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5 Tips for Filing Your Income Tax Returns
|By : Meera Dewaan , Delhi, India 10.2.2016 Phone:- Mail Now|
One of the most necessary things youíll have to learn in life is how to file your income tax returns. Taxes are a necessary part of lifeóthe more you know about it, the less likely youíll get tricked or cheated on. On that note, here are seven crucial tips from Simplified Laws on what tips to heed when you file your income tax returns.
Know Your Calendar
Every month comes with a filing deadline. Donít miss one. Make sure you take note of the filing deadlines that apply to you. Put them on your own calendar so you wonít forget. For a guide, Indiaís Income Tax Department provides a comprehensive calendar you can use here.
Late or Delayed Filing
Tax filing deadlines are usually around May though extensions were made last year (up to August) to help tax payers transition to the new ITR forms. If youíre late this year, though, you can suffer some of the following consequences: youíll have to pay extra interest u/s 234A and if the delay is longer than a year from the end of the fiscal year, youíll have to shell out money for the Rs.5000 penalty. If you donít want to have to pay more than you should, always make it a point to pay ahead or on time.
Hiring a Tax Consultant
You can file the forms yourself electronically to save on fees. However, youíll have to spend more time on the forms, make mistakes, and do them again. If you generally have a tough time making sense of forms, filing the forms yourself might be too much trouble than theyíre worth so consider the time and hassle you avoid when you hire an expert to handle it for you.
Check the Information Again and Again
A lot of people make mistakes in filling out their forms. Donít be one of them. Filing mistakes slow down the process. So though it sounds tedious, you have to check everything for errors. Check them once, twiceóeven thrice. You could also ask someone else to proofread the form for you, for a fresh eye.
Donít Wait Until the Last Minute
Sometimes, your TDS or the tax deducted by your employer might not show in your Form 26AS. One possibility is that your employer made an error, like quoting the wrong pan. In this case, youíll need to make a request to your employer to resubmit the forms, with the correct information and following the right instructions this time around. So imagine if you filed your tax returns on the last day. You wonít have enough time to revise and resubmit the forms, netting you a late or delayed filing penalty.
Read the Latest News
Always listen to news about tax and tax filing. Know if there are changes in the forms, requirements, and etc. Keeping yourself updated will ensure you get the forms filled out right the first time. So the next time you worry about filing those tax returns, donít be. Itís all pretty simple when youíve got the right tips to help you. For more tips and income tax latest news visit Money Bhaskar