Checklist for Filing Tax Returns

Introduction

In this article I will be writing about the some important points to consider while filing the tax returns. The last date for filing the Tax Returns is 31st July,2009. So, please don’t rush in the last minutes. This article will add few points while filing the income tax returns. If you have any doubts, please post it in the comments section. If you like the article subscribe it here.

Who has to file the returns?

• If your total income is more than Rs.150000, then you have to file the income tax returns. Even if you are not paying any tax.
• For women it is Rs.180000
• For senior citizen it is Rs.225000
• If the total income is below the mentioned limit, but any of your income had the TDS(Tax Deducted at Source), you have to file the tax returns.

Required Documents

While filing the tax returns, you need not submit any documents. But, keep all the required documents like investments and deductions if the IT officer want to verify your returns.

• PAN number has to be mentioned in the ITR
• Documents for investments under the sections 80C, 80D, 80DD .
• Form 16 a for the TDS certificate.
• If you are salaried person, submit the Form 16
• Home Loans and Interest payment documents

How to file Income Tax Returns?

You can file the income tax returns in offline and online. If you want to file it through offline, fill the ITR form and submit it to the nearest Income Tax office. Or you can get help from the Charted Accountant(CA) who will help you in filing the tax returns. You have to pay the certain fees to CA.

If you want to file it through online, the method is called as e-filing. Nowadays many people are started using this facility because it is very easy and you need not spend much time on going directly to the income tax office. for example you can use My IT Return website to file the income tax return. You will have to pay Rs.149 as the fees.

How to get Refund?

There may be chances that you have paid the excess tax. In that case Income Tax department will be interested in refunding the excess tax payment. For that you have to provide the correct Bank account details while submitting the tax returns. The refund normally happens within one year time.

Summary

In this article I have explained few important points for the tax filing. Hope this helped you. If you find any difficulties on filing the tax returns or have doubts, please post it in the comments section. I will answer all your questions.

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