Tips to File your ITR
Any person who has a total income of more than the threshold exemption limit has to file an Income Tax Return. When you file your tax returns, you manage to create a financial record with the tax department. This tax history and details of your investments are viewed by various agencies when you apply for a loan or a VISA. Income Tax Return proves to be a valid source of your income.
Points to consider while filing ITR
The tax return filing deadline for individuals is 31st July 2017. The Income Tax return can be filed in a paper form or you can do e-filing through the website of Income Tax department. ITR-1 form is for individuals having an income from salary, one house property and other sources of income up to Rs. 50 lakhs. ITR-2 is for individuals and HUFs not carrying out any business or profession under any proprietorship. ITR-3 is for individuals and HUFs having an income from a sole proprietary business or profession. ITR-4 is for presumptive income from business or profession. The assesse needs to identify his category of ITR form before filing it. Few of the basic details required for filing a return would be a PAN card, a bank account number with IFSC, address details, mobile number and Email-id.
For the salaried individual whose TDS is deducted, the employer will provide Form 16. TDS deducted and deposited on all other incomes except salary is shown in Form 16A. Form 26AS is issued by the Income Tax Department which shows the total tax paid against your PAN during the financial year. With form 26AS the assesse can cross check that the amount deducted as TDS is actually deposited with the government or not.
Fill in all the details correctly for timely return of the refunds. The income tax return covers the period from April 1 to March 31. There are different ITR forms depending on the residential status, age or gender of the assesse. Income tax rates and slabs are different for an individual, HUF, firm or a company. Early filing an ITR form will make it possible for the assesse to make any changes in the form if required.