Know your return form
The return form applicable to each taxpayer is determined by the sources of income and the type of taxpayer. So, if you earn income from salary, pension or interest, the form applicable to you is ITR 1. If, however, in addition to the above sources you also earn rent or capital gains, or incur loss from house property or capital losses, you will need to fill ITR 2. So, you should start by assessing and deciding upon the form applicable to you.
Get your PAN right
The tax laws levy a penalty of Rs 10,000 for not quoting or misquoting PAN. The PAN is your tax identification number used for correspondence with the tax authorities and therefore declaring an incorrect PAN could cost you dearly. Always get this alphanumeric correct, not only at the time of filing your return but also while filling in the form for payment of advance tax or self-assessment tax.
Bank details matter
The bank account details include the bank account number, type of account (savings or current), and the bank’s MICR code. Declaring these fields correctly is crucial, especially if you are claiming a tax refund. This is because the tax refund is directly credited to your bank account.
Remember the TDS
The tax authorities have done away with the cumbersome process of attaching relevant documents with the forms. Instead, the forms have been made more exhaustive, which means that you have that much more to do to fill them correctly.
You will need to fill in all the details of salary earned and TDS by the employer (or interest earned and TDS on FDs) in schedules provided for the same in the return form. It is important to ensure that the schedules are filled in accordance with the TDS certificates issued by the employer and banks. Though TDS certificates need not be submitted with the return, keep them in your records for use as evidence at a later date. Financila planning, best mutual funds, fixed deposit, pan card, e filling income tax, online e filling
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Suryadeep
Investment Yogi