Monday, 29 May 2017
Thursday, 18 May 2017
Friday, 12 May 2017
How to avoid last minute tax filing mistakes while filing tax returns?
This is a tax filing season and if you will make any mistake in filing your taxes then you can end up losing refund, paying penalty and may even face prosecution.
The government has taken very necessary and much needed steps to make this process simple that even common man or first time taxpayer can file their income tax returns easily. Yet many taxpayers commit mistakes while filing their taxes which can be avoidable if they will pay heed to the details.
This is the checklist for you so that you can avoid those common mistakes during your ITR form filing process.
Choosing wrong ITR form:
You need to choose your ITR form very carefully while filing taxes. Selecting the wrong ITR form is a very common mistakes among taxpayers which can results in rejection of your tax returns.
This year ITR forms have been modified which can confuse new taxpayers who are filing their taxes first time.
For any detailed information for , you can visit:
Wrong personal details:
This is another common mistake that people provide wrong person information during ITR form filing process. Incorrect PAN details, correspondence address and bank details are some of the major mistakes people tend to commit while filing their taxes which may result into disallowing tax credit refund.
These mistakes can be avoided by just cross checking the information in the form and carefully check the email address and phone number you are providing in ITR forms.
Incorrect mention of exempted income:
There are different types of income which are exempt from tax and you can save good amount of money from tax net by notifying tax department about it in your ITR.
These exempted income such as dividend or long term capital gains or equity funds or PPF need to be mentioned in your ITR form.
If you hide such income from IT department, then this may result in to legal discrepancy by you.
Mention interests you have earned:
Under Section 80TTA, interest income from your savings account is exempt up to Rs. 10,000 and it does not cover up the fixed deposits and recurring deposits. Such interests are taxed at a normal rate like any other income sources and you need to disclose it in the ITR form.
Careful study TDS details:
Form 26AS or tax credit statement gives you all the important details of taxes you have paid.
You should check it before filing your tax return which will help you in eliminating any errors in tax calculation to file an accurate return.
It is mandatory to quotes or mention Aadhaar number or Enrolment ID in the tax returns by all eligible tax payers.
UPLOAD FORM 16:
Monday, 8 May 2017
Checklist of ITR forms for filing income tax returns AY2017-2018
ITR Forms for filing taxes (AY-2017-18)
This is a time for filing income tax returns so if you are filing taxes then you need to know about the income tax forms and its applicability.
Income tax returns should be filed every assessment year by individuals, companies, entities who readily pay their taxes on time every financial year.
Filing you income tax returns on time as a responsible citizen is a must to avoid heavy penalty charges by the government.
You can file your income tax online anytime and anywhere which is simple and easy to use.To file your taxes you should also have the knowledge about the income tax forms and documents required for the process.
For the checklist of document visit:
Here is a list of various income tax forms and its applicability.
Saturday, 29 April 2017
form 16 details to file income tax returns
Form 16: First time filing income tax returns?
The process of filing income tax returns has been started, amid the process the government making Aadhaar card mandatory to file income tax returns.
PAN number is mandatory to file income tax returns. The government has announced on March 21 that it has made Aadhaar card mandatory to file ITR.
If you are filing your income tax returns first time then you must need to know about the very important form: Form 16.Most of the time especially salaried employees who are filing their income tax returns first time don’t know what to do or figure out with the form- 16 when their employer hands over this form to them.
We will discuss Form 16 in detail which will help you to understand the benefit and importance of this form.
What is Form 16?
Form 16 is a certificate issue by your employer every year. Form 16 is a certificate under section 203 of the Income-Act, 1961 which certifies that TDS has been deducted from your salary by the employer.
According to the income tax rules of India, if an employer deducts TDS on salary then he must issue income tax Form 16.
Understanding the content of Form-16, it will help you to file your income tax returns.
Form 16 has two sections: Part A and Part B.
Form 16 Part A:
Part A consists of your personal details such as your name and address, your employer’s name and address, PAN of both, employer’s Tax Deduction Account Number (TAN) and other. This detail helps the I-T department track the flow of money from you and your employer’s accounts.
