This form contains the information of the income tax paid by an assessee, filing of which helps in easy acquiring of loans, visa application and also helps avoid penalties.
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Income tax is the principal source of revenue for ministries and governments around the world. The revenue gained from the income tax filing are generally used to sponsor public duties, settle government responsibilities, and supply goods for country residents. Therefore, every revenue profiting entity or business in a country is liable to file for income tax returns without fail in order to aid the government.
Even in a world that is technologically driven with computers and PAN card systems in place, it is difficult to assess and keep track of every individual’s income tax status given the population of 1.35 billion in India. Therefore, the government of India set up a department which can exclusively regulate and keep a check on the taxes filed and incomes confessed by the citizens of India or if taxes have been overpaid. The Income Tax Department can efficiently monitor the announced income versus the taxes paid previously and therefore proves to be a valuable asset to the government.
A document or a form wherein citizens declare their income every year including gains, credits and bonus from deposits, allowances, and taxes confessed for the same, as pointed out by the Form 16 is called filing for Income tax returns.
Generally, the tax returns are applied at the end of July with a grace time of a week or two. However, it is to be noted that every type of income tax returns has seperate forms, all of which can be accessed online on https://www.incometaxindiaefiling.gov.in/home.
In less than sixty minutes, one can file his taxes online if all the documents are in place.. Here are some of the documents you will require to initiate an online registration for income tax filing.
Every employer subtracts tax from an employee every year. The evidence of that deduction by your employer is reflected on Form 16. If an employee has not received a form 16, Form 26A can be downloaded online from the website. However, the employer is entitled to issue Form 16 before the 31st of March, the end of the financial year.
Bank Documents for Present Fiscal Year:
Bank statements record the credit and debit history of funds and hence serves as the right document to finish the evaluation of the income tax return filing. An income tax return is generally an estimation of whether one has declared and paid the taxes that they owe to the government.
Permanent Account Number or PAN as it is commonly known as captures all the transactions and fund transfers one makes and hence it is very crucial for income tax filing. PAN card numbers are usually alphanumeric and hence could be difficult to remember. However, one can always find their PAN card number printed on Form 16.
IT returns from the Past Year:
Before the current financial year ends, one must always make sure the past year’s taxes have been paid in full. Also, care should be taken to make sure the accounts from the past year should not differ from Form 26A.
Here is your step-by-step guide to register an account on the Income Tax India website.
1. First you need a PAN CARD number as it will serves as your username for all your logins post registering. To register, click the icon “Register Now” on the site homepage URL as seen below.
2. Choose the User Type from the drop down menu that appears and print all the information that is required.
3. Upon registration, one can inspect their past year’s tax statements and validate any overdue. Also, one should analyse the TDS of form 16 and the information of tax produced at the origin. The TDS & Form 16 must total up with each other.
Know about different Income Tax Classes in India.
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Discover the e-filing of Income Tax Returns in India