Income tax returns (ITR) filing: Quick guide to ensure you don't make errors
Income tax returns (ITR) filing: There are still 2 months to go for you to file your income tax returns. This may appear to be a long time, but it's better to file ITR returns now - there are plenty of reasons for you to file it early and none for delays, except family emergencies, of course. We bring you a quick guide on the information/documentation to be collated to meet the deadline with ease. Considering the Income-Tax department has cracked down against recalcitrant filers, the best way to avoid any unnecessary trouble is to go through the process fast.
1) Earnings review: According to Taranpreet, senior consultant, TASS Advisors, first and the most important step is to do a review of your earnings for the last financial year i.e. FY 2017-18.
2) Form selection: Earnings review will help you in opting for correct type of income tax return form which shall be applicable in your case, Taranpreet said.
3) Collect all documents: It is important to get your bank statements, mutual fund statements, share transactions etc up to date for reconciliation and reporting in your tax return.
4) Reconcile earnings: The third important step is to reconcile your earnings as per your salary certificates/ tax deduction certificates with your bank statements and in case of any errors or omissions, it is important to approach your employer to correct the same before filing of tax return. In addition, the tax deduction certificates needs to be verified with Form 26AS available on the online income tax portal.
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5) Documentary evidences: Before filling income tax return, the assessee should have documentary evidences of the particulars that the taxpayer is claiming deductions under various sections while filing income tax return, Taranpreet suggested.
So, don't wait, start getting your documents ready to file your income tax returns. Relief is guaranteed!