Things to Keep in mind while filing an ITR!
Income Tax Returns are required to be filed by person who has a taxable income. Most of the people find the procedure of filing the ITR dreadful because of lack of knowledge. However, if you take care of few things and gather the complete knowledge about the ITR filing process it will seem swift and seamless for you. Through this article we will take a look at the 10 most important things you should consider while filing the ITR with the trademark department.
Check you Taxation Slab
You will be required to file the income tax return and file the ITR if you fall in the tax slabs mentioned below. If your income is less than the amount mentioned below you are not required to file an ITR-
- The minimum slab for income tax is 2,50,000 for the people whose age is below 60 years. This means that if your income is less than 2,50,000 then you are not required to file the ITR returns.
- Your age is above 60 years but below 80 years and your annual total gross income exceeds rupees 3 Lakhs.
- If you are above 80 years of age then the minimum income slab for you is rupees 5 lakhs.
Keep all the documents Ready
There are number of documents that you require at the time of filing the ITR in order to file the docs and claim the deductions. If you are a salaried employee than form 16 is most important for you other than that you also require the PAN card , adhar card, TDS proofs, tax deducted by employer proof, statements of mutual funds, housing loan certificates, tax oaid proofs etc are required to be arranged by the applicant.
Determine the ITR form applicable
There are number of ITR forms applicable for different entities having the different income. Some of the ITR forms are ITR 1, ITR 2, ITR 3 etc. So you need to ascertain the tax return applicable to you and then you are required to file the same with income tax department.
Ascertain your Total income
Total income from all the sources including the capital gains, House property income, mutual fund or foreign incomes etc must be ascertained. Utmost care should be taken that all the income is considered as concealing any income is a serious offence.
Filing the Returns Electronically
Now every return is required to be filed online no physical filing of the returns is allowed. Only the senior citizens are allowed to file the returns in the offline mode.
Make sure to get your Adhar Card Linked with the PAN card
It is important to link your adhar card with the PAN card as the requirement of the same s stipulated by the government departments multiple times.
File NIL Return
You are required to file an ITR even if there is no tax dues for you income in the particular financial year. In case of no taxation liability the applicant is required to file the Nil return with the department.
Claim the Applicable deductions
There is a provisions of claiming the deductions under of the insurance premium paid, Tution fees paid, house rent allowances, medical treatments expenses and much more. Thus, it is important to check the deduction for your income so as to save upon the taxes.
Check all the details carefully
Once you have filled your ITR make sure to check all the details filled very carefully. Applicant details like the PAN number, adhar number,bank account details, IFSC code, postal address and email id etc should be filed carefully.
File the Return Before Due date
There are certain specified due dates for filing the ITR returns by the taxpayers. It is important to abide by the due dates specified in order to avoid the last minute rush and the levy of hefty penalties in case non-filing. Filing the returns on time makes you tax compliant.
These are some of the things that should be considered while filing the ITR returns with the income tax department. If a person keeps in mind all of the things and abide by the rules and regulations the procedure of ITR filing will become simpler for them.