Know About the Filing of Income Tax Return

Narendra Kumar

28 Jul, 2018

Denifition

The Income-tax return is a form which is filed by the person who has paid taxes or has been charged to pay tax with a taxing authority that reports income, expenses, and other such liabilities and details of related tax information. The filing of IT returns enables taxpayers to calculate their actual tax liability, and actually what has been deducted and how much amount of tax is eligible for him to get in the form of a refund.

What is the Deadline to file ITR?

31st July is the last day to file your Income Tax Returns in any given financial year.

Where to file ITR?

The Income-tax return can be filed at the site of e- filing of the government at the website^[1].

Who is Required to file ITR?

Following is the person who is required to file:

1. All salaried person
2. A business person
3. A person who has made any capital investment or related transaction
4. Any person receiving the income from any other source.

Procedure:

It shall vary, basis the income earned per year and income source such as salaried persons have different procedure to be filed, business persons have to show the profit earned against investment which could be loss/profit, any such investment made and profit earned on it, etc. Before filing when need to be per-prepared with all the documents with desirable details to be filled in the ITR.

What is the Documents/Information Required for ITR?

• In case of Salaried Employees

• PAN number
• Form 16A and 16 B etc issued by your employer
• Salary/income details,
• Bank statements

• Investment details
• Contribution if any
• Donation made if any

• The case where the person obtains any kind of interest income

• Details of the interest on savings account i.e. Bank statement/passbook of interest on savings the account.
• Interest income details for fixed deposits.
• TDS certificate –can be obtained online from the IT site or issued by banks.

Our Recommendation: File the Income Tax Refund with the Help of Experts.

Obtain Form 26AS

Form 26AS shall help you to get the details of tax paid/deducted by you on all interest on the investments, or TDS summary as archived by the Income Tax Department from banks whereby tax has been submitted after deduction and thereafter received by the IT department through them.

It contains details of the tax deducted by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the I-T Department’s website of e-filing.

For Deductions following are the Heads:

• Section 80 Investments following are qualified deduction:

1. The investment made under PPF,
2. NSC (National Saving Certificate),
3. LIC
4. ULIPS(Unit-linked Insurance plan),
5. ELSS (Equity linked saving Scheme)

• To claim certain expenses following are the documents required:

Be ready with the following information as only figures are required to be put in:

1. Contribution to Provident Fund
2. Fees paid for children’s school tuition fees
3. Payment of Life insurance premium
4. Stamp-duty and registration charges if any
5. Principal repayment on the home loan
6. Equity Linked Savings Scheme
7. Mutual funds investment

Other Investment Documents

1. Interest paid on housing loan: Up to the limit of 2, 00000/-, the Interest paid on housing loan is eligible for tax saving, for a self-occupied house.
2. In case of let out or deemed let out properties, there is no limit of interest on housing loan eligible for tax saving till the financial year 2016-17.
3. However, From Financial Year 2017-18, the total loss from house property is allowed to be set off against other income is capped at Rs 2 lakhs and hence by this way, the interest on for let out property/ housing loan is eligible for tax saving up to Rs 2,00,000 as well.
4. Interest paid on Education loan.
5. The stock trading statement should also be kept while filing the return, the stock trades made during the year are liable to be taxed under Capital Gain., pursuant to IT rules for a capital gain,

Read Also: All Types of Income Tax Return Filing In India.