Income tax RELETED new rules download
Do not file your ITR till you get Form-16 (issued by your employer, if salaried) and Form 16A. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. Form 16A is a statement containing all details of TDS Deducted on all Payments except Salary. For example, Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits / Recurring Deposits.
Form16, Form 16A and Form 26AS documents will come handy while filing your ITR. As discussed above, you have most of the details in your form 16 with which you can easily file your Tax Returns. Cross check your Form 16/16A TDS amounts with Form 26AS and then key in TDS details in ITR accordingly.
Based on Form 16, you can fill ‘Income’ and ‘TDS’ details. By looking at your Form 16 A, you can fill ‘income from other sources’ and ‘TDS’ details in ITR sheet.
Based on Form26 AS, you can cross check the above TDS payments and also fill in details of ‘Advance or self assessment tax’ payments (if any) in your ITR sheet. (Related Article : ‘Understanding your Form 16 & other Tax related forms – Form 16A & Form 26AS‘)
If you had joined a new company during the financial year then do not forget to declare the income from previous employer in the tax return.
You might have earned interest income on Bank fixed deposits, Bonds, National Saving Certificates (NSCs) etc., This income is taxable. (Interest earned on bank savings account is exempted upto Rs 10,000 but it should be included in filing). You have to declare all these incomes in your tax return.
In case, if your declared investment amount (to your employer) is more than your actual investments, you have to pay additional taxes while filing your Income Tax Return
In case, if your declared amount is less than your actual investments, your company might have deducted higher TDS. So, you can claim this as ‘refund‘ while filing your taxes. (Kindly read : ‘TDS & Misconceptions‘)
Even if you miss the deadline for submitting the investment proofs, you can still claim all the tax deductions (except few allowances like LTA or Medical allowance) while filing your Income Tax Return.
It is advisable to keep copies of all your original documents for your future reference.
Important Link :
official site. Full Detail Pdf file
Do not file your ITR till you get Form-16 (issued by your employer, if salaried) and Form 16A. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. Form 16A is a statement containing all details of TDS Deducted on all Payments except Salary. For example, Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits / Recurring Deposits.
Form16, Form 16A and Form 26AS documents will come handy while filing your ITR. As discussed above, you have most of the details in your form 16 with which you can easily file your Tax Returns. Cross check your Form 16/16A TDS amounts with Form 26AS and then key in TDS details in ITR accordingly.
Based on Form 16, you can fill ‘Income’ and ‘TDS’ details. By looking at your Form 16 A, you can fill ‘income from other sources’ and ‘TDS’ details in ITR sheet.
Based on Form26 AS, you can cross check the above TDS payments and also fill in details of ‘Advance or self assessment tax’ payments (if any) in your ITR sheet. (Related Article : ‘Understanding your Form 16 & other Tax related forms – Form 16A & Form 26AS‘)
If you had joined a new company during the financial year then do not forget to declare the income from previous employer in the tax return.
You might have earned interest income on Bank fixed deposits, Bonds, National Saving Certificates (NSCs) etc., This income is taxable. (Interest earned on bank savings account is exempted upto Rs 10,000 but it should be included in filing). You have to declare all these incomes in your tax return.
In case, if your declared investment amount (to your employer) is more than your actual investments, you have to pay additional taxes while filing your Income Tax Return
In case, if your declared amount is less than your actual investments, your company might have deducted higher TDS. So, you can claim this as ‘refund‘ while filing your taxes. (Kindly read : ‘TDS & Misconceptions‘)
Even if you miss the deadline for submitting the investment proofs, you can still claim all the tax deductions (except few allowances like LTA or Medical allowance) while filing your Income Tax Return.
It is advisable to keep copies of all your original documents for your future reference.
Important Link :
official site. Full Detail Pdf file
