6 Things you will need in the process of E-Filing

6 Things you will need in the process of E-Filing

When it comes to e-filing, we believe in the philosophy of DIY (DIYourself). But we also believe that while doing things yourself, you should have your bases covered.

When you sit down for e-filing this season, first question which comes to your mind is what details would be required if you were to file it on your own.

HERE ARE THE ESSENTIALS IN THE PROCESS OF E-FILING.

FORM-16

If you are a salaried person, you should have your Form-16 with you before you start e-filing. Form-16 is basically your Tax credit statement as well as your salary certificate. It has two parts, PART-A and PART B. Part-A contains the details about TDS from your salary and Part B contains the details about your salary like basic salary, allowances, perquisites, professional tax, deductions under chapter VIA etc.

 you can upload your Form-16 and all your salary information, employer information and TDS etc.  You don’t have to worry about entering your details manually as they will be auto filled!

If you don’t have a Form-16, you shouldn’t worry as we provide you step by step guide for putting in the values manually by making sure that you don’t miss out on allowances or deductions.

 

TAX CREDIT STATEMENT (26AS)

Form 26AS is a consolidated Tax credit statement which provides the following details to a taxpayer, which is necessary while e-filing.

  • Details of taxes deducted from the taxpayer’s income.
  • Information about taxes collected from taxpayer’s payments.
  • Details of Advance taxes, Self assessment taxes and regular assessment taxes paid by the taxpayers.
  • Details of the refund received during the year.
  • Items of any high value transactions (for eg. Shares, mutual funds, etc.).

You can see that this is a composite document which will enable you to claim the tax credits for all the taxes deducted from your income and also the taxes paid by you.

fetches your 26AS information from the government servers automatically during the e-filing procedure so that you don’t have to worry about missing out on any tax credits.

 

INVESTMENT / CONTRIBUTION DETAILS

To claim the deductions from your income, you will need the information about all your investments/Contributions at the time of E-filing.

  • Approved Superannuation Fund (ASF)
  • National Savings Certificate (NSC)
  • Unit Link Insurance Plan (ULIP)
  • UTI mutual funds
  • Public Provident Fund (PPF)
  • Equity Saving Scheme
  • Equity Linked Saving Scheme (ELSS) etc.

These are some of the examples of investments/contributions for which you can claim deductions.

makes sure that all your investments/contributions get mapped to the respective Income Tax Sanctions during e-filing. So you get the maximum deductions possible without missing out on any of them.

 

INTEREST INCOME DETAILS

Sometimes we tend to miss out on mentioning the interest incomes in our returns like the interest on savings bank account or PPF Account or Tax free bonds or Fixed term deposits etc. Some of these interest incomes are completely exempt while for some you get the deductions from your income. Hence it is very important to mention all of the interest incomes while e-filing; whether they are negligible or not.

 takes into account each and every interest incomes separately. We make sure that you get the maximum benefits for the deductions or exemptions on you interest incomes as applicable to you.

 

MEDICAL AND LIFE INSURANCE DETAILS

You can deduct the premiums paid on your medical and life insurance policies, from your income. You can also claim the deduction for the insurance premiums paid by you for your dependent spouse, children and parents.

 sure that all your premiums get mapped to appropriate deductions and you get maximum benefits possible.

 

BANK ACCOUNT DETAILS

The Income Tax Department has made it compulsory to mention all your active bank accounts as on the date of e-filing the return. You have to provide your bank account number, IFSC of your Branch and the type of account you hold i.e savings or current. In case of multiple accounts, you have to specify one account so that in case you have a refund, it will be directly deposited into your bank account of your choice and you wouldn’t have to wait for physical refund notice from the department to be deposited into the bank to get your refund.


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