Filing Income Tax Returns has to be one of the most meticulous processes a person has to go through. I mean, every time you think this can’t get any more complicated than it already is, you’re in for a real shocker! To ease up the pressure, tax is deducted from an active employee’s salary and helps with the filing process. But, delaying the inevitable filing of the TDS returns can lead to various monetary difficulties, including suffering interest and forward losses.
Since the authorities are incredibly observant and won’t let go of any slacking in the tax filing department, here are some of the dos and don’ts for TDS Returns that you must follow before filing!
Tips to simplify TDS Returns Process
Filing your tax deduction returns process is as hectic as it can get. But how would you simplify something that’s so obviously complicated?
I’ve listed out some of the crucial points that you should always remember before going ahead with the process.
Getting Documents In Order (Do)
To file your TDS returns, simply logging on to the e-filing website won’t cut it. Much before you do that though, it’s crucial that you gather all relevant documents for it. The most required documents are – Form 16, official bank statements, additional copies of previous year’s return, 80G deductions and most importantly, TDS certificates.
Being able to complete the process without any hesitance is a great achievement to accomplish since it can be a little time-consuming to look for the most vital of information.
Missing Out On Income (Don’t)
Most of us benefit from the investments we’ve made throughout the financial year. Even if there’s a tax liability, don’t forget to mention the interest earned on savings bank or fixed deposits and capital gains. It’s better not to exclude any source of income, no matter how meagre it may be.
If your income is over a certain amount (50 lakh, for example), you have to share the details of all your liabilities and assets, including cash in hand, immovable assets, investments, etc.
Linking Aadhaar & PAN (Do)
This is almost needless to say, but here goes! Linking your Aadhaar and PAN IDs is a must, to file your tax returns. Alongside the linking, it’s also mandatory to quote your Aadhaar number at the time of filing.
Linking Aadhaar and PAN is a simple 3-step process that you can complete by visiting the online income tax filing website. The linking is necessary to file your TDS Returns, and also to stop the IT Department from declaring your PAN Card invalid.
Skipping Deductions (Don’t)
When you file your TDS Returns, Form 16 might not be the ultimate answer that you’re looking for. For starters, it doesn’t contain details of all the deductions you’re eligible for. The deductions that aren’t claimed in Form 16 can be claimed for, anyways.
For example, if your declarations on investment don’t account for the HRA deductions, you are in dire need to use the tax benefits that come your way.
The dos and don’ts for TDS Returns are mandatory to follow before you go ahead with filing the tax returns. In the post-demonetization India, filing income tax returns have become infinitely complicated for a lot of people. If you go through the tips mentioned above, you may be able to breathe easy on that!