Friday, 20 July 2018

Tax filing playlist! Play it till you nail it

THE ECONOMIC TIMES
Sat, Jul 21, 2018 | 12:04 PM IST

Different steps in ITR filing explained

Here are all the links you need to file your ITR Here are all the links you need to file your ITR
By filing your income tax return on time, along with certain benefits such as carry forward of losses, you will not have to pay a late filing penalty.
How to file ITR 1: Here's a complete guide

To handhold you during the return filing process, here is a step-by-step guide right from registering yourself on the e-filing portal to filling up each section in ITR1.

How to compute your total taxable income How to compute your total taxable income
In order to file your I-T return you first need to collect the information required to file it. The next step is to compute your total taxable income.
Filing ITR? Here's how to claim HRA exemption

​The return filing forms notified by the CBDT for the assessment year 2018-19 require you to provide a detailed break-up of your salary.

How to prepare and file ITR completely online How to prepare and file ITR completely online
Using this method, a person can fill the form, ITR1 or ITR4, online by entering the relevant information and finally submit it online as well.
How to file income tax return without Form 16

Even if you don't have Form 16, there are several documents you can use as reference to file your return.

ITR verification: Here are 6 ways to do it ITR verification: Here are 6 ways to do it
After filing your return if you have not verified it within 120 days, then it will not be considered as valid. Here are six ways you can verify your income tax return.
How to check income tax return status

During processing the department checks if there are any discrepancies between the income declared and the tax paid by you and the data available to them.

Use this calculator to compute your tax liability Use this calculator to compute your tax liability
Every year we are required to calculate the taxes to be paid by us on the total income earned during a financial year. Use this tool to calculate your income tax liability for the year.
Investments under section 80C to save tax

Most people invest in life insurance policies, PPF, ELSS in order to avail this deduction, but there are other options too worth considering.

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