It’s July! So it is that time of the year! Oh yes, it is the time to file your return of Income. Do not panic at the thought. Filing your Return of Income is a routine annual process for you and me. So just relax and follow my steps. Before filing your return of income, do keep these things handy and ready beside you to make the process easier.
1. All your bank accounts
Irrespective of whether you are using it actively or no you have to now declare all your bank accounts in your Return of Income. Therefore keep all your passbooks/ pass-sheets ready. If you maintain your banks online then download the statement of the whole year and keep it with you. You will need to declare savings bank interest however little it may be in your return.
2. All your investment details
Make an investment to save tax or no, you have to declare them in your return. Also income from past year investments will have to be declared. Therefore keep ready those details as well. For a quick check, you need to have your Insurance premium receipt, Mediclaim premium receipt, SIPs made, Tax saving FDs if any, housing loan statement, tution fee receipts, education loan statement and many such other papers which you thought would save some taxed for you.
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3. Download Form 26AS
This form needs to be downloaded much before you start filing your Return of Income. Try comparing your Tax Deduction at Source with this statement before you begin filing your return. In case of any discrepancy you should be contacting your tax deductor in order to revise the same and let you file the return on time.
4. Online payment details
A return filed without payment of tax is not a valid return and therefore payment of taxes is a must. In order to avoid the session from expiring keep ready your online payment details in order to pay your taxes. Then do not forget to enter the details of the same in the relevant area in the return.
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5. Minimum one hour of undisturbed time
Time is the most important aspect in filing of return. Do remain undisturbed as the consequences of a wrong information can be bad. Choose the right time where you can relax and have an open mind and sit back to file your return of income. It is always better to avoid sessions getting expired and redoing the whole process. There are instances where the website would be too busy and you will have to wait for hours after pressing the submit button.
6. Read the website for latest updates
The income tax website keeps changing the schema of filing return more often. This is based on various errors and bugs found during the process of filing. Therefore read through the website before you begin. Download the latest scheme. Also don’t forget to download the right form of ITR. The applicability is given beside the form itself and is very simple.
Is there anything else you prepare for before filing your return/ Let me know in the comments section below.