Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?
 What should you do if your Form 16 data doesn't match your ITR prefilled form?
 Check your Form 26AS, AIS carefully for error-free income tax return filing
 10 ITR filing mistakes which can cost taxpayers dearly
 Income Tax Return (ITR) Filing Deadlines FY 2023-24: A Quick Guide for Different Taxpayers
 ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

Things you must keep in mind while filing income tax returns this year
May, 16th 2019

Reporting all your income, linking Aadhar card with PAN card, and having required documents are some of the do's one should keep in mind while filing ITR

Tax filing may seem scary at first due to lack of adequate knowledge about required documents and the filing process, it actually is an easy and swift procedure if you know what you are doing. With all the hullaballoo around filing ITR, it’s easy to get confused, especially if you are a first-timer. Here is a simple list of do’s and don’ts you can follow for hassle-free ITR filing this season:

Know which tax slab you fall under

For example, you are required to file ITR if:

You are below 60 years of your age and your total annual gross income exceeds Rs. 2,50,000
You are a senior citizen i.e. 60 years, but below 80 years, and your total annual gross income exceeds Rs 3,00,000
You above 80 years and the total income exceeds Rs 5,00,000

Have all the required documents

Some important documents that you may require are Form 16, rental agreement, sale deed and purchase deed (on sale of assets), transaction statements for shares/mutual funds, housing loan certificate, tax paid proofs, bank statements, proofs for taxes deducted by employer, TDS certificates, Investment details like LIC, PPF, NSC, NPS, Health Insurance, AADHAAR Card, PAN Card, bankers, tenants, purchaser of property, proofs for deductions, foreign tax return among others.

Choose the right ITR

The Income Tax Department of India has made some changes in the various ITR forms this year and hence it is necessary to read up on these changes and understand which ITR form fits the bill for you.

Report all your income

As a responsible taxpayer, you should take care to disclose all taxable income along with relevant details since there are multiple consequences of failing to file the same accurately.


The Government has passed several notices for the linking of AADHAAR card with PAN. You can do the necessary on an e-filing website and this information also needs to be mentioned in your ITR form.

Keeping TDS records

TDS deduction helps the Government in obtaining revenue throughout the year. Your employer deducts TDS on the basis of the information you furnish to them. To receive the benefits of this deduction, you should submit all the necessary details including investment proofs, rent receipts, etc. The Form 16 you receive from your employer each year entails details of all tax deducted by the employer and your taxable income after allowances and Section 80C deductions. A self-employed person with a tax liability of more than Rs 10,000 needs to pay Advance Tax to the Government every quarter.

Make mistakes while filing ITR

Incorrect information can cause a major delay in your return being processed. It is important to be careful while filling details such as PAN number, AADHAAR number, Bank account number, IFSC code, name as per bank records, postal address and email ID.

Forget to claim deduction

If you have made some investments in the financial year, then do not forget to mention it while filing your ITR. You can claim deduction up till a certain extent and lower your tax liability.

Avoid late filing

It is compulsory for every taxpayer to calculate their tax liability and pay advance tax/self-assessment tax before the end of the Financial Year. There is a penalty associated with late filing and hence you should not wait for the last minute.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting