Even though government of India have tried to simplify filling the IT returns, most of the people in India find it difficult to fill the return forms on their own and needs some help either from some CA or from people who understand all the rules an regulations of IT laws and to calculate the income under Income Tax laws of India.
Tips for Filling Income Tax Return
Here are tips to help you filing for Income TAX Return in India using which you can greatly simplify the process of filing IT returns.
- Calculate your taxable income from all sources such as salary/pension, interest, etc.
- Calculate tax payable on gross total income for financial year using tax rate payable.
- Minimize your tax through tax planning, calculate the tax liability and pay your tax in time.
- Choose the correct return form.
- Write the PAN and GIR no. and the ward no. Correctly. New assesses can write PAN not allotted and apply for PAN in form 49A.
- Fill the form in BLOCK letters. Use Blue ink (Red ink to indicate losses) to fill up there form.
- Do not leave any column blank. Write Nil/N.A wherever necessary.
- Avoid overwriting in IT Form
- Choose correct status code no. indicated in the form.
- Round off the income under each head to the nearest rupee and the total income to the nearest multiple of Rs. 10.
- Attach statement of computation of income/tax.
- Attach counterfoil of advance tax challan/self-assessment challan.
- Attest TDS certificate if any (Form no 16 for salaried employees and 16A for others).
- Attach copy of profit and less account, balance sheet and personal account of proprietor/partners and the Audit report and other specified documents.
- Ensure to sign the return form.
- Keeps a copy of the IT form including the enclosures.
- If the individuals are mentally incapacitated, his/her guardian or any person competent to act on his behalf can sign the returns.
These IT return form filling tips were fairly generic but as visible, it not tough to fill the IT return form if you know how to calculate the taxes.