Things you should know before filing income tax return – Tax Home

Income tax filing is a ritual that you need to follow every year if your income is in taxable slab. But people are completely unaware about Income tax return filing. Individuals really don’t know what they exactly need to be done. This article is especially for you to make aware few basic concepts that you need to know about income tax return filing.

 

As we have been rendering income tax return filing in Delhi for our esteemed clients, we would like to make you aware few basic things that you need to know before filing your income tax returns. These things would not only make you well prepared for income tax return filing, but also keep your educated for better financial planning in future.

 

Aadhaar Card is mandatory

 

Quoting of Aadhaar in mandatory form now onwards for income tax return filing. You can either quote your Aadhaar number or Aadhaar enrollment number in your tax return to enjoy the convenience.

 

You should verify TDS details

 

Once it’s clear that you have to file returns, the next step is to verify whether the tax deducted on your behalf has been credited to your PAN. Check out your form 26AS online to make sure that all other taxes have been credited to your PAN.

 

Include salary income your return

 

Form 16 is a certificate from your employer, which carries the details of salary paid by them to you and taxes deducted on it. Form 16 is issued once for a particular financial year. The taxable salary is mentioned on form 16 and issued on or before 31^st May of the next year.

 

Choose right form for filing returns

 

Choosing the right form for income tax filing is confusion based task. Most tend to use ITR 1 because it is simple to fill. If you have income from salary and pension, then use the ITR 1. There are 6 types of ITR forms, which can be filled according to the source of your income.

 

Mention bank account details

 

The Income Tax Department requires your bank account number and IFSC code for filing your income tax return. Your bank account statement will be handy after submitting these details and declaring any interest income from your saving bank account.

 

Tax payable

 

If you have other income than salary, such as house property income and interest income, then make sure all the pending taxes must be paid and included in your income tax returns.

I am glad to tell you these things, which you should know before filing the income tax return. If you have any other concerns, then you can consult a tax consultant. One of the best tax consultants, which you can choose for your income tax return filing and other tax services, is Tax Home. They also provide registration for GST in Preet Vihar and other areas of East Delhi. They are the best tax consultant in Delhi, which you can choose for business registration, taxes, accounting and payroll services.

 

Author's Note

The author of the article has an extensive experience in the field of income tax return filing in delhi and GST in Preet Vihar.