The income tax filing session has almost arrived and there is no denying that we can see the huge enthusiasm amongst taxpayers in India. The filing of ITR is, however, appear burdensome but now it is mandatory for every individual to file their ITR for the FY 2018-19. As per the income tax department, people whose income exceeds Rs 2.5 lakh is required to file ITR. Although, the last date for ITR filing has also announced by the Government which will be on 31st July 2019.
But before ITR Filing, there are few essentials which a taxpayer should consider while filing an income tax return. By following these steps, you can easily set to file your income tax return.
Select the right form-
The first most important step is to select the right ITR form so that your income tax return filing does not get forbidden by the Tax Authority. Before proceeding, you should know there are some basics to follow for selecting the right form, one is the nature of income earned and another one is the income earned from other sources.
Disclose correct personal details in ITR form-
Every taxpayer who is filing a return must ensure that they are providing an accurate personal detail such as Name, Aadhaar number, Phone Number, Date of Birth, Address, Email id and etc. In case, you are claiming for any refunds, make sure that the bank details provided are accurate so that you can receive your refund hassle-free.
Mention all sources of income-
Many people often forget about mentioning or disclosing the sources of income through which they earn their income. Therefore, it is advisable to mention both taxable, as well as non-taxable income such as family pension, capital gains, interest income from bank savings, account earned during the financial year 2018-19. Along with this, if you have any foreign income from foreign assets or any other asset owned, it will also have to be disclosed in the ITR forms.
Make sure you have Form 16 and Form 26AS-
Form 16 comprises the complete details of TDS deducted by the employer from the salary paid to you. If you are a salaried, Form 16 is the most important document for filing tax returns. It includes the details of PAN, TAN, address, salary earned and tax deducted. Form 26AS is the statement that reflects TDS deducted on any type of income you have earned, it consists TDS on salary, TDS on interests from deposits, TDS deducted by the buyer in case you have sold a property.