Check if you need to document a tax return
- For FY 2023-24, you should document an income tax return filing in India if your salary surpasses Rs 2.5 lakh (Rs 3 lakh for those matured 60 years and more). You should likewise record a tax return if excess TDS has been deducted and guarantee a refund. Paper return or e-filing of income tax? If you pay more than Rs 5 lakhs or want a refund, you should file your income tax return online. An exception is made when the taxpayer is 80 years or more seasoned.
Accumulate your Documents for Tax filing
- The documents expected to e-file your tax return will differ from case to case. Usually, you would need only Form 16 and Form 26AS. You will require the following:
- Basic details include PAN, Aadhaar number, and bank account details.
- Documents identified with your salary, such as Form 16 or Form 16A
- Form 26AS, which contains data about TDS and advance tax instalments.
- Note that the income tax return filing is an Annexureless structure. This implies no supporting records should be sent alongside your tax return. However, do store them cautiously. This will help if the income tax department has any inquiries regarding your tax return.
Upload your Form 16
- Each organisation in India issues Form 16 for every one of its employees, regularly in the most recent seven-day stretches of May and the initial fourteen days of June. You may get them in a PDF or as 2 separate PDFs.
- Part A of Form 16 contains all the company’s TAN and TDS details. Part B contains key data about recompenses such as HRA, LTA, your taxable salary, and deductions you have announced at the time of investment accommodation.
- You should upload them on hsr, and it will naturally peruse your income, deductions, and TDS and pre-fill your income tax submission! Upload Form 16. If you don’t have Form 16, you can, in any case, set up a tax return with only a payslip.
Claim missed out deductions and check if you need to make good on paying tax
- You can claim HRA, LIC premium and some other Section 80C expense or deduction you’ve missed. Medical repayments and LTA cannot be claimed. Suppose you missed the investment submission proof deadline in the office while e-recording your return for hsradvisory.in In that case, you can claim HRA, LIC premium, and any other Section 80C expense or deduction you missed to tell your organisation. This will bring down your tax liability. Do take note that medical reimbursements and LTA cannot be claimed.
Pay tax on the e-filing website is essential
- The tax is determined as you document your tax return. If you have to cover extra tax, you should pay the tax first and afterwards e-file your tax return. Both of these should be done before July 31st. If you don’t pay this tax before July 31st, you will be charged 1% per month (simple interest) on the outstanding tax amount. This interest will be determined from the due date pertinent to you for recording the arrival of the relevant year till the date that you document your income tax return in India.
A 15-digit acknowledgement number will be shown on the screen
- After you document your tax return online at hsradvisory.in you’ll get an affirmation email from hsradvisory.in and the income tax preparation department with the 15-digit acknowledgement number.
Send ITR-V or e-confirm your income tax return
- When the tax return is e-filed, you can send a 1-page affirmation to the income tax department in Bangalore or e-verify ITR return online within 120 days from the date of e-filing. This should be possible for most Net Banking accounts. Ensure you check the tax returns since the tax department does not handle returns that have yet to be confirmed.
Track a refund in case you’re getting one
- The e-filing income tax department gets quicker every year with preparing your tax refunds. Taxpayers can expect to get their refund anyplace between only a little while for a couple of months.
