News

31st March is around the corner and here are 10 things you must know before you file your Income Tax Returns: –

• The IT Department has tactfully mentioned on its official website that the income, deductions and exemptions that can be claimed must not shift from the details mentioned in form 16/ form 16A.
• The Income Tax Department has also put a disclaimer that says, taxpayers should avoid last minute rush and file Income Tax Returns before the last date of filing expires.
• You can file Income Tax Returns (ITR filing) by going to the official website of the Income Tax Department, but you must make sure that you have your Form16 with you.
• In order to file your Income Tax Returns, you must provide your User ID and Password, using which you should be able to open your Income Tax Filing Account on the official website.
• You will have to submit your taxable income details and the exemptions that can be claimed to lower the tax liability.
• Once you enter your income details, the system will provide you, your tax liability or Income Tax Return (ITR filing )details.
• The income tax department website also provides you the facility to calculate your income tax, update PAN, link aadhaar with your PAN etc.
• You can ascertain your total income by checking your Form 26AS.
• If you have generated any income from rental property, then you will have to add this income to calculate your total income.
• All the incomes that accrued in the respective financial years on account of interest income from a bank if the amount exceeds Rs. 10,000 then it is also taxable.

Tax returns till 31st March.

Well, these were a few steps that you must know before you file your tax returns till 31stMarch.