Paying the income tax for the first time is a milestone in any citizen’s life. However, the entire process can seem to be daunting and tedious. To bail you out, KBP Advisory & Tax Consultancy can aid in understanding the tax implications of income (based on the client’s income source) and navigate through the entire process.

Although it is not mandatory to get expert help to help you file Income Tax, doing so will ensure that there is zero chance of errors while saving your precious time and headache.

Income Tax:

Income tax in India is basically a tax paid by citizens or entities based on the level of earnings/gains during the course of a financial year.

The earnings can either be actual or notional. The tax rates and the various slabs are decided by the Government of India, based on which the individuals are taxed. The higher the income slabs are, the higher the rates of taxation. To mop up long-term funds, the government often provides incentives on income tax. The amount that is invested in tax-saving schemes is deducted from the gross income. This, in turn, reduces the amount of taxable income and thus benefits the taxpayer.

TDS:

TDS stands for Tax Deducted at Source. It was initiated to collect tax at the source from where the income is generated for an individual. TDS is an effective tool for the government to mop up tax at the time income is generated and thus minimizing tax evasion. TDS is applicable on several incomes like interest received, salaries, commission received, dividends etc.

Opting For The Applicable ITR form

Taxpayers have to opt for the ITR form applicable to them

Link Aadhaar with PAN

Taxpayers are required to link Aadhaar with PAN before the filing of IT returns.

PAN

Form-16 that is issued by your employer is required.

Month wise salary slips

The data on all the taxable allowances collected & the amount claimed that are exempt out of such allowances need to be disclosed in the IT return.

4Documents related to interest income

Bank statement/passbook data for interests received on savings accounts along with the interest income in statement of fixed deposits.

TDS Certificates Of Banks & Others.

TDS certificates are essential while you file the Income Tax return

Form 26AS

Form 26AS is a summarization of taxes deducted on your behalf and taxes paid by you. This is given by the Income Tax Department.
It presents details of tax deducted on your part by the deductors. This form can be obtained from the I-T Departments website.

Section 80 Investments

Investment documents related to Section 80C made under NSC, PPF, ULIPS, LIC, ELSS, qualify for deductions under Section 80C.

Education Loan Interest Payments

Stock Trading Statement

Capital gains are subject to taxation of the stock transactions made during the year.

Contribution to Provident Fund

Life insurance premium payment

Stamp-duty and registration charges how to claim deductions against your home loan.

Housing Loan Documents

Interest on a housing loan is qualified for tax saving up to a certain amount.

Aadhar Number

The Aadhaar number is compulsory for filing the income tax returns.

Mission

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