financial services

The Most Important things taxpayers must know before filing returns

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Do you know the late date to file Income Tax Return is 31st July 2019, for the financial year 2018-19. It is essential to file your Income Tax Return as timely 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 2018-19: –

· 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.

· 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 received and receipts of municipal taxes paid during the financial year, would be required.

· 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.

Many taxpayers are quite adamant about their Income Tax Refund and in the middle of the process they forget to check their Income Tax Refund Status. Once you claim Income Tax Refund, you should check your Income Tax Refund Status. The tax refund is generally provided in two different ways: –

· Refund in form of RTGS / NECS: To get direct credit of the refund amount to the bank account of the taxpayer, the taxpayer’s correct bank A/c (at least 10 digits), MICR / IFSC code of the bank branch and required communication address is mandatory.

· Refund in Paper cheque: The standard paper cheques whenever issued require the current bank account no and the correct address of the taxpayer as mandatory information.

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