A large number of individuals are filing their tax returns online by themselves. It is thus very important for them to understand the various terms and abbreviations. Not knowing the abbreviations can cause confusion and hindrance when filing income tax returns.
Individuals should file their income tax returns before July 31, 2016 to avoid any delay in refunds.
Here are some of the abbreviation tax payer must know:
|1||PAN||Permanent Account Number|
|2||ITR||Income Tax Return|
|4||ITD||Income Tax Department|
|5||CPC||Centralized Processing Centre|
|6||EVC||Electronic Verification Code|
|7||DSC||Digital signature Certificate|
|8||IDS||Income Declaration Scheme|
|9||TDS||Tax Deducted at Source|
|10||TAN||Tax Deduction Account Number|
Above mentioned is a basic abbreviation one must know. It is always helpful to know the things before hand instead of looking for answers at the peak time.Filing Income tax returns can be a simple thing for those who understand the process, terms and abbreviations.