Arrange the necessary documents and TDS
Make sure there are no errors.
Once all the taxes are paid, proceed to file the Income Tax Return.
An income tax return is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources.
(1) It Acts as a Legal Document. Income Tax Return holds immense legal value.
(2) Can help you Claim Deductions.
(3) Important Document While Applying for Loans.
(4) Helps if Planning to go Abroad.
(5) Avoid Penalty and Punishment.
(6) Losses can be Carried Forward.
(1) Collection of necessary documents such as Form 16 , Form 16A in the TRACES format & capital gain statement..
(2) Filing Form 26AS & cross-check with the TDS certificate to ensure that tax deducted from your salary or from your interest income is deposited with the government.
(3) In case of any error, rectify Form 26AS. If the error is not rectified, the taxpayer won’t be able to claim the credit on deducted tax.
(4) Calculation of total income chargeable to tax and tax liability .
(5) Filing of Income Tax Return after the payment of all the taxes
(1) PAN card.
(2) Aadhar card.
(3) Form 16.
(4) Month wise salary slips.
(5) Form-16A/Form-16B/Form-16C.
(6) Bank account details.
(7) Bank Statement.
(8) Investment Proof.
(9) Form 26AS
(10) Interest income and other interest certificates
(11) Capital gains from sale of property.
(12) Details of investment.
(13) Home loan Statement
(14) Rental income
(15) Foreign Income
(1) What is the Income Tax Return Filing?
(2) Who should file an income tax return?
(3) What are the advantages of filing income tax return?
(4) What are the charges for default filing?
