Income tax filing is mandatory for salaried, professionals, business, income from other sources above a particular ceiling limit. Income tax returns have to be filed carefully as per the Act, declaring all applicable income and claiming available exemptions. TDS deducted if any can be claimed as refund after adjusting the taxes.
Last date of filing is July 31st of every year for the preceding year.
The salaried employees should have the following details to file the income tax returns:
DOCUMENTS AND DETAILS REQUIRED:
· Salary slips: This will help us in checking computation of Form 16 and to pay income tax where form 16 is not applicable.
· Form 16: This gives you a clear picture of the salaried income, less exemptions with tax paid details as per the declaration of the employee and computation by company. The tax deducted by the company should be counter verified with Form 26AS to know if the company has deposited the deducted tax.
· Bank statement: This shows the details of any other income like interest, consultation fees, redemption of funds/insurance.
Additional income details if any other than form 16 like
o Rent: Rent usually is not declared by the employee to the employer. Hence, it has to be declared and computed as tax applicable by the individual concerned.
o Interest: Any interest received on savings bank, fixed deposit, others to be declared under income and taxed as per the act.
o Other income: Any other income like part-time coaching, training, tailoring, consultancy fees should be declared.
o Capital gain on mutual funds: The mutual fund and property sale attracts capital gains under short term or long term which has to be categorized and declared and pay tax as per the Act.
o Others (Specify): Any other to be declared.
Exemptions not declared in Form 16: If by any chance omitted to declare any exemptions to the employer or paid after declaration can be declared separately at the time of filing with proof and exemption claimed till allowable limit. Exemptions that can be claimed are given below:
o Insurance premium.
o School going children fees.
o Health insurance premium.
o Investments in mutual funds.
o Housing loan principal.
o Housing loan interest.
o Education loan interest.
o Donations under section 80G.
o Self/rented property tax receipts.
Based on the above information income tax returns applicable will be filed. Call for any tax clarifications or can call for a 15-minute free call or WhatsApp through prior appointment. Book an appointment now!