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Planning your savings and investment options early in the financial year helps you plan your taxes and is also beneficial to your overall financial health and long-term financial goals
Once you have optimised your tax savings by investing smartly, as a responsible tax payer it is also your duty to file your tax returns with the income tax department.
July is that time of the year when tax payers need to file their returns. And you should complete the process in exactly another two weeks from now, that is before July 31.
To make tax filing efficient, tracking by taxmen easier and technology driven and to avoid long queues seen during the last week of filing tax returns every year, the in come tax department insists on e-filing of returns. This year, as per changed rules, e filing has been made compulsory for every person with an annual income of over Rs 10 lakh. However, even if your income is less than Rs 10 lakh you should opt for e-filing be cause this lessens the chances of mistake and is also hassle free, tax advisors and chartered accountants say.
There are several portals that help you file your re turns. Some are paid services, some are partially paid and others totally free of cost. But before you log in to a file your returns, you need to keep some documents handy.
Documents required
FORM 16: If you are a salaried person, by this time of the year your employer must have given you Form 16, detailing your income under several heads, the savings you have done to lessen your tax burden and also the taxes that your employee has already paid to the government on your behalf. This form is for your income, tax savings investments and tax details for the financial year between April 1, 2011 and March 31, 2012. If you changed jobs during this period, there would be more than one Form 16.
FORM 16A: This document is for income from sources other than your salary income, mainly the details of interest income from bank fixed deposits. You will get this from your bank where you have your FDs. This gives the details about your tax deducted at source (TDS).
FORM 12BA: This is another form that your employer will give you. This gives the details of your perks, fringe benefits, etc that you get along with your regular salary.
Home Loan Certificate:
If you have a home loan, the home finance company or the bank from which you have taken the loan will send you a certificate showing how much you have paid to them. The form will also give the breakup of the total interest and principal repaid.
Certificate For Capital Gains:
Your earnings from shares, properties, etc, whether long-term or shortterm capital gains (also loss, if any), should be mentioned in this document. Although long-term capital gains from stocks, mutual funds and some other investments are tax free, at times you still need to mention the same.
In addition, you also need to have the proof of investments in tax savings instruments like equity-linked savings schemes (ELSS) and pension plans of mutual funds, infrastructure bonds (up to a maximum of Rs 20,000), insurance, health insurance premium, donations to exempt charitable institutions, etc.
Pan, Bank A/C:
You should also keep your PAN card, bank account number and MICR code handy. For an average tax payer, these are the documents which will suffice to file your return. In case you find difficulty with the filing process, take help of an expert, but make sure to learn the e-filing process. That should help you in the years to come.
Remember while your income is for financial year 2011-12, the return you are filing is for the (tax) assessment year 2012-13. This is always the case: The assessment year is the year succeeding the financial year. The concept is you earned your income last year and you are being assessed in the current year. A large number of tax payers have difficulty in figuring out this small difference.
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