new Delhi : If your annual income is more than the fixed limit according to the Income Tax rules, then you are required to file income tax returns ie ITR. According to Income Tax rules, if your taxable income is more than 2.50 lakh rupees then it is necessary to file an ITR. It is important for taxable income to be taxed to every person. Even though tax liability is zero, ITR fills itself. Income tax information from ITR gets information about earnings throughout the year.
Which ITR Form for Jobseekers
If you are employed, you will have to fill the ITR-1 (instinctively) form. Apart from this, there are Individuals or Hindu Undivided Families (HUFs) or your income is up to Rs 50 lakhs, income from pension, property rent, interest income, in all these cases, you will have to fill the ITR-1 (instinctual) form. . In this, the income of the wife, children is included in your income.
What has changed in the ITR form
Paying an income tax return has become very easy. In the ITR form, salary, information of TDS will be filled. Details of the interest received on the FD in the form will also be filled. If some information is wrong in your form then you can make changes. First of all, all these information had to be filled up itself. Also, please note that there may be a penalty for giving false information.
These information will be filled in already
In the form of ITR, you will get information about PAN, name, date of birth, TDS and TCS in advance. In addition, information about the address, base number, mobile number, e-mail id, interest earned on FD, house income and bank account will be available.
What has changed in Form 16
Some changes have also been made in Form 16. According to the new provision, income from home will also be included in Form 16. Apart from this, there will also be investment information for tax exemption. There will also be individual additions to the employee.
Must provide information
According to the new provision, how many shares of unlisted company? It must be told. Besides, when and how many stocks were bought last year? Also show opening investment in the balance sheet. How many taxpayers have directors? It must be told. Must share the partnership firm, LLP. All the firms have to pay a PAN. The actual residential situation must be reported. How many days have you lived abroad last year? must tell. In the last 4 years, you will have to tell the days of living outside the country and the tax pay identification number will also be given in the country where you live.
How to Fill ITR
– ITR-1 can fill online and offline
– will go to incometaxindiaefiling.gov.in
– Taxpayers will have to register for the first time
– After registration you can fill online tax
– Your PAN number will be User ID
– Download ITR Prepation Software for Offline
– Prepare ITR with the help of software
– Upload the returns on the website after it is ready
– Get help if you need an expert
Form 16 for tax exemption
Form -16 meets the employer. It contains information about the TDS that were cut. Form -16 has salary breakdown and deduction. Match Form 16 to Form 26AS If you have any kind of mistake then fix it.
Form 26AS is also important
It contains information about the tax paid by the employer. Can download form 26AS online. You can download it from incometaxindiaefiling.gov.in
What is the form -16
Form 16 meets employers with an employer. Form 16 is levied on tax payers. This form contains details of the TDS cut on salaries. Salary breakup, tax deduction, allus, 80C are included. If you have not received Form 16 from your company, you can complain.
Form 16A is issued every quarter. Form 16A is also a TDS certificate in a way. It is for TDS on income excluded from salaries. IT Act is released under section 203 It contains the name of the detector, pan, tan. Deductee has the name and the PAN number. Money, payment date, TDS payment receipt etc.