The last date to file Income Tax Return is31st July 2018 for the Financial Year 2017-18, there are times when a taxpayer comes across various difficulties while filing ITR. Here are some of the challenges that a taxpayer faces while filing your ITR.
Calculation of Income
Before you start filing your Income TaxReturn it is important for you to calculate your taxable income first. According to which you can calculate your tax liability for the Financial Year. While calculating your income you must consider the various heads under which your income is generally divided into 5 sections i.e. income from salary (including basic salary, commissions and bonuses, and allowances), income from house property, income from businesses or profession, income from capital gains, and income from other sources. In order to make sure that you do not miss out on any income received, download form 26AS from the tax department’s website and cross-check your income and calculate it accurately.
Know the major changes in the tax rules
Every year after the annual Union Budget there are certain changes. While e-filing your Income Tax Return you will have to consider these changes and you must also keep in mind the ones that are applicable to you.
Provide the documented proofs of investment
While filing ITR, if you claim tax deduction then you are required to provide the appropriate proofs for the same in the given time frame.