November 24, 2020

Itax Software

Income Tax Software

Simplify Your Income Tax Return Filing Process for F.Y.2019-20 With Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2019-20

Many individuals procrastinate whilst
it comes to submitting their income tax returns, particularly
folks who are filing their tax returns for the first time.
All character taxpayers having a total income of more
than Rs. 2.5 lakh (Rs. three lakh for senior residents and
Rs. five lakh for brilliant senior residents) are required
to report the earnings tax returns on or earlier than the
due date. Even if it isn’t always obligatory for you, filing
a “Nil Return” can help you set matters on the
record. The following are a number of the suggestions to ensure
which you are filing your tax return effectively
and in a hassle-unfastened manner.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2019-20 [ This Excel Based Software can prepare at
a time 100 employees Form 16 Part B in revised format]

Have your PAN and Aadhaar card equipped
First, ensure which you have your PAN and Aadhaar card handy
to go into the info at the same time as submitting
the ITR. You will also want to quote your date of birth
and father’s name similar to that mentioned in the PAN
card. Moreover, when you have no longer carried out for an
Aadhaar card yet, make certain you do that earlier than filing
your earnings tax return.

Collect Form sixteen Form sixteen makes it less difficult
for you to record the profits tax return as it
contains maximum of the important information. Generally, an employer
presents it to every worker by means of May 31st of
each
year. If you have got labored for extra than one company
at some point of a monetary year, you want to get Form 16
from every organization.



Get your financial institution assertion It is compulsory to
say
your financial institution account information whilst
filing your profits tax go back. Additionally, having your
bank statements on hand allows you to say the
entire
hobby amount collected in a economic
year (April 1 to March 31) from your financial savings account. Under segment
80TTA, savings financial institution interest as much
as
Rs. 10,000 can be claimed as a tax deduction.

Use Form 26AS Form 26AS suggests details of tax credit for
your
PAN like tax deducted at source (TDS), Tax accumulated at
sources (TCS) on your earnings like from fixed deposit,
commission, salary, etc. And taxes deposited with the aid of the
assessee. As the tax is already deducted from your profits, you may
regulate the TDS from the total tax which you are vulnerable
to
pay. Most importantly, ensure that to consist of the information
of the corresponding profits on which tax is deducted for your profits
tax return. Because, in case you claim TDS and do now
not
include the related income, you can get a tax
notice.

Gather evidence of investments For a few reason, if you were
now not capable of declare investments to your employer
or offer the specified proofs, such deductions will additionally
no longer seem for your Form 16. You can claim
tax deductions for any eligible investments made before the end
of the monetary year, lowering your total taxable income
to that extent. Hence, make sure to consist of all such
investments on the time of submitting your income tax go
back
.



Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2019-20 [ This Excel Based Software can prepare at
a time 100 employees Form 16 Part A&B in revised format]

 
Get details of your belongings If your taxable earnings
exceeds Rs. 50 lakh after claiming all the deductions, you will need
to mention some additional facts in your earnings
tax return. Some of the additional declarations that you want
to make encompass the price of movable and immovable belongings,
coins in hand, jewellery, and liabilities (if any). You will need
to say these information in Schedule AL for your earnings
tax return.

Filing your income tax return does now not most
effective
make you financially responsible, however it also facilitates
you determine whether you’re moving in the direction of
achieving your monetary goals. By submitting your ITR on
time, you can additionally take gain of tax-saving
investments and avoid a penalty for late filing of profits
tax returns. Moreover, it offers a clear photo of your total
income which you earned in a economic year. Get your
Income Tax Returns filed the right way.

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