TEN commandments for filing your income tax return:-
1. You shall file return if your income exceeds the exemption limit.
2. You shall use the correct tax form for filing your return.
3. You shall not quote a wrong PAN in your form.
4. You shall include bank and FD interest in your income.
5. You shall not ignore income from a previous job in the financial year.
6. You shall pay the advance tax as per schedule.
7. You shall pay tax with interest for previous unfilled years.
8. You shall disclose the ownership details of property in the tax return, including the percentage share, if jointly owned, with details of the co-owner, and proportionate division of the rental income.
9. You shall declare foreign assets in the return, which covers bank accounts (with peak balance amount), immovable property (at cost price) and interest in any company, even if you don’t come in the tax net.
10. You shall mention details of relief claimed for taxes paid abroad, which covers the name and code of the country, income earned, taxes paid, and the tax identification number in the foreign country.
1. You shall file return if your income exceeds the exemption limit.
2. You shall use the correct tax form for filing your return.
3. You shall not quote a wrong PAN in your form.
4. You shall include bank and FD interest in your income.
5. You shall not ignore income from a previous job in the financial year.
6. You shall pay the advance tax as per schedule.
7. You shall pay tax with interest for previous unfilled years.
8. You shall disclose the ownership details of property in the tax return, including the percentage share, if jointly owned, with details of the co-owner, and proportionate division of the rental income.
9. You shall declare foreign assets in the return, which covers bank accounts (with peak balance amount), immovable property (at cost price) and interest in any company, even if you don’t come in the tax net.
10. You shall mention details of relief claimed for taxes paid abroad, which covers the name and code of the country, income earned, taxes paid, and the tax identification number in the foreign country.