Income Tax Returns Filing

Today marks the deadline for filing the Income Tax Returns (ITR). The last date for filing the income tax will not be extended by the Central Board of Direct Taxes. A tax which is levied directly on personal income is called Income Tax. The Tax is fixed according to the income slabs by the government. The slabs undergo revision in the annual budget.

According to the recent revision, people with income between Rs. (2.5 to 5) lakh per annum have to pay a tax of 5% on their income as against 10% earlier. Citizens with an annual taxable income of Rs. 3.5 lakh are liable for a tax rebate of Rs. 2,500 as against Rs. 5,000 earlier. Citizens with an annual income between Rs. 50 lakh to Rs. 1 crore are liable to pay a 10% surcharge on the tax, while a 15% surcharge will have to paid by those with an annual income of more than Rs. 1 crore. If the taxable income of a citizen of India is up to Rs. 5 lakh then only a single page form needs to be filled as an Income Tax return.

For filing up of the Income Tax Returns it is essential to know about the significant forms and documents. The Government of India has made it mandatory for the taxpayers to link their Aadhaar numbers with their Permanent Account Number (PAN), since July 1. According to the I-T Department, every citizen whose gross total income exceeds the taxable limit must file an income tax return.

The beginning step to file your ITR is to gather all your documents and create an e-filing account on the Income Tax Website <www.incometaxfiling.gov.in>. If you are creating your account for the first time, it will send an activation link and an OTP on your registered mobile number. For different category of individuals there are three different types of Income Tax Return forms. You need to select the form which is best applicable for you.

The common documents required for filing the Income Tax Return are –

  • Form 16 from your employer,

  • Interest Statement for interest earned on savings bank account and fixed deposits,

  • TDS certificate,

  • Proof of various deductions (80C to 80U) to be claimed,

  • Investment details like LIC, PPF, NSC, NPS, Health Insurance,

  • Donation receipts

  • House rent receipts,

  • Home loan details and loan certificates,

  • Medical expenditure receipt on self or any other dependent,

  • Tution fee receipt of up to 2 children

    Matching TDS certificates with Form 26AS – which is the annual tax credit statement reflecting all the taxes deposited under your name.

It is important to clear all the dues before filing the ITR form. Once you have paid all your dues make sure that tax paid is reflecting in the form 26AS. Getting the ITR form correct is the next significant step. It is crucial to report all interest incomes earned by you in the previous year 2016-17. You must report your income exempted from tax like interests earned from PPF account or tax-free bond. The next step is to verify the ITR. It is important to file the ITR before the due date so as to contribute significantly in the development of our country.

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Dos and Don't for Filing Income Tax Return
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Dos and Don't for Filing Income Tax Return
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Keep these points in mind while filing your income tax return. Read the check list for last minute filing income tax return. Know the document needed to file your return.
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