Steps to file an income tax return

by WZWU Partner WZ WU & Partners

In the year 2020, the tax return filing date was extended to 31st December due to some unavoidable situations. These extensions come up with many benefits like filing income taxes, and many you can easily avoid the penalties of late filing and carry the losses later. You can follow these guidelines after you enter the tax filing websites. 

 

Gather all the documents

This is the first step. You have to get all the documents in one place before you log into the website. If you have to file ITR, you will need your interest certificates, salary slip, and form 16. It will help you to calculate the income, which is gross taxable. This form 16 is a certificate that will be provided by your employer. If the tax is deducted from your salary, then the bank will give you the form16A. You should make sure that all the certificates are aligned on a TRACES format. Getting involved in this tax filing service is very difficult if you are going through a hectic schedule. But you can only deal with it if you carry the documents by following a good routine. 

 

Keep an eye on your tax passbook.

The Form 26AS is your tax passbook. You should always follow and update your tax passbook every quarter of your financial year. In this, it is a very hectic task. So you can hire someone from the nominee director service to do the job for you. If you are running a company, an employer will look after your tax filings and keep the records. It would help if you sometimes kept an eye on it not to miss any dates. According to the new income tax department's new rule, the tax inspector will not have any right to harass the deducted. So you will also have a fair chance to represent yourself if you face any illegal transactions. 

 

Rectifications

This is the third step of tax filing services. In this step, you have to compare all the transactions and deductions between the form 16/ 16A and form 26AS. If you find any errors, you pinpoint them. It can be deducted from the bank, employer, or other third party companies you are operating. Show perfect proof and tell them that they should rectify all the records and give a no-objection certificate from their side. You will be on a safe hand. 

 

Calculation

In tax filing services, many companies are capable of doing all these types of works. But while you do this kind of work by yourself, you should be very careful. The calculation work is not that easy at all. Start computing pay tax, tax payable, and then enter tax return and the challan details. Nominee director services can also make this a delicate piece of work. They have an experienced team to handle this kind of work. 

 

Confirm the details and submit the return

 Now cross-check all the information you have put in all the columns and then download the XML file that will be generated automatically. Now the final task is to press the submit button. You can then approve all the documents by giving a digital signature in it, and if you do not have any digital pad, you can skip that step.

 

Confirmation

After that, you will get a confirmation message on a pop-up screen. An ITR verification text will be generated, and then you can also download that. You will also get the same thing on your registered email-id. These are the main stages of tax return filing. You can do this by yourself, or you can hire nominee director services for this. Everything will be conducted peacefully as they have an expert team with them. 

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Created on Jan 18th 2021 22:34. Viewed 421 times.

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