7 Things To Know On Income Tax Returns For First Time Tax Payers

1) Who has to pay Income tax?

For any individual whose income is above Rs 2,50,000 in the financial year that begins on 1st April 2015 and ends on 31st March 2016 should pay tax.

For whom is it mandatory to e file online?

• Individuals who have to claim a refund
• If total income is more than Rs 5,00,000
• ITR-3, 4, 5, 6, 7 have to be mandatorily e-filed.

 

What are the penalties for non-filing an income tax return?

The assessing officer may levy a penalty of Rs 5,000 when you have not filed your return by the due date.

What Happens If You File Your Income Tax Returns Late?

The last date for filing income tax returns is July 31. One cannot rectify tax returns in case there was a mistake in the tax returns.

How To Pay Income Tax Online Which is Due?

Any Income Tax due, can be paid by using tax payment challan 280. One can also pay it offline by downloading and submitting the same to designated branch and payment can be made through cheque or cash.
One can file the income tax returns before March 31, if you have failed to file the previous years tax returns.

Why You Should Check Form 26AS?

Taxpayer should check form 26AS before filing tax returns.

The Form 26AS would give you an accurate amount of interest paid, salary paid and TDS.

What are the documents required to file income tax returns?

Documents required vary with individuals and profession. Here are some basic documents required.

• PAN Number
• Form-16 issued by your employer 
• Bank statements / passbook for Interest 
• Income on bank deposits
• Statements of interest income besides Bank deposits 
• TDS certificates issued 
• Form 26AS - The Income Tax department of the Indian government shows you the tax credit you have received for Tax deducted at source