New at filing I-T returns? Here is a list of vital documents
January, 31st 2014
Every tax payer in India is required to declare, to the Income Tax Department, at the end of every financial year, in a form that is prescribed by the Government of India, a detailed summary of all the incomes that he/she has earned during the year ended on 31st March.
If you are new at filing income tax returns, here are a couple of helpful tips. The Government of India collects the statement of a taxpayer's income in the form of a tax return statement that exists in a prescribed format.
Such a statement that is duly signed, furnished and affirmed by an individual as the statement being a complete and true statement of his/her income from the last financial year is known as the income tax return.
Recently this year, the Income Tax authorities in India introduced some new guidelines for filing income tax returns.
For example, they have made it obligatory for the businesses to file their income tax returns through the e-form.
They had also earlier made it compulsory for taxpayers with annual incomes of above Rs 10,00,000 to take the online approach as well.
In 2013, the Income Tax authorities decreased the lower income limit for filing e-forms and made e-filing compulsory if the taxable income is over Rs 5 lakh per year.
Knowing your PAN number is the first step towards filing your return.
You must cross check your PAN number online with the Income Tax Department before you begin to fill in your Income Tax Return on their website.