14 Mar 2018, 09:12 — 3 min read
Once a year, an overwhelming spectre looms over the populace and then a scrambling occurs to ensure that documents are in order. That spectre is the deadline to file income tax returns. The secret to navigating this tricky time, as seasoned entrepreneurs will share, is not anything special - it is preparation. It is ideal to keep your financials from the entire financial year in order so that they can be called upon systematically when the time comes to file taxes.
The government has offered a number of tax saving measures and options that leave a lot of money in the pockets of taxpayers even as it takes its due sums diligently and threatens recalcitrant persons with penalties and even jail terms. So, it is important, even critical, to get your side of earnings in order.
Here are some of the income tax returns (ITR) filing tips that can be adhered to to avoid any mistakes or errors.
Here is a checklist to start filling the income tax returns filing:
1. Have your PAN ready
2. Make sure you have an Aadhaar card
3. Get Form 16/16A from your employer/ payers
4. Use Form 26AS (which is electronic tax credit statement)
5. Collect detail of your assets if your income exceeds Rs 50 lakh
6. Gather proof of investments made to claim deduction
7. Reconcile your income with your bank statements of all the accounts in operation in India
Different Modes of filling the income tax returns (ITR)
8. By furnishing the return in a paper form (for specified category of taxpayers)
9. By furnishing the return electronically under digital signature
10. By transmitting the data in the return electronically under electronic verification code
11. By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
On e-filing of income tax return, an acknowledgment is generated by the Income Tax Department in a form named as ITR-V. This ITR-V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth/its date of formation.
So, what are you waiting for? Now that you have all the basic knowledge required for income tax returns (ITR) filing, rush and do so immediately!
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Posted byTaranpreet Singh
Advising companies regarding their tax planning and structuring to achieve a reduced overall tax cost
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