April 1st is round the corner, and you know what that means - the arrival of the financial year-end and the need to file your tax returns! While it is common to practice submitting our taxes through a financial consultant, e-filing has rendered the entire procedure easy.
Keep a record of all necessary paperwork. The supporting documents include:
Download online Form 26AS before tax e-filing to check the amount of TCS, TDS, and Tax paid. If you discover any mismatch, take necessary actions.
If you have any due taxes, clear them before your tax e-filing. If you fail to do so, chances are, your tax returns will be considered invalid.
When completing your details, ensure that the PAN number, address, mail address, and bank details are correct. Your provided data must appropriately correspond with the information in the PAN Card Database.
Most online taxpayers believe that Form ITR-V can be submitted anytime following a digital tax return file without a digital signature. However, this is not the case. If you are e-filing your tax return without a digital signature, you must submit an authenticated and signed ITR-V form to CPC Bangalore as soon as possible.
It helps if you always avoid late e-filing of tax returns. ITR Filing delays often prove to be damaging to your tax preparation in the long run. The ramifications include:
The benefits of filing tax on time are as follows:
An excellent financial year starts with a tremendous financial year-end! After reviewing your previous years' tax filings, this exercise will enable you to avoid mistakes and optimally organise your money. Once you have corrected any flaws in your previous tax filings and prepared yourself for this year’s taxes, the best route is to go ahead with filing your returns, especially now that e-filing has made the entire process hassle-free and smooth.
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