How to File Your Income Tax Return: Tips and Tricks
Income Tax: It’s that time of year again when you need to file your income tax return. To ensure that you file your return correctly and on time, it is important to keep a few things in mind. Here are some tips and tricks to help you file your income tax return seamlessly.
Income Tax Return Deadline: The deadline for filing the income tax return for the financial year 2022-23 is 31 July. Failing to file your return on time could result in a fine of Rs 5000. So, make sure you file your return before the deadline.
Verify Form 16: Form 16 is a TDS certificate issued by your employer, indicating the deduction of TDS while making payments to you. It is important to ensure that the Form 16 used by you is in a valid and acceptable format. Once you have received the TDS certificate, it is important to verify its validity.
Filing Income Tax Return Without Form 16: In some cases, you may need to file your income tax return without Form 16. If this is the case, make sure you calculate your income correctly and claim deductions under relevant sections.
Calculating Income: To file your income tax return correctly, you need to calculate your income from salary, house property, and other sources. Take the salary slip received from your employer during the financial year and consider the details of TDS and PF deduction in the salary slip. If you receive HRA, submit your rent receipts to your payroll department to claim HRA deduction. Additionally, if you have a home loan and pay interest on it, you can claim deduction for the same.
Calculating TDS: Calculate the TDS deducted by your employer during the previous year and compare it with the amount mentioned in your Form 26AS. Form 26AS gives information about TDS deducted from all income sources including salary income.
Claiming Deductions: Claim deduction under relevant sections like 80C, 80D, and 80G, subject to specified limits. These deductions cover areas such as provident fund contributions, medical insurance premiums, and charitable donations.
By following these tips and tricks, you can file your income tax return seamlessly and without any hassle. So, make sure you file your return on time and avoid any fines or penalties.
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Sorted points by DelhiBreakings.com team.
👉 Income Tax: Ensure that the Form 16 used is valid and check its validity after receiving TDS certificate.
👉 Income Tax Return: Deadline for FY 2022-23 is July 31. File on time to avoid Rs 5000 fine. Form 16 is needed for ITR.
👉 Filing ITR without Form 16: Keep necessary details in mind while filing ITR without Form 16.
👉 Calculate income from salary: Consider Gross Salary, Perquisites, Professional Tax, allowances, TDS and PF deduction from salary slip.
👉 Calculate TDS deducted on Form 26AS: Compare TDS deducted by employer with Form 26AS.
👉 Calculate income from house property: Submit rent receipts for HRA deduction and claim home loan interest deduction.
👉 Calculate income from other sources: Include income from sources other than salary.
👉 Claim deduction: Claim deduction under relevant sections like 80C, 80D, and 80G for provident fund contributions, medical insurance premiums and charitable donations.
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