Requirements for Income Tax Return (ITR) filing We will be filing our Income Tax return for the financial year by 31st July.
Requirements for Income Tax Return (ITR) filing
We will be filing our Income Tax return for the financial year by 31st July.
Better start its preparation now only to avoid last-minute rush and confusion it's a small list just read it...
1. Collect your forms 16 and 16A. You will have to ask your employer for getting your form 16. Nobody will give it to you unless you ask for it.
2. Go through your bank statements once as cash deposits are reported to the Income tax dept by Banks.
3. If you have sold any property in this financial year, try to calculate Capital gain now as you still have time to avail of certain exemptions in this regard as a matter of tax planning.
4. If you are married this financial year and have received heavy gifts, make proper accounting especially if you are govt. servant.
5. Gather figures of Principle and interest paid for housing loan this year as both figures need to be put in different columns(sections) of ITR for claiming exemptions.
Be ready with these figures, then filing ITR is a matter of not more than 20 minutes that too on your own.
Better start its preparation now only to avoid last-minute rush and confusion it's a small list just read it...
1. Collect your forms 16 and 16A. You will have to ask your employer for getting your form 16. Nobody will give it to you unless you ask for it.
2. Go through your bank statements once as cash deposits are reported to the Income tax dept by Banks.
3. If you have sold any property in this financial year, try to calculate Capital gain now as you still have time to avail of certain exemptions in this regard as a matter of tax planning.
4. If you are married this financial year and have received heavy gifts, make proper accounting especially if you are govt. servant.
5. Gather figures of Principle and interest paid for housing loan this year as both figures need to be put in different columns(sections) of ITR for claiming exemptions.
Be ready with these figures, then filing ITR is a matter of not more than 20 minutes that too on your own.
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