Income Tax Tips: If you are filing an income tax return for the first time then keep these things in mind..
The last date for filing an Income Tax Return (ITR) is 31st July and is very near. If you do not file ITR by the deadline, you may face trouble and may also have to pay a fine. In such a situation, ITR should be filed as soon as possible.
If you are filing your ITR yourself for the first time, then you need to pay special attention to some things. Otherwise, you may also get a notice from the Income Tax Department.
Check every detail closely.
While filling ITR, it is important to pay attention to small details. All your personal information should be correct. Such as PAN, Aadhaar, and bank account details. If there is a mistake in this, then your ITR may be rejected or there may be a delay in getting the refund. You may even get a notice from the Income Tax Department.
Which documents are required?
Form 26AS and Annual Information Statement are required to file income tax returns. Form 26AS contains all the information related to TCS (Tax Collected at Source) along with TDS (Tax Deducted at Source) deduction on interest, salary, and dividend.
At the same time, the Annual Information Statement (AIS) contains all the details required under the Income Tax Act 1961. It contains information about taxpayers in two parts. The first contains the personal details of the taxpayer, such as Aadhaar, PAN card, and mobile number. At the same time, the second contains technical information related to tax.
Work will not be done without Form 16/16A
Form 16 is for those people whose source of income is only salary. At the same time, Form 16A says that TDS was deducted from other income sources apart from salary. Such as income earned in the form of interest on fixed deposits, insurance commissions, rent receipts, securities, etc.
When you get this form, immediately match all the information so that there is no problem. If there is any mistake in Form 16/16A, then immediately inform the concerned employee about it. If you are in the old tax regime, then make sure that the LTA, HRA, and other exemptions are mentioned correctly.
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