Guide to .. Tax Management ,Tax Planning and Tax Saving
BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Hints for Filing Income Tax Returns

1.  First of all, prepare a Statement of Computation of Income and Tax for the previous year. This statement will help you in filing the Return directly and it will also avoid cuttings or overwriting in the Return. A copy of this Statement should be enclosed with the Return.

2.  Choose the Correct “Return Form”.

3.  Fill in the Return Form first and thereafter the acknowledgement slips, with the help of the Return Form.

4.  Carefully read the Instructions on “Return Form”

5.  Write the PAN (Permanent  Account No. ) and the Ward No. correctly. In case of a new assessee write ‘NOT ALLOTED’

6.  Carefully choose the correct status code number from Notes in the Return Form.

7.  The Blocks given for specifying the codes be filed in with only the relevant code number. No other number, letter or word should be written in the blocks.

8.  Round off the Income under each head to the nearest rupee and ignore paisa. Do not qualify the figure by ‘About’ or ‘Approximately’.

9.  In case of any loss under any head of Income or in the aggregate indicate with a minus (-) sign.

10.Total Income should be rounded off to the nearest multiple of Rs.10.

11.  The verification is to be signed by the assessee himself, or by the Managing Partner/any partner in case of a firm, or by the Karta in case of a HUF, or by the Managing Director/ Director in case of company, or in case of an association by any of tis members or  principal officers. In unavoidable circumstances, may be signed by a duly authorized person, whose power of attorney should be attached with the return.

12.       The Assessee should furnish their Bank Account particulars in the Return so as to enable the department to send the refund due, if any, through, Electronic Clearing System.

Precautions :

1.   Fill-up the From in BLCOK letters.
2.   Use Blue Ink. To indicate Losses, if any, use Red Ink.
3.   Do not leave any column blank. Write NIL / N.A. wherever necessary.
4.   Alternations / cuttings, if any, should be duly authenticated.
5.  Pay all ‘Tax due’ before furnishing the Return.


Documents to be enclosed with the Return

1.   Acknowledgement Slip in duplicate.

2.   Statement of computation of Income / Tax.

3.   For payments made after 1/6/2004, Challan Identification Number (CIN) should be furnished. Photocopy of taxpayers counter foil should be attached.

4.   TDS Certificate in Form 16 or 16A.

5.   Certificate /Receipts of paymen for insurance premium, provident fund, purchase of NSC’s, new equity shares, mutual fund, NSS, Medical Insurance, Donations etc., in support of deductions / rebates claimed.
Requisites evidence wherever prescribed by law in support of your claim for any deduction /exemption, must be attached alogn with the return. Failure to do so will deprive you of the deduction and such evidence, even if produced later shall not be entertained by the Assessing Officer.

6.   Copy of Audit Report , Balance Sheet, Trading , Profit & Loss Account, Personal Account of Proprietor
or partners and documents as specified in the notes.

7.   Statement of receipts and payments, where no regular books of accounts are maintained.

8.   Tax Audit Report obtained under Section 44AB wherever required. Where the audit report has been furnished prior to the filling of return, a copy of the report together with proof of furnishing the report, should be attached with the return.

9.   Accountants Report under Sec. 80-I, 80-IA, 80-IB, or 80-IC.

10. Certificate of interest on housing loan from the lender, in support of deduction from house property income.

11. Other documents /statements as specified in the return itself and in support in income.

12. In case the assessee has applied for PAN but has not yet received allotment, a copy of PAN application filed earlier and its acknowledgement should be enclosed with the return.

13. In case the assessee has not applied for PAN, a PAN application from duly filled in and 2-passport size photographs should be enclosed with the Return.

> Income Tax Rates / Tax Slabs (AY-2014-2015)
> Finance Act. 2014 - Highlights ( Tax Rates for AY 2015-2056)
> e-Payment of Tax & e-Filing
> Exemptions at a Glance
> Deductions at a Glance
> Taxable & Non-Taxable Perquisites
> Leave Encashment & Arrear of Salary
> Exemptions under Capital Gains
> Gift-Taxable under Income Tax
> Gift Tax-An insight to Tax Planning your Gifts
> Guide to various Tax Saving Schemes
> Family Tax Planning - Best way to Lower your Tax
> Choose the Right Tax Return Form
  Chat Showing Computation of 'SALARY' Income
> Advance Income Tax with due Dates for Filing Return
> TDS Table & their Limits
> Permanent Account Number (PAN)
> Easy way to calculate your Income Tax
> Hints for Filing Income Tax Returns
> Annual Tax Statement (ATS) for TDS
> Filing of Income Tax Return & Few Points
> Income Tax Survey - Rights/Duties during Survey
> How your Return File is Assessed / Scrutinised
> Rights of an Assessee during Income Tax Raid
> Reverse Mortgage Loan for Senior Citizen
> Education Loan - Tax Relief u/s 80E
> Save Tax on Your Home Loan

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