Things you must keep in mind while filing income tax returns this year

Reporting all your income, linking Aadhar card with PAN card, and having required documents are some of the do's one should keep in mind while filing ITR.

Business Standard : Tax filing may seem scary at first due to lack of adequate knowledge about required documents and the filing process, it actually is an easy and swift procedure if you know what you are doing. With all the hullaballoo around filing ITR, it’s easy to get confused, especially if you are a first-timer. Here is a simple list of do’s and don’ts you can follow for hassle-free ITR filing this season:

DO’s
Know which tax slab you fall under

For example, you are required to file ITR if:

You are below 60 years of your age and your total annual gross income exceeds Rs. 2,50,000

You are a senior citizen i.e. 60 years, but below 80 years, and your total annual gross income exceeds Rs 3,00,000

You above 80 years and the total income exceeds Rs 5,00,000

Have all the required documents

Some important documents that you may require are Form 16, rental agreement, sale deed and purchase deed (on sale of assets), transaction statements for shares/mutual funds, housing loan certificate, tax paid proofs, bank statements, proofs for taxes deducted by employer, TDS certificates, Investment details like LIC, PPF, NSC, NPS, Health Insurance, AADHAAR Card, PAN Card, bankers, tenants, purchaser of property, proofs for deductions, foreign tax return among others.

Choose the right ITR

The Income Tax Department of India has made some changes in the various ITR forms this year and hence it is necessary to read up on these changes and understand which ITR form fits the bill for you.

Report all your income
As a responsible taxpayer, you should take care to disclose all taxable income along with relevant details since there are multiple consequences of failing to file the same accurately.