24 July 2013
Time is now; don’t wait for the last date to file Income Tax Return which is approaching near. The month of July is the month for filing Income Tax Returns by every assessee in order to avoid late payment, interest and penalty and before filing income tax return you should be known of the things before filing Income Tax Return: Collect the documents required for filing Income tax return- Every taxpayer should collate all income tax related documents for filing Income Tax Return. So, here is a gist of the documents required: Abstract of Bank statements; Proof of Investments Form 16 (Salary Certificate issued by the employer); Form 16A / TDS certificate; Challan of Tax payment made like advance tax or self assessment tax; Proof of Investments in property; Documents on purchase and sale of investments/assets; Collect the TDS certificate; and Collect Home Loan certificate.
As per the source of Income, select the right type of income tax return form as it is the most important part in filing the income tax return. Income Tax Department has prescribed different ITR Forms to file the returns like ITR – 1 (SAHAJ), ITR – 2, ITR- 3, ITR- 4, ITR- 4S (SUGAM). Assessee should choose the right form as required by them to file return correctly.
Fill all the Basic Details
After selecting the Income Tax Return form, fill the form with all the correct details as it is seen that most of the people ignore the correctness of the basic details. Following details should be rechecked in ITR Form: Personal details like Name, Date of birth, father’s name; Address; Contact No. and e-mail address; Jurisdiction of AO; Tax Status; and Details of bank account. Verify Form 26AS (Tax Credit Statement) Income tax department has clearly specified to verify Form 26AS before filing ITR. So, one should check the tax paid on Income tax website by verifying Form 26AS, which provides details of the income tax paid and the taxes deducted and deposited by the payer of income. If there is any mistake one needs to verify the same
24 July 2013
No documents to be submitted alongwith return you just download the instructions from the income tax website in the return you just need to mention the details about your income, deductions, tax liabilty, TDS, advance tax and net tax payable.....only ITR-1 can be manualy filed (salaried person having taxable income below Rs.500000) and others not.