Everything about tax return filing is here

THE ECONOMIC TIMES Mon, Jul 25, 2016 | 03:46 PM IST ET Special Newsletter

All you need to know about tax return filing It is that time of the year again when the tax payers start preparing to file their ITR. However, there are some do's and don'ts of filing returns which you must keep in mind. Here's help.

Why you should file your tax return by July 31 While you can file your personal income tax return even after the due date, July 31, but you would lose certain benefits if you do so. What you must check in your TDS certificates, Form 26 AS Your name, PAN, Deductor's TAN, amount paid to you, TDS amount should be correctly reflected on the TDS certificate. How to compute your total taxable income In order to file your I-T return you first need to collect the information required to file it. The next step is to compute your total taxable income.

FEATURED

Step-wise filing of ITR & all the links you need Although the last date to file tax returns for individuals is July 31, it helps to start early so that one is not rushed at the last minute. read more...

More Stories

12 tax breaks you can claim to make your income look less painful this year There are a large number of tax breaks apart from those under Section 80C. Check the list below to make sure you don't miss out on any of these. No form 16 yet? You can still file your income tax returns With the tax-filing deadline closing in and no sign of Form 16 yet, it is best to gather all your documents, calculate your liability and file returns. All the investments, expenditures you can claim as tax break under Sec 80C Majority of people invest in life insurance policies, PPF, ELSS in order to avail this deduction, but there are other options too worth considering. Left your job to become an entrepreneur? Here's the right ITR form for you Since cutting cost is a priority at this stage, here is how to avoid paying a hefty fee to the chartered accountant and D-I-Y your tax returns. Filing your ITR? Don't forget to claim tax relief on arrears "The tax payer may have moved up a higher slab and should not be penalised with higher taxes as he received his income late," says Archit Gupta, CEO, ClearTax.in. Under which Section have you got an income tax notice? Don't be intimidated by a tax notice. Find out what each Section stands for and the reason you got it. Now e-verify your tax return without Aadhaar, net banking An ITR after being filed has to be verified by the assessee. It is not treated as valid until it is verified by the taxpayer. Here's why filing ITR for expensive asset owners is a taxing task This is the first year after the abolition of wealth tax that the government has sought asset disclosure for high net worth individuals in ITR. 5 innocent mistakes honest taxpayers usually make Misconceptions can make offenders of law-abiding taxpayers. Here are five blunders that can invite a tax notice, a penalty or both. Ten common mistakes that can fetch you a tax notice Some of these mistakes are merely calculation errors that will result in a tax demand. But some others are serious transgressions that can invite fines.

More Newsletters

ET Mutual Fund A weekly round-up of the top news and views from the mutual fund industry

Markets Watch Round up of stock, currency, bond, money and real estate market

ET Investment Opportunities Property, Stocks, IPOs, NFOs, Mutual Funds and latest investment options in your inbox

Wealth Weekly news on personal finance, stocks, property, gold, tax planning and more

View All

Follow Us on ET:

About us|Advertise with us|Terms of Use|Privacy Policy|Feedback|Sitemap|Code of Ethics © 2016 Times Internet Limited.

To ensure delivery directly to your inbox, please add etnotifications@indiatimes.com to your address book today. If you are having trouble viewing this newsletter, please click here

To unsubscribe or edit your subscriptions please click here