As a taxpayer we must be aware of the procedure and the facilities we can
avail, while efile Income Tax Return. Paying Income Tax is just not enough, a
taxpayer should know the basics of Income Tax, so that they can file their
Income Tax without any errors. Here are 5 things which a taxpayer must know
before filing ITR: -
What does Financial and Assessment Year mean?
Financial year is the year in which you earn the Income, it starts from 1
April every year and ends on 31st March the following year. Assessment year is
the year following the financial year. For e.g. If 2017-18 is the Financial
year we are talking about, the relevant Assessment year would be 2018-19.
Income Tax Slabs
There are different income tax rates for different classes of taxpayers. As
a taxpayer you must know which tax slab you fall under and what is the rate at
which you are supposed to pay your income tax. To know about which Income Tax
Slab you belong to, click here
Check Form 26AS to claim TDS
If any tax is deducted you can check it in your Form 16, which your
employer provides you. However, for tax deducted on other incomes can be checked
in Form 26AS. Other than TDS, Form 26AS also reflects payment of Advance Tax
etc.
How to E-Verify your ITR?
E-verifying your ITR is something you cannot afford to ignore. Every year
once you file your ITR, you are supposed to E-verify it, as not E-verifying
your ITR is as good as not filing your Income Tax Returns. You can E-verify
your returns either manually or electronically, by sending the acknowledgement
of ITR to CPC Bangalore within 120 days of filing returns.
Income from previous employer
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