Many taxpayers, especially the salaried individuals think that Form 16 is the key document for filing returns. Once this is completed, the process of filing your return is complete. Well, if you are planning to file your tax returns for the very first time, and are looking for information on the same your search ends here as we have a comprehensive guide that will tell you all you need to know about filing income tax returns. Time is less and thus you need to be more careful.
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Other than Form 16, you should also have your bank statements, interest certificates, and your housing loan certificate (in case of housing loan).
Though e-filing is mandatory for tax-payers, whose income is Rs 10 lakh and more, tax-payers who fall in the bracket of 10% (annual income from Rs 2.50 to Rs 5 lakh) and 20% (annual income from Rs 5 lakh to Rs 10 lakh) opt for this electronic mode of tax payment. Also if your income is more than Rs 50 lakh a year, don’t forget to list your assets such as land, building, cash in hand, jewellery and corresponding liabilities. Different employers are following different types of Format of Form No-16, where different heads of income and deductions are mentioned in different sections of the Income Tax Act.
If you have changed jobs, you will have multiple Form 16s. If you have taxable income in 2015-16, this year is referred to as the financial year and the year in which you file income tax returns for the same is referred to as the assessment year. Ensure that you send a physical copy of the ITR-V acknowledgement which the IT department sends you to their CPC Banglore office within 120 days. Do not use a courier. This needs to be verified, either by signing and submitting the acknowledgement, or by submitting it online.
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E-filing of ITRs is creating a revolution of sort. But make sure you don’t make these dumb mistakes while filing in the hurry to not miss the extended deadline.
