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When it comes to the time to file an income tax return, you do not have any space for making mistakes. One simple error can lead to many troubles. Filing Income Tax Return (ITR) requires you to carefully complete the entire process with accurate information.
1. Find out if your annual income falls under the taxable slab
It is mandatory to file the ITR for the financial year 2018-19 only if your yearly income in a financial year was over INR 2.5 lakh. So, check if your income falls under the taxable range to know how much tax you must pay.
2. Get Form 16
3. Link your Aadhaar with the PAN
To offer you an easy way to file an income tax return, the government has made it mandatory for the taxpayers to link their Aadhaar with the PAN. You can visit the IT Department’s web portal to do the needful.
4. Keep all your documents together
When filing your ITR, you need to submit details regarding your bank statements, investments, salary, insurance policies, and income from any other sources, among
other details. Keep the documents at one place to complete the process more efficiently.
5. Keep your capital gains in mind
To pay the ‘Capital Gain Tax’, you need to calculate your profits from selling properties, mutual funds, and other assets.
6. Provide mandatory details if annual income is above INR 50 lakh
If your income in a financial year is over INR 50 lakh, you need to provide information regarding your immovable and movable assets while filing ITR.
7. Separate your sources of income
Following a guide to file income tax return online can help you complete the process in a faster and simpler way. Make sure to segregate the income sources and mention the
earnings that come with tax exemptions.
8. Check Form 26 AS to find your TDS details
Form 26 AS shows the statement regarding the taxpayer’s tax credit. It helps you find information regarding the taxes that the IT Department has already received as
TDS. You should cross-check this with Form 16.
9. Make sure to select the correct ITR form
It is essential to use the correct ITR form to file your returns. The form depends on the taxpayer’s category. For example, if you are an individual with an annual income of less than INR 50 lakh, you need to use ITR 1.
Follow the aforementioned easy steps to file income tax return online to file your ITR.
This will make the process simpler, that too without any chance of an error.
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