You have eight more days to file income tax return (ITR). Before it gets too late, collect your Form 16 and download Form 26AS so that you do not miss the deadline of 31st July for filing ITR. Once you are ready with all the requisite documents, file the income tax return. Here are a few tips for a salaried class for filing income tax return (ITR). Also Read - Income Tax Return: Belated ITR Can be Filed by March 31, 2019 By Paying Fine Upto Rs 10,000
1) Download Form 26AS from the income tax website and verify all incomes as mentioned in the form so that there is no mismatch of income. In case of any mismatch pay income tax on the due amount. Also Read - Income Tax Return 2018: What Happens if You Don’t File ITR by July 31; Penalties, Interest Can Increase Your Tax Liability
2) Update Aadhaar number/Enrolment number in the return. From the last financial year, it has become mandatory to provide your Aadhaar number on the ITR form. Linking of PAN card and Aadhaar Card has, however, been deferred till March 31, 2019. Also Read - Income Tax on 5 lakh Salary is Rs 2,575. Visit www.incometaxindia.gov.in to Calculate Your Tax Liability
3) In case you changed the job last, then report income, Tax Deducted at Source (TDS) from all employers to complete the return.
4) Make sure that you claim all deductions and exemptions while filing the return. If you missed any submission to the employer during proof verification activity, you can claim the deduction during filing return.
5) Onsite employees should declare global income in India and claim DTAA relief. Sudhir Kaushik, co-founder and CFO, TaxSpanner.com, “NRI employees should claim a refund on taxes deducted on salary, fixed deposit, capital gain etc, if their taxable income is less by filing the return.”
6) If your income is above Rs 50 lakh then declare your assets and liabilities. Kaushik, says, “If you hold any foreign assets, viz., salary account in foreign country, etc. then declare such income and assets details in the return.”
7) Delay in ITR filing for FY 2017-18 will lead to late fee up to Rs 10000. Moreover, remember that when you file your return early, you increase your chances of getting a faster refund.