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Step by step procedure to file tax
Posted on: 24/Jul/2017 11:54:52 AM
In a country like India with over 1.3 billion population, it is challenging to file a tax return. Because of not filing income tax or for reasons like hiding bulk income, a lot of people get arrested.
Tax filing is mutually beneficial to both applicant as well as the government. The government will get all the dues cleared and the applicant will also be set free without the fear of getting any inquiry or notice. As per latest budget of 2017, a lot of changes are introduced in tax return filing. As per the new budget, those earning below Rs 5 lakh will not have to file any return.
For filing tax, a few documents are needed to be submitted. These should be kept ready. This includes bank details, PAN number, Aadhar card, house property address, form 16, pay slips, etc. A lot of other details are also required if you have enrolled for mutual funds such as sales and purchase of equity funds, mutual fund statement, debt funds, etc. It is necessary for one to file the correct information as the government always double checks the given information.
Tax return filing usually involves 2 steps. One is to file in person and the other is through online means. A lot of people are being very active on social media platforms these days. They get a lot of access to the internet. So they mainly prefer making online tax payments.
To file tax, go to e-filing application. Enter e-file and opt for ITR online. Here, choose income tax return form and year of assessment. Fill the necessary details in the form and click submit. Once submitted, acknowledgement will get displayed.
For filing tax in person, there is separate way of filing tax. Get the income tax return form and collect all the necessary documents and proofs. This can be posted with the income tax office. A lot of private companies also give out these forms whoever needs to make tax filing in-person.
In these methods, you can easily file tax. Remember that filing tax return doesn’t just benefit you, but also the government.
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