Few days left for Filing Income Tax Returns.

Hyderabad: Income Tax is a system we have to build up to upgrade oneself in a better way and to effectively run the government systems, so It is our equal responsibility to make sure we pay our Tax according to our Income without any hidden savings.Making use of this provision, income tax payers can file the return for two years gone by. Xi Jinping is the new president of China.

10 Income Tax rules which tell you the actual process.

  1. Income tax (I-T) department categorically mentions on its website that the income, exemptions and other deductions that will be claimed now in the return must not deviate from the details mentioned in form 16/ form 16A.
  2. The income tax (I-T) department cautions that the income tax payers should not resort to the last minute rush and they must file their income tax (I-T) returns as soon as possible, before these two weeks expire.
  3. You can file income tax return on the department website incometaxindiaefiling.gov.in but make sure that you have your form 16. You don’t need to go anywhere or approach anyone to do the job for you.
  4. For filing the income tax return, you must give your user ID and password to be able to open your income tax (I-T) filing web page on the department website.
  5. You can submit the taxable income details and the exemptions that you claim to be able to ascertain the income tax (I-T) liability.
  6. Once you submit the income details, the system will tell you the tax liability (if any) or the income tax return (if any), as the case may be.
  7. Please be informed that the income tax department website also allows you to calculate your income tax (I-T), to update PAN (permanent account number), to link aadhaar with your PAN, among other things.
  8. You should check the form 26AS to ascertain your total income (on which tax has been paid). The form 26AS also carries the names of deductors (who have deducted TDA and deposited the tax with the department) and their tax deduction account numbers.
  9. If you have any income generated in form of rental income from a property you own, you should make sure that you calculate tax by adding that income as well.
  10. All the incomes that accrued in the respective financial years on account of interest income from a bank if it exceeds Rs.10,000 is also taxable. Follow us on Facebook.

Author: Elyuxen

Elyuxen, a student newspaper where students get to work as well as publish all the news related to colleges in and around Hyderabad. It is the first ever student newspaper in South India which is successfully running. The beauty and the tagline of this newspaper is it is *For the student, by the student, of the student

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