As a citizen of Indian, it is our prime duty of Online Income Tax Return filing. Every citizen should file Online Income Tax Return for their welfare as well as for the government.
What is Income Tax
An income tax is an estimation that governments force on financial earnings produced by all the people and substances inside their locale. By law, organizations and people must file an Income Tax Return each year to decide if they owe any charges or are qualified for a tax refund. Annual expense is a vital wellspring of assets that the public authority uses to subsidize its exercises and serve general society.
Documents required for Online Income Tax Return filing
- PAN Card. To get a new PAN number, you will need to contact the department of those who issue the pan card.
- Aadhaar Card (To be connected to PAN Card for E checking the return)
- Mobile Number and an Email ID
- Bank Account Number and IFSC Code
- Form 16 issued by the employer for salaried Employees
- Bank Statements for Savings Bank Interest
- Interest Income statement on fixed deposits
- TDS Certificates issued by banks and others
- Form 26 AS that can be downloaded from TDS Traces website
- Other documents for declaring deductions such as investments, LIC, Tuition fees, etc.
Steps to e-file your income tax return
Step 1: Go to the official website of the Income Tax Department of India – incometaxindiaefiling.gov.in, and there you will need to register yourself.
- Log in with your user ID (PAN), password.
- Date of birth.
- Enter the captcha code as represented on the page.
Step 3: Click on the e-File tab and press on the ‘Income Tax Return’ link.
Step 4: Select the ITR form and the assessment year for which you want to file a return.
Step 5: Press on Prepare and Submit Online.
Step 6: Click on Continue.
Step 7: Key in all the information and keep saving at the same time. Also, fill in all the information about investment, health, and insurance.
Step 8: A confirmation page will arrive on your screen.
Step 9: Tap on Preview and submit to file your ITR.
Why should a person file income tax?
Past many years have noticed low-Income Tax recording Compliance in India; during late years, Govt of India took strict measures in upholding the Income Tax Law by connecting different advantages for brief duty filers. Preferences of annual assessment documenting including yet not restricted to
- Get the Loans simpler.
- Try not to take care of punishments, shames.
- Get your discount back on the abundance charge installments.
- Obstacle free for Foreign VISA Stamping with IT brings documenting back.
- Improve your credit value for future advances
- Be a productive member of society to contribute to India’s development and get Peace of psyche for you and the family.
Let us see some of the tax-saving tips which will be helpful to you for saving income tax.
- Use up your Rs 1.5 lakh limit below Section 80C: Public Provident Fund, National Pension Scheme, Premium Paid for Life Insurance policy, National Savings Certificate, Equity Linked Savings Scheme, Home loan’s principal amount, Fixed deposit for a duration of five years, Sukanya Samariddhi account, Children’s tuition fees
- Contribute to the National Pension System
- Pay Health Insurance Premiums
- Get a deduction on your rent
- Get a determination on the interest on your home loan
- Keep some money in your savings account
- Contribute to charity
- Scholarship for Education
- Rent paid in cases where HRA isn’t paid
- Amount from Provident Funds
- Expenses Made for Travelling
- Coupons for Food
- Costs for Telephone and Internet
This is all about Online Income Tax Return filing.
If you want to know more about the tips for income tax saving and how to file an income tax return with form 16, you must contact an income tax consultant once they will help you in the proper way to get out of this.
When it comes to contact an income tax consultant, no one will provide you with the best than taxwink.com. So for what you are waiting for, visit taxwink.com now and save your money on income tax.