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Quick guide to filing tax returns
Finance - Tax Planning

After having identified your sources of income, you need to select the right income tax form. Forms have been categorized on the basis of streams of income. The income tax website clearly specifies which form to pick, depending on your stream of income. For .e.g. if you are a salaried individual and have only salary and income from other sources as your source of income, then you need to pick ITR-1.

We are ten days away from the deadline of filing income tax returns. You now need to get your act together if you haven’t yet done the groundwork to file your returns. Here is a quick guide of the steps you should follow to ensure that you are able to meet the deadline without any hassles.

  1. Identify all your sources of income

Income can be from various sources such as salary, business, renting of a owned house, capital gains on share trading or sale of immovable property, fees for consultancy services rendered or from other sources such as bank interest. The first step is to identify all your sources of income.

  1. Ensure that important documents are handy

You will need to have some documents in place which will help in filling the form. For income from salary, Form 16 is needed, for capital gains on shares, transaction documents may be needed and for income from other sources, bank passbook and other supporting documents may be needed. Make sure you keep all the documents handy so that lack of information/insufficient does not obstruct your return filing process.

 
 

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