Blog

Basic Help Guidelines For Income Tax Return Filing

3/7/2017
0
Basic Help Guidelines For Income Tax Return Filing

31st July is the yearly deadline for income tax filing and the calendar has already turned to March. This article is dedicated to the taxpayers as last minute tax filing guidelines so that you don’t miss out any important section. 31st July deadline is specified for salaried individuals and partners of the business firm with a turnover less than 1 Cr.

The first important thing to know before tax return filing is to choose the correct ITR form according to taxpayer category you are falling in. Here are the must know ITR Forms with category explanation so that you can decide the suitable one for you.

  • ITR1 Sahaj form: For individual who earn through salary/pension/one house property.
  • ITR2 form: Any individual who earns from other sources besides the ITR-1 earning category must use this form for tax return filing. The income source must not include any professional gain or profits.
  • ITR3 form: An individual who is a partner in firms and their taxable income is calculated on the basis of loss/profits of the business which excludes bonus/salary/commissions/other interests.
  • ITR4 form: Individuals who run a proprietary business.
  • ITR4S form: Individuals who do income tax return filing on the basis of Presumptive Taxation Scheme.

The next important thing to check is to mention the correct PAN details and make sure that you are entering the correct PAN number as quoted on your PAN Card. The next thing to do is to mention correct TAX Credit Information during tax return filing which you can get from the Form 26AS. This form can be obtained online from the income tax department's official website. The Form 26AS has the information regarding TDS, TCS, self-assessment tax, Advance taxes / regular assessment tax, and refunds details if any issued. You can refer to the official website to get accurate guidelines for income tax filing.

Also, remember to check the bank details and income from other sources details. Bank details are very important as in case if you are eligible for receiving any refund, it will be credited directly to your primary bank account. The bank details you need to mention are Bank Account Number and the MICR Code and BSR Code during tax return filing. Also, must remember to mention details of income you earn from other sources such as capital gain, mutual funds, insurance policies, interests on savings deposits, or other business income, details of foreign income, foreign assets.

Now the reward part where you can claim deductions while income tax filing up to INR 2.5 lakhs on your taxable income by showing your tax saving investments as Tax Saving Funds Can Save Bigger on Income Tax Return. The deductions are provisioned under Section 80C, 80D, and much more. And the most important thing is to not miss the deadline of tax filing date as mentioned for various taxpayer category. Also, the final good thing is you can do tax return filing online by sitting at home in just a few minutes.

The Picture of Gold Investments and Income Tax Rules in India

 

Gold investments are becoming one of the common ways to save on income tax bracket as it also holds a traditional value in Indian’s mind. Investments in gold were previously limited to jewelry purchasing but now with the changing picture, taxpayers are more focused on i

2/21/2017
Tax Saving Funds Can Save Bigger on Income Tax Return

The income tax return filing date is ticking the calendar and taxpayers are getting more calculative to save more on that.  Tax saving is always a big matter of concern for the Indian taxpayers and investments are the usual way to fulfill that. Previously, investments were mostly made into f

2/14/2017
Tax Defaulters Owing Rs 448 Crores Named In Public By The IT Department

Tax defaulters are in serious trouble as of now as the Income Tax Department has already made the list of chronic tax defaulters public on their website. A list of 29 entities has been released which together owe a total of Rs. 448 crores in taxes to the income tax department. This new move by th

2/17/2017

CATEGORIES

  • Taxation
  • GST
  • PAN
  • TDS
  • ITR
  • Others
  • Finance