Well, I guess I should first say a small sorry for torturing you with the third article in quick succession, on one of the most hated and depressing topics in the world — filing of income tax returns.
Yet, as I have already reassured you [Do I have to file income tax returns?], the process this year is simply too simple.
Meanwhile, to ensure a Flawless, Painless and Quick filing of income tax returns, here's my list of seven (no, eight) tips and tricks.
One. This year, you get a whole month extra, to complete this supposedly dreadful task. As against July 31st every year, the last date for filing your tax returns this year is August 31st. So you have lots of time on hand.
Two. Beware! The income tax website can become frustratingly slow due to traffic overload in the last couple of weeks. So get your independence from this job latest by Aug 15th.
Three. Many among you would probably have to fill up the short, simple and sweet ITR 1 form. In fact ITR 2A and 2 are also fairly simple and straightforward.
Four. Who is supposed to file which form, is briefly explained below:
ITR 1: Individuals with only salary / pension income, one house property and interest income. (Should NOT have foreign income/assets, capital gains, more than one property or agricultural income more than Rs.5,000)
ITR 2A: Individuals with only salary / pension income, more than one house property and income from other sources. (Should NOT have foreign income/assets or capital gains, etc.)
ITR 2: Individuals with only salary / pension income, more than one house property, income from other sources and capital gains.
Five. The important back-up documents you would need to fill up the ITR Form include:
- Form 16 from your employer
- Bank Statement
- Form 16A from your bank, etc. for TDS on interest income
- PPF interest, dividends etc.
- Aadhar Card
- Account No. and IFSC Code of all your bank accounts
- Capital gains statement, if applicable
- Foreign assets / income, if applicable
Six. Check whether the TDS (Tax Deduction at Source) deducted by your employer, banks and any other entity has been deposited by them with the IT Department. This is available online through Form 26AS. [Steps on how to do so, is available at You Must Verify Form 26AS Before Filing IT Return]
Seven. Even though the interest income on savings account is tax-free upto Rs.10,000, you have to report it the ITR Form (by adding it to the total income and then claiming deduction u/s TTA). Many people commonly make the mistake of ignoring this aspect.
Wait... Filing and uploading your ITR form is not the end of the story.
There is one last requirement - Verification.
Earlier, for verification purposes, you had to send a physical copy of the Acknowledgement (ITR V) to IT Department's Central Processing Centre (CPC) at Bengaluru. This year the concept of EVC or Electronic Verification Code has been introduced. This makes the entire process paperless.
Ok. Now your filing of income tax returns is full and final.
Hope you could do it with smile and serenity...
Yet, as I have already reassured you [Do I have to file income tax returns?], the process this year is simply too simple.
Meanwhile, to ensure a Flawless, Painless and Quick filing of income tax returns, here's my list of seven (no, eight) tips and tricks.
One. This year, you get a whole month extra, to complete this supposedly dreadful task. As against July 31st every year, the last date for filing your tax returns this year is August 31st. So you have lots of time on hand.
Two. Beware! The income tax website can become frustratingly slow due to traffic overload in the last couple of weeks. So get your independence from this job latest by Aug 15th.
Three. Many among you would probably have to fill up the short, simple and sweet ITR 1 form. In fact ITR 2A and 2 are also fairly simple and straightforward.
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| Filing your IT returns this year is going to be a blissful experience. |
ITR 1: Individuals with only salary / pension income, one house property and interest income. (Should NOT have foreign income/assets, capital gains, more than one property or agricultural income more than Rs.5,000)
ITR 2A: Individuals with only salary / pension income, more than one house property and income from other sources. (Should NOT have foreign income/assets or capital gains, etc.)
ITR 2: Individuals with only salary / pension income, more than one house property, income from other sources and capital gains.
Five. The important back-up documents you would need to fill up the ITR Form include:
- Form 16 from your employer
- Bank Statement
- Form 16A from your bank, etc. for TDS on interest income
- PPF interest, dividends etc.
- Aadhar Card
- Account No. and IFSC Code of all your bank accounts
- Capital gains statement, if applicable
- Foreign assets / income, if applicable
Six. Check whether the TDS (Tax Deduction at Source) deducted by your employer, banks and any other entity has been deposited by them with the IT Department. This is available online through Form 26AS. [Steps on how to do so, is available at You Must Verify Form 26AS Before Filing IT Return]
Seven. Even though the interest income on savings account is tax-free upto Rs.10,000, you have to report it the ITR Form (by adding it to the total income and then claiming deduction u/s TTA). Many people commonly make the mistake of ignoring this aspect.
Wait... Filing and uploading your ITR form is not the end of the story.
There is one last requirement - Verification.
Earlier, for verification purposes, you had to send a physical copy of the Acknowledgement (ITR V) to IT Department's Central Processing Centre (CPC) at Bengaluru. This year the concept of EVC or Electronic Verification Code has been introduced. This makes the entire process paperless.
Ok. Now your filing of income tax returns is full and final.
Hope you could do it with smile and serenity...
