Income Exceeds Basic Limits
Many taxpayers have misconceptions
regarding their tax slabs. Mostly are ignorant about their tax compliance
figures. The limit for tax filing should be always kept in mind while filing
your returns.
Keep Your Documents In Hand
Keep your pan card handy before
filing your returns. Now, government has
mark it mandatory to link Aadhar card with your pan card. So, if you don't have
one, get hold of your Aadhar card as soon as possible. You should also keep
your Form 16 with you as it details your salary paid and TDS deducted on this
can be paid on your behalf with the tax authorities.
Keep Your Tax Saving Investments and Expenses
Keeps your tax saving investments and
expenses documents ready to maintain accuracy in your filings? It helps to file
your returns with lower tax payouts and get higher returns on your taxes. Save
all your documents like EPF, NPS, PPF and other tax saving investments.
Verify Your TDS details
Make sure that the filing returns
that have been deducted on your behalf have been credited on your pan card. If
you find any issues, you should notify the authorities immediately. You should
check out your form 26AS online and make sure that that taxes have been paid
properly.
Disclose All Your Assets Properly Including Foreign Properties
Filing your taxes can cause a lot of
problems for taxpayers who have been abroad. It is essential to disclose all
your assets truthfully before the authorities. It is a rule that you must
include all your foreign bank details to the income tax authorities. Any
missing foreign assets while land you in a very critical position.
Choose the Correct Form
You have to choose the correct form
if you are earning incomes from salary/pensions. If your income is less than Rs
50 lakhs a year you need to file a different form. So, it is significant to keep in mind the
forms you need to correctly file your returns.
Filing your income tax returns Kolkata is not a very difficult task. Keeping
these simple rules in mind will make your job of filing easier and will ease
the butterflies in your stomach before the filing day.
