31st July is the yearly deadline for income tax filing and the calendar has already turned to March. This article is dedicated to the taxpayers as last minute tax filing guidelines so that you don’t miss out any important section. 31st July deadline is specified for salaried individuals and partners of the business firm with a turnover less than 1 Cr.
The first important thing to know before tax return filing is to choose the correct ITR form according to taxpayer category you are falling in. Here are the must know ITR Forms with category explanation so that you can decide the suitable one for you.
- ITR1 Sahaj form: For individual who earn through salary/pension/one house property.
- ITR2 form: Any individual who earns from other sources besides the ITR-1 earning category must use this form for tax return filing. The income source must not include any professional gain or profits.
- ITR3 form: An individual who is a partner in firms and their taxable income is calculated on the basis of loss/profits of the business which excludes bonus/salary/commissions/other interests.
- ITR4 form: Individuals who run a proprietary business.
- ITR4S form: Individuals who do income tax return filing on the basis of Presumptive Taxation Scheme.
The next important thing to check is to mention the correct PAN details and make sure that you are entering the correct PAN number as quoted on your PAN Card. The next thing to do is to mention correct TAX Credit Information during tax return filing which you can get from the Form 26AS. This form can be obtained online from the income tax department’s official website. The Form 26AS has the information regarding TDS, TCS, self-assessment tax, Advance taxes / regular assessment tax, and refunds details if any issued. You can refer to the official website to get accurate guidelines for income tax filing.
Also, remember to check the bank details and income from other sources details. Bank details are very important as in case if you are eligible for receiving any refund, it will be credited directly to your primary bank account. The bank details you need to mention are Bank Account Number and the MICR Code and BSR Code during tax return filing. Also, must remember to mention details of income you earn from other sources such as capital gain, mutual funds, insurance policies, interests on savings deposits, or other business income, details of foreign income, foreign assets.
Now the reward part where you can claim deductions while income tax filing up to INR 2.5 lakhs on your taxable income by showing your tax saving investments as Tax Saving Funds Can Save Bigger on Income Tax Return. The deductions are provisioned under Section 80C, 80D, and much more. And the most important thing is to not miss the deadline of tax filing date as mentioned for various taxpayer category. Also, the final good thing is you can do tax return filing online by sitting at home in just a few minutes.