Filing Income Tax Return is important, and you must know that the last date to file Income Tax Return for the Financial Year 2017-18 is 31st August 2018 and that’s the reason why we will tell you about a couple of things that you should not forget while filing Income Tax Return.
Cross check your income and tax details with Form 26AS
Form 26AS is also known as the tax certificate, it contains all the details of tax deducted and paid by the taxpayer in a given financial year. A taxpayer can view and download his/her Form 26AS by visiting the Income Tax Department’s official e-filing portal. Form 26AS is an important document for a taxpayer while filing Income Tax Return and a taxpayer must always cross check the tax amount deducted and paid mentioned while filing Income Tax Return. It helps the taxpayers to avoid the discrepancies.
Deduction under section 80C of the Income Tax Act
Taxpayer can save paying extra taxes to the Government by investing in a couple of tax saving schemes. There are various investments for which the taxpayers can claim deduction under section 80C. Some of the investments which can save your tax liability are Employees Provident Fund (EPF), Public Provident Fund (PPF), and investments in ELSS schemes of Mutual Fund, Life Insurance Premium paid, etc. Deduction of upto Rs 1,50,000 can be claimed under section 80C for various tax saving investments.
Disclose all the income that a taxpayer earns from various sources
It is necessary for every taxpayer to disclose all the income that a taxpayer earns from various sources in the relevant Financial Year. The taxpayer should disclose all the income, if the taxpayer fails to do so, then he/she may invite a tax notice. We would suggest the taxpayers to disclose all the income from various sources while filing Income Tax Return.