How to overcome last minute glitches to file your taxes
Advertisement
Advertisement
The deadline to e-file income tax returns for FY2015-16 has been extended till 5th August 2016. Anyone who has a gross annual income of Rs 2.5 lakh and more is lawfully required to file their tax returns. You should file returns even if you don’t have taxable income because the Remember that anyone with an annual gross income of Rs 5 lakh and more has to compulsorily e-file their tax returns. They cannot file physical returns.
But before you e-file your tax returns in these last few days, make sure you avoid any last minute glitches by keeping the following points in mind.
Information required to file tax returns
1. To file your income tax returns, you will need to have the following information handy:
2.
Advertisement
4. Personal details like PAN, bank account number, etc
5. Proofs of tax-saving expenses and investments
6. Details of other incomes, if you have any
If you have worked with different companies during the financial year, you should have Form 16s from both or at least your payslips to compute your cumulative income for the year.
Adding different sources of income
Many taxpayers are not aware of the different incomes that need to be included in their income tax returns. This includes income from interest earned on savings bank accounts, fixed deposits, etc. Also, income from some freelance work that you might have done or income from house property that you own. All of these incomes have to be added to your tax returns as well.
Advertisement
Paying tax dueIf you have taxable income even after claiming deductions on allowances, investments and expenses, you will need to pay the tax to the government to be able to file your returns. You cannot file tax returns without paying tax that is due using Challan 280 on the
Verifying tax returns
The process of filing income tax returns doesn’t get completed till the returns are verified. Your returns can be verified physically or electronically. The e-verification method is easy and quick when you use your netbanking account or generate an electronic verification code. Either way, you should verify your returns. Tax returns are not considered filed if they are not verified in a timely manner.
Benefits of e-filing
There are many advantages of e-filing your income tax returns. The process of doing it online is easy and quick as compared to the physical process. Your tax returns are an important document that is required at the time of applying for a loan or visa. You will also require to file returns if you want to get a refund on the TDS deducted on your behalf.
(Article authored by Mr Archit Gupta, Founder & CEO ClearTax.com)
Advertisement
Image Source
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market