Basics to Know About Income Tax Return for Salaried Persons

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Most of our readers asks about these FAQ regularly by salaried persons. So we have prepared this post for our readers to clarify things in a very simple manner to eliminate confusion about income tax return.

What is Form 16? 

Form 16 is a TDS certificate in respect of tax deducted from salary. The certificate shall be signed either manually or digitally. It is the responsibility of the employer to issue Form 16 to the employee. The employee can also download it or verify the TDS amount from incometaxefiling.gov.in account.

How to check TDS deducted is correct or not?

Employee can cross verify TDS deducted by employer through form 26AS online. You just need to visit incometaxefiling.gov.in, login to your account, click view 26AS and that’s it. Here you will find the complete information about TDS deducted by employer for the financial year.

5 Easy Steps to Verify e-Filing Account with IT Department Website

Is it mandatory to file income tax return? 

If your income is exceeding the basic exemption limit then you must file income tax return to avoid penalty of Rs.1000. But to maintain proper financial records you should not miss to file income tax return. It will help you get easy home loan, insurance policies and other financial benefits. One thing you must note that if you will not file your income tax return then you will not get your income tax refund.

Check Penalty on Failure to File Income Tax Return

What is the last date to file income tax return? 

The last date to file income tax return is 31st July every year. For example: The last date to file income tax return for financial year starting from 1st April, 2017 to 31st March, 2018 will be 31st July 2018. (Date has extended till 31-08-2018).

How to File Income Tax Return Online – e-Filing of IT Return

How can I save more income tax?

There are lots of opportunities to save more tax under section 80C, 80D, 80E and 80G as follows. You can deduct taxable income by Rs.1,50,000 by doing investment under section 80C as follows.

  • LIC (Self and family), PPF, Mutual Funds, PPF, Tuition fees, EMI and Principal of Home Loan, Fixed Deposit (5 Years), NABARD Bonds,
  • Health Insurance Premium u/s 80D
  • Interest on Education Load under section 80E
  • Deduction under section 80G

What to do If Changed my Job? 

It is your duty to furnish all detail of TDS from old employer to new employer. So that new employer come to know about your TDS detail and investment and deduct further TDS accordingly.

 

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