INCOME TAX RETURN : SALARIED PEOPLE SHOULD FOLLOW
As per Government Rule Every salaried person whose gross taxable income exceed the limit, must be file income tax return. The limit set for individual in financial year 2017-18 was Rs 2.5 lakh below 60 years of age.
Following points should be kept in mind, while you file your income tax return.
- ITR should be filed before initial deadline to avoid a penalty. When you file in time, you will get a opportunities to revise it, if required .
- ITR FORM – Select correct ITR form. As you are salaried choose ITR 1 form to file return. If you have any capital gain with your salary, you select ITR 2 Form. So choose correct form, otherwise your ITR will be rejected.
- Submit correct personal details – Before filing ITR, check your personal details such as e mail, mobile number and PAN card details.
- ITR Filing Mandatory – As we discussed earlier, whose income exceed the limit , must be file income tax returned.
- Claim deductions under correct Section – Every salaried person should be deduction claim under correct section, while filing ITR may become an added liability. There are so many section in income tax act and each deduction claim has to be filled in a particular section. If you claim deduction under incorrect section, may you get notice from IT department.
- wrong income details – Due to mistake of be it greedy, Never submit incorrect details of your income. It could land you in trouble. So, every year furnish correct details of your income. You should mention your all properties in ITR.
- Cross check form 16 or form 26AS – Your income tax return should be matched with your Form 16 which has issued by your departments headquarter or Form 26 AS which may you download from your Bank’s website.
So kept all points in mind, when you file your ITR.
Categories: income tax, income tax return, Pay bill online, Self help
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