Important Points To Remember while Filling of Income TAX Returns
If you are an Indian, here are few points to take care of while filling Income TAX forms
- At the end of the financial year it’s time to start filing the income tax returns relevant to the to the assessment year.
- The income may be from any one or more sources including may be from any one or more sources including salary, income from property, business and profession, capital gains, and income from all these source during the financial year exceeds the basic exemption limit, you are required to file the tax returns.
- Tax payable on the amount of income that exceeds the basic exemption limit.
- The requirement for filing of annual income tax returns are contained under Section 139 of the Income Tax Act.
- According to these provisions, every person having income in excess of the amount not chargeable to tax is required to file the returns.
- The returns need to be filed by July 31. Now it is compulsory to obtain and quote your Permanent Account Number(PAN) in the returns. PAN is available from the IT department and its authorized agencies.
- So, before filing the returns an assessee must obtain his PAN.
- The returns should be signed by the individual himself or in case he cannot do so for any reasons, by a person duly authorized by him, with a valid power of attorney.
- The income in respect of which the returns is to be filled may be either his own total income of any other person in respect of which he is assessable under the Act.
- The returns can be submitted to the income Tax Department:
- The returns can be submitted to the Income Tax Department:
- In paper form
- Electronically with digital signature.
- Electronically(without digital signature) and thereafter submitting the physically verified/signed ITR-V by post.