Details Required
- Name and address of the employer.
- PAN of the employee.
- TAN and PAN of employer.
- Summarily of tax deducted and deposited quarterly, which is certified by the employer.
- Assessment Year.
- Period of employment with the employer.
- Part A of the form 16 has a unique TDS certificate number.
It gives the summary of the TDS by the employer on behalf of the employee. This is the amount that the employer deducts from your salary as tax periodically and credits to the I-T department. For example, if every month your employer deducts Rs.3, 000 as tax from your salary, it will be shown in the Form 16 as deposited by your employer to the government.
Form 16 Part B
Part B of form 16 include most of the details that you need to file I-T return, such as salary paid, other income, tax deducted and more.
Details Required
- Taxable Salary
- Deduction allowed under the income tax act
- Breakup of Section 80C deductions.
- If you held more than one job during the year, you will have more than one Form 16.
- Part B is prepared by the employer manually and issued along with Part A.
Deductions are mentioned in the form 16 Part B. These include those under sections 80C, 80CC and 80CCD.Remember the aggregate under amount deductible under these three sections should not exceed Rs.1 lakh. Then come the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (Donations), and others.
While all deduction related details are mentioned in Form 16, you should cross-check the amounts with your investments and other documents.
Form 16 is one of the documents that you need to keep handy before or while filing your income tax returns, which has to be done till 31 July.
In case of any error in Form 16 then you have to contact to your employer for rectify the error as he is the one who issue the form.
One important thing to remember that form 16 only declares TDS from salary. For other incomes, there are other forms, income from bank fixed deposit will in Form 16A.So, if you have interest income from Bank FD, then you will have to get Form 16A from the bank.
Another important form is Form 26AS, the tax credit statement. It will help you verify details of TDS. Using this form you can check if your company or bank has indeed paid the tax correctly reported to the I-T department.
To file your income tax returns you can upload your Form 16 on TruTax. Filing ITR on TruTax is simple, convenient and takes 5 minutes to complete the process. If you are filing your income tax returns then you can contact us for any taxation advice.
Upload your form 16:
Tuesday, 25 April 2017
Checklist of documents required for E-filing income tax return
The due date for filing income tax return is nearing which is 31st July so you need to know about the various important documents required in details for filing your income tax returns.
Have you collected all the documents required for filing income tax returns? If not, then you should do it as early as possible to meet the deadline of due date before it gets too late for the process. We should avoid rush up the things at the last moment for filing income tax returns as it only makes the things complicated.
We are mentioning all the important documents required while filing your income tax returns.
Form-16 received from your employer:
Form-16 is applicable only for salaried employee. If the taxpayer is a salaried person and employer has deducted TDS on your salary then he will issue you Form-16.
Form 16 A received from Banks:
Form 16 A is the TDS certificate regarding tax deducted at source by other deductors like banks or other institutions on the interest/commission that you have earned during the year.
PAN card:
This is a very important thing which is required while filing your income tax returns.
Bank Statement:
- Interest income statement for fixed deposits
- TDS certificates issued by banks and others.
- Bank statement/passbook for interest on savings account.
Investment Proof
If you have done investment under Section 80C then you have to submit Section 80C documents. Investment options under section 80 C like PPF, NSC, ULIPS, ELSS, and LIC qualify for deductions.
Home loan certificates:
If you have taken any home loan for buying your house, you should collect all the documents and home loan details, interest certificates.
Advance Tax:
If you have paid any self-assessment tax or any advance tax, you need the respective challan to fill in the respective details in your income tax return or ITR form.
Property Details:
If you have bought or sold any property during the financial year, you need to have details while income tax returns.
Form 26 AS:
It shows tax deducted and deposited on your behalf by the deductors, details on tax deposited by taxpayers and tax refund received in the financial year.
So keep these important documents and filing income tax returns will be an easy task for you. You can also contact a tax professional throughout the process which will make the filing tax returns process smoother.
You can upload your form-16 on TruTax portal which makes the filing of income tax returns very easy, convenient and fast.
Upload your form-16
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