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Filing income tax returns: All you need to know


It's that time of the year again when you have to file your income tax return. How important is tax filing for you? What if TDS takes care of your tax payments? If you are unsure about whether you should file your return, here's the whole truth about filing them.

9 errors to avoid while you file your tax returns

It's that time of the year again when you have to file your income tax return. The process may be tedious but it is very important. Filing an income tax return is essential to prove that you have a source of income which helps you a long way while taking a loan or applying for a visa. Given its importance just keep the following points in mind so that you do not commit any mistake while filing the income tax return. Read more here.

You don't have to pay tax on these incomes

There are certain incomes that are exempt from income tax. If you get your income from these sources, your tax liability will be zero. Read more here.

Do you know how to calculate tax on your interest income

Interest earned above a certain limit attracts tax deduction on interest income, but many individuals are not sure how tax is treated or how their interest income is getting charged under tax. Fixed deposits, savings account, post office schemes, recurring deposits earn income interest, which should be reported in one's income tax return. Tax can be very hard to deal with but it is also unavoidable. Read more here.

Filing income tax return for the first time? Here are 10 basics you must know

The tax return filing deadline is 31st July 2016. A tax return filed within the due date can be revised later for any mistakes/omissions etc. If you have any losses from house property, capital gains etc which needs to be carried forward, tax return has to be filed by 31st July 2016. Read more here.

10 steps to file your income tax return online

If your income is above Rs 5 lakh, you have to file income tax return online. The last date of filing income tax return is generally July 31 of every year. Follow these easy steps and e-file your income tax return. Here is a 10-point guide. Read more here.

Changed jobs? 3 things to watch when filing tax return

If you have changed jobs during the financial year, filing your tax return for the year may be slightly complex. You have to collate data from more than one Form 16 to fill up the tax return form. Your salary as well as the structure of the salary may change and if you don't take proper care, you may end up paying higher tax or availing higher deductions. So to avoid these errors, you should keep following things in mind. Read more here.

Income Tax Returns: All you need to know about form 12BB

Since there was no standard format required by salaried employees to disclose their investment details to their employers, each employer had to submit proof for each investment made in the year. The Central Board of Direct Taxes (CBDT) has introduced a new Form 12BB. This form, applicable from June 1, 2016, will act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act. Read more here.

6 ways to get your tax returns verified electronically

Income tax returns must be verified after submission. This process means signing a physical copy of your ITR-V and sending it via speed post to CPC, Bengaluru. You can choose any of these means to verify your tax return and skip sending the physical copy of ITR-V. Read more here.

ALSO SEE (PHOTOS): Best countries to live in where you'll pay less tax

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