Personal taxation and filing your Income tax return (ITR)

It is my constant endeavor to share knowledge & information to increase the awareness about the provisions of taxation because lack of awareness is the main reason for low level of compliance towards tax laws.

The filing of ITR is a legal obligation of every person whose total income during the previous year ( i.e. F.Y.2013-14) exceeds the maximum amount which is not chargeable to income tax ( i.e. Rs.2,00,000/-).

Presently there is an emphasis on self compliance by the taxpayer and Income Tax department, except in few cases, accept your ITR as it is by intimation given under section of the 143(1) of the Income tax Act. Therefore it is expected that taxpayer should disclose correct & complete information while filing ITR.

  

As 31^st day July is last date for filing your “Income Tax return’ for the Financial year  2013-14 (i.e income earned during the period from 01^st April to 31^st march 2014), we are sharing here some tips on filing of ITR.

Be sure to collect following documents & information before starting filing return or approaching your Tax consultant for filing ITR:-

1. Salary certificate issued by Employer

2. TDS Certificate i.e Form-16 in case of Salaried person and Form 16A for income other than Salary

2. Certificates/Receipts of payment of

(a) insurance premium,

(b) Provident fund or passbook of PPF account

© Purchase of NSCs,

(d) Medical insurance,

(e) Tuition Fees receipts

(f) Donations if any made

3. Certificate of interest on housing loan for claiming deduction from income under House Property.

4. Photocopy of Banks pass book along-with information about debit and credit entries. Kindly note that every bank account should be covered including FDs if you have.

5. Detail will be required, If you have purchased or sold any immovable property during the FY 2013-14.

6. Details of Bank Account in which you want to receive your Income Tax Refund if any. Then details required will be as under:-

Bank Name:

Account Number & Type,

Branch Name:

MICR No.

you are welcome in case you require any further clarification/assistance for your compliance towards taxation.

Being disciplined is better than controlled.