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Things every Taxpayer must keep in mind

The late date to file Income Tax Return is 31st July 2018, for the financial year 2017-18. It is important to file your Income Tax Return as early as possible, to avoid the last-minute hassle. Here are things you must keep in mind before you file your Income Tax Return for Financial Year 2017-18: –

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  • The first and the foremost thing you need to do is to collect your Form 16 from your Employer as it is the withholding certificate and it contains the details of taxpayer’s income and tax deducted at source. In case, taxpayers have switched jobs during the financial year, then they must make sure that they have received the Form 16 from their previous employer.
  • every Taxpayers

 

  • You must keep in mind your Income from House Property, in case you have two house properties, then according to Provisions of Income Tax Act, 1961, you will have to keep your second property on rent. In that case, you must provide the details for the rent received and receipts of municipal taxes paid during the financial year, would be required.

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  • Your Tax Deducted at Source and the Form26AS are the things you should take into consideration. Taxpayers must have an idea about the tax credit or the tax that has been deducted on his/her behalf in the form of TDS, that is Form 26AS. While filing Income Tax Return, you must consider your Form 16 and Form 26AS, for the details of your income and TDS deducted from various sources.

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