Points To Take Note Of while Filing An Income Tax Return

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Points to take note of while filing an income tax
return

• Taxreturnwala, is India's fastest growing
  e-filing organisation, explains things that you
  should keep in mind while filing an income tax
  return.

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• Filing Income Tax Returns Filing an income tax
  return is essential for tax payment and claiming
  refunds of overpaid taxes. Tax filing simply
  means the expression of your revenue and taxes to
  the party. We all know funding our taxes is one
  of our legal responsibilities as a member of an
  authorized society. Citizens are demanded to pay
  taxes from their earnings. These taxes would, in
  turn, be used to provide social amenities to the
  masses in general.
• Most taxpayers meet difficulties trying to file
  their income tax return. While some are usually
  in a fix on what method to use, others struggle
  with calculations.
• Taxretur wala is Indias fastest growing
  e-filing organization, explains things that you
  should retain in memory during filing an income
  tax return to ensure correctness in all esteem.

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• Choose procedure for registering income tax
  return
• First, you have to determine the modus operandi
  that is the selection of the mode. Would you
  prefer filing online or offline?
• If at all your income tax section is above INR 5
  lakhs, it is necessary that you file your income
  tax return online. Income earners lesser INR 5
  lakhs can file offline but opened to e-filing
  also.
• However, taxpayers are encouraged to choose
  e-filing because it is quicker and easier.
• Hold your records prepared and up to date Having
  records of your discounts, receipts, canceled
  cheques, income, and investing will save time
  while listing your income tax return. That is why
  it is necessary to keep your statements organized
  during the year.
• You can well arrange them in envelopes and save
  to taxreturnwala's database. You can use apps
  available on the android play store. You can save
  all files on Dropbox Or on your PC using Nexus
  File v.

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• Outline your income sources Defining your
  sources of revenue is very necessary before you
  start registering. Does your income includes of
  only salaries? Do you earn from contracts or any
  other source?
• Papers required Certain necessary documents are
  needed while filing income tax return
• Form No. 16- Normally issued by employer showing
  your earnings from salary and tax subtracted at
  the source.
• Form No. 16A- Issued by all the payer who has
  decreased tax while making cash to you during the
  year.
• A/C statements All your running accounts during
  the year. Guidelines for succeeding at interest
  income earned throughout the year.
• Property details If you have purchased any
  property or put up current property on rent.
  Include details for the rent collected and
  receipts of taxes paid throughout the year would
  be needed.
• Others Any other records for a financial
  activity involving tax assumptions for
  calculating tax.

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• Get your deductions right Apart from ignoring
  about part-time income, most first-time filers do
  not include all the deductions they are named
  too. If you are a freelancer, you can address
  your business investments including a part of
  your house as your office. Some discounts that
  home-based freelancers are qualified for office
  supplies, computers and hardware, business tours.
• Deduction of 80E for Tuition fees of Kids is
  allowed.
• Study your income tax return Having inaccurate
  information in your filing will reduce the
  receipt of your tax refund. Check all digits and
  do double calculations, as these are the most
  general mistakes of tax filers. Ensure your
  figures tally without any miscalculations.
• With these guidelines, you shouldnt face any
  difficulty while filing your income tax return.

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