If you find difficulties in filing or running out of time you can download Form 16 to online portal like Clear tax.com ,which takes the required data automatically, however, don’t forget to cross check the figures. Especially if there is any job change for which you have more than one Form 16 to refer. Accordingly, you need to calculate again your tax liability. 5 Things to Know When Filing Tax Returns Online
When filing returns on government portal, you need to know which form you are eligible for. However, if you are using online platform the correct and require figures are picked by portal on its own. According to Archit Gupta ,CEO of ClearTax.com, ” The correct ITR form gets selected automatically on the basis of the information provided by the taxpayer.”
TDS Deductions are mentioned in Form 26AS, and you can download this form 26AS from the site “TRACES”. The government tax e-filing also gives the link. If you have any other source of income or interest coming from bank deposits don’t forget to cross verify the TDS deduction with this form, even if you don’t have any other income source to verify. If you have submitted Form 15 G/H, then Form 26AS keeps the data of the interest earned, so, make correction to the tax eligibility if you have filed in easy go. According to Sankla, taxpayer should calculate the tax eligibility as per the slab rate and, mention the “interest income” under the head “income from other sources”. There are two types of year while filling Assessments year and financial year. Remember returns are filed on Assessment year, for example the tax payable in assessment year 2016-2017 will be on the earning earned between year 1 april 2015 to 31 march 2016. According to sankla “by selecting the wrong year you may end up paying big tax amount due to mismatch in the year.”
One thing need to be remembered that owner of second house need to pay tax whether rented or not. If not rented then as “deemed income”. The positive side of this section of tax that if you have incurred any kind of expenses in getting earning from theses income you are entitle for tax exemption as well for that amount. However remember there is separate section for Capital profits and losses, i.e., it needs to be specified in Schedule CG of Form ITR 2.