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If an individual is having taxable income it is always recommended to file his income tax returns. For a salaried individual, following are the key considerations that should be taken into account while filing Income Tax Returns.
- Form 16: Form 16 is an annual statement of salary on which tax is calculated. Form 16 is given in two parts i.e. PART A and PART B. It is accompanied with Form 12BA which is calculation of taxable and non-taxable perquisites. If TDS is deducted, ensure that PART A of Form 16 is issued by TRACES.
- Form 26AS: Form 26AS is an annual tax statement developed by Income Tax Department in which credit of TDS deducted for the financial year can be viewed by the employee. It is important to ensure that TDS deducted reflects in Form 26AS and matches the TDS deducted as per Form 16 (Part B). For any mismatch, one needs to contact the payroll department to rectify it.
- E filing of income tax returns: E-filing is mandatory for an individual having income above Rs. 5 lakhs.
- Other Income: Please ensure that the income from other sources like interest earned, house rent, capital gain etc. is declared while filing your tax returns.
- Deductions: There could be certain deductions that are not considered by the employer. At the time of filing the return, one should include such deductions to claim the benefits given by law.
- Last Date: For salaried employees, last date for filing income tax returns is 31st July each year
- Income Return Forms: Ensure that you choose proper Income Tax Return Forms issued by the Income Tax Department i.e. ITR1 or ITR2
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