According to the revised income tax slab rates,any individual whose annual income is more than Rs.5 lakhs per annum should pay the income tax without fail. You don\u2019t have to wait in long queues carrying a bunch of papers to file your Income Tax Returns (ITR)\u00a0 as it can be done very easily online.<\/p>\n
Even though the employer deducts the income tax from salary for people working in public or private sector companies, they still should file the returns on their own as it is a way of informing the government that you don\u2019t have any other source of income. You might have got NOC while studying in colleges before getting the hall ticket for your examination.It is nothing but the proof which says that you don\u2019t have any dues to be paid. Income tax return is similar to the NOC in concept.<\/p>\n
ITR will be useful for many purposes like applying for a loan in financial institution, for immigration purposes while travelling abroad etc. Also you can get a tax rebate ( It is nothing but the excess tax deducted) only if you have an ITR.<\/p>\n
Please keep a copy of the following documents as you need many of the information from these for filing returns.<\/p>\n
– PAN number
\n– Form 16 ( Given by the employer with the summary of the income and tax deducted for the financial year)
\n– Form 16A ( Banks or Financial Institutions will give this on the maturity of the deposit as the tax is already deducted by them)
\n– Pay slip or Salary certificates
\n– Copies of Investments ( LIC policies, Mutual fund bonds etc)
\n– Copies of fees paid if any ( For your children )
\n– Copies of Medical Insurance premium receipts
\n– Housing loan details
\n– Details of income from any other source<\/p>\n
This is the most important part while filing a return because a wrong selection of form will not fulfill the purpose. See the explanation for the various ITR forms below.<\/p>\n
ITR Form 1 : For Salaried Individuals
\nITR Form 2: For Individuals and HUF not having Income from Business or Profession
\nITR Form 3: For Individuals and HUF being partners in Firm but not carrying business under Proprietorship
\nITR Form 4: For Individuals earning Income from Proprietorship
\nITR Form 5: For Firms, AOP\u2019s, BOI\u2019s
\nITR Form 6 :For Companies other than companies claiming exemption under section 11
\nITR Form 7 : For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)<\/p>\n
The best way to file ITR online is through the government of India\u2019s official website for filing the returns.<\/p>\n