Income Tax Return Filing: Do’s and Don’ts

The Income tax return filling has always been a cause of concern among the individuals and a very few are able to nail it. So, now that the government has announced the forms for income tax return filing, you should brace up yourself to remain in sync with the government updates.

Here are the some do’s and don’t’s you should know about before filing of the income tax returns

E-filling Registration

For e-filing of income tax returns, you should register yourself with your id and password on Income Tax E-filling Portal. If you are already registered with the website you can type your login credentials to get into the dashboard.

Salary and Pension Income

If your income tax falls under the bracket of Rs 50 lakh and it is earned through salary or pension or other sources of interest you need to fill ITR 1 form. 

The documents that you need to submit is Form 16 that entails two parts A and B. The part includes the details of tax deducted by the employer and Part B includes gross salary break up like exempt perks and perquisites.

The government has recently revised the Form 16 format wherein now the income tax assessee needs to provide a detailed breakup of tax-exempt benefits paid to the employee and tax breaks claimed by the employee through the employer.  

TDS Credits Form 26AS

To e-file income tax returns, you need to submit other documents like PAN, Aadhar, Form 16 as discussed and Form 26 AS. Form 26AS is a replica to your bank passbook which contains all the information related to taxes including TDS deducted by the employer, banks, other organizations, advance tax paid and self-assessment tax paid. You can download this form from TRACES website. This form not only helps in identifying the tax credit but also help you in tracking incomes reported.

Last date of filing the Income Tax Return

The income tax return filing date for FY 2018-2019 is July 31^st 2019. All individuals earning income more than Rs. 2.5 lakhs per annum need to file an income tax return. You can check the income tax slab for AY 2019-20 i.e. FY 2018-19 to compute the correct tax.  You can pay the taxes through credit card or debit card. 

In the end, we would like to conclude as the financial year has closed, you need to prepare yourself and keep all the documents handy to file the income tax returns before due date.