Show Me the Money! Tips to File Your Tax Returns in a Jiffy
It’s finally that time of the year! No, we’re not talking about Christmas, but another day that’s equally important (and rewarding) – the day you file your income tax returns. More than being a mandatory requirement, filing your returns is important for a number of reasons, including the following:
- To claim an income tax refund.
- In case you wish to carry forward a loss under any head of income.
- The proof might be required if you’re applying for a visa or a loan now or in the future.
All taxpayers are required to file returns by using the suitable income tax return (ITR) form based on their income sources and their status (individual, company or trust). Filing the form is relatively easy if you have everything you need ready.
Here are some tips to help you breeze through the process and get everything right.
Keep your PAN card and Aadhaar card ready:
Those who have filed the form before will know that you need to provide your PAN number along with your father’s name (as mentioned on the PAN card). This year it has become mandatory to also provide your aadhaar number so make sure you have that handy.
Download your bank statements:
You will need to enter your bank details in your ITR form. You also need to all the interest (savings bank) credited you your account in that financial year.
Get your Form 16:
Your Form 16 is usually provided by your employer by the 31st of May and it has most of the information you’ll need for your ITR filing. If you’ve worked with more than one employer during the year, make sure you get the Form 16 from all employers.
Use Form 26AS:
This form is like an annual statement that shows all tax paid by you or on your behalf (by employer, bank, etc.). You can download this form from the Income Tax department’s e-filing website.
If income exceeds ₹50 lakh, gather the details of your assets:
If after all deductions, your income exceeds ₹50 lakh (lucky you!), you will need to fill in additional details and declare certain values (immovable assets, jewellery, etc.) in the Schedule AL of the form.
Keep your investment proofs ready:
If you haven’t declared your investments to your employer, they won’t show up in your Form 16. You can include them now while filing the returns. This will reduce your taxable income.
Are you a pro at ITR filing? If you have more tips to add or help others, do let us know in the comments below!