Filing tax returns? Here are seven things to remember
The deadline for filing income-tax returns is July 31. Don’t leave it for the last moment. Make sure you have enough time to collect documents and details needed to fill the form.business Updated: Jul 26, 2017 15:46 IST
The deadline for filing income-tax returns is July 31. Here are a few things you will need to remember when you go online to file the returns.
1. Aadhaar is a must
The Supreme Court has allowed the government to make it mandatory for all tax payers to fill in their 12-digit unique identity number. If you haven’t got Aadhaar, you can furnish the 28-digit enrolment number.
2. Mention all bank accounts, incomes
Details of all accounts have to be furnished with the IFSC codes of the bank branches. Accounts that have not been in use for last three years need not be mentioned. Details of income from all sources, which includes mutual funds and rent collected from business or residential properties, have to be shared.
3. Forms 16A and 26AS
Most of us know about Form 16A, which is given by the employer with details of the salary and the taxes deducted from it. Form 26AS is equally important. It can be downloaded from incometaxindiaefiling.gov.in and has the details of TDS deducted from your income.
4. New mandatory disclosure
This column has been introduced to keep an account of the money deposited after demonetisation. The column has to be filled if you deposited Rs 2 lakh or more in a bank account in old currency after the government scrapped 500 and 1,000 rupee bills. Details of the money deposited and the account -- name of the bank, IFSC code and account number – have to be provided.
5. Check, check again
Make sure all the details in the form are correct. Wrong entries can cause confusion and delay the processing.
6. Claim deductions
These are important to reduce your tax liability. Go through Section 80 of the income-tax act carefully to save tax and money.
7. Don’t leave it for the last
Like to cut it close? Don’t. Make sure to go through the form several times, and for that you will need time. Keep all your documents handy. Do not confuse between the financial year and the assessment year. The financial year is 2017-18, while returns will be for the year 2016-17.
(Amrita Sokhi is currently studying in IP University and is an intern with HT)