Filing income tax return online
- E-file online. It is a more complete and better alternative to filing on the income tax website. Also, it is for more than just e-filing your income tax return.
- Send ITR V or e-verify your tax return
- Get income tax refund
- The deadline to e-file your income tax return is 31 July.
- There’s income tax return form ranging from ITR 1 to ITR 7 for different types of income. Some income tax forms are longer than the others and they may need additional disclosures such as balance sheet and a profit and loss statement.
- The documents you are going to need to file your tax return are largely going to depend on your source of income. The only documents you are going to need is your Form 26AS and Form 16 if you are salaried.
Income Tax Deductions
There are broad themes for what the government is stimulating. They are covered under Section 80 of the Income Tax Act. here they are:
- House ownership
- Stamping and registration under Section 80C
- Home Loan Home Interest
- The first time homeowner benefits from 50,000 rupees under the 80EE section
- A tax deduction on home buying with a home loan in fiscal year 2017-1
Rent a house
- Homework or HRA (for wages only) Given the number of Indians moving to cities for work, this is a commonplace that most paid individuals can find in their vouchers. If you rent an apartment, make sure to claim it in your tax return.
- Section 80GG (If you are a tenant and do not get an HRA) If you are not a salary or are still in a salary but do not get an HRA, you can claim a rent deduction under the 80GG section. I know more.
- Life insurance under Section 80C
- Medical insurance under Section 80D
- Preventive health checks
- Medical bills (for wages only)
- Tax deductions for health insurance under Section 80D in fiscal year 2017-1
Employee Savings Fund (Wage Only) Companies reduce 12% of your basic salary and place it in a fund managed by EPFO. Public Savings Fund Individuals can open a PPF account from a post office or a public sector bank such as the Indian State Bank and ICICI Bank. Pension under Section 80CCD (1B).