Things to be kept in mind while filing returns

The due date for return filing of March 31, 2018, is just round the corner, if you have not filed your returns for financial years 2015-16 and 2016-17. This could also be your final opportunity for carrying out corrections to your return already filed in FY 2015-16.

How can you ensure you have a smooth return filing experience? Here are some simple tips that you can bank on that would ease it out for you:

PAN and Aadhaar Card

Ensure you have your PAN card and Aadhaar card handy. This is because the income tax return mandates filling up of your name, father's name, date of birth and PAN number which should tally with the details in your PAN. Further, it is also compulsory to quote your Aadhaar number or at least your Aadhaar enrollment number in your return of income without which your return will not be processed by the income tax department.

Residential status

The tax return calls for filling in details of residential status of the return filer. Generally, individuals employed in India will qualify as a resident of India. For others who have either travelled abroad for work or other reasons, or have returned to India during a particular year, or are residing abroad but have Indian income, it is essential to determine their residential status beforehand. Residential status becomes crucial as the tax treatment of various income undergoes a change with a change in residential status.

Form 16 and Form 16A

For a salaried taxpayer, Form 16 forms the base document for return filing which comprises of various details  like name of employer, employer's TAN, salary income, various allowances and tax deducted by employer. Form 16 is provided by the employer to his employees generally before May 31 of every year. In a case where you have been employed with more than one employer during a year, ensure you collect Form 16 from both employers to complete your return.

Form 16A is one that is provided by entities who have deducted taxes on payments made to you other than salary, for example, interest, professional fees etc. Form 16A, similar to Form 16, provides details like, the nature of income you have received (other than salary), TAN of the deductor and the amount of tax that has been deducted. These details have to be furnished in your return of income too.

Form 26AS

This document can be obtained by logging into your e-filing portal. It comprises of details relating to all taxes deducted against your PAN be it on salary or any other source of income.

This document can be relied on in addition to your Form 16/16A, which will be provided to you, at a glance, the total tax deducted against your PAN which you can claim as a credit against your total tax liability for a particular year. Ensure you offer the corresponding income to income tax, on which TDS is deducted, else you may end up receiving an income tax notice.

Details of assets

In case you estimate that your income would cross Rs 50 lakh for the year, you need to be prepared to furnish details relating to value of various assets held by you. These assets include any immovable asset, movable asset, cash in hand, jewellery and liabilities (if any). There is a separate schedule in the return where these details are supposed to be furnished.

Bank statements & account details

In case you are in receipt of any interest income from savings or bank fixed deposits, you will find information relating to such interest income from your bank statements. These days, with online banking, bank statements can be downloaded in no time. Ensure this is done in order to help you with your interest income.

Additionally, this will also aid in providing bank account details in your return of income

Proof of investment

There are various avenues and investments which will help you reduce your tax outgo like your 80C investments. Therefore, in case you have invested in any of these but have failed to submit proof for such investment to your employer, you can still claim these as a deduction at the time of return filing.

For doing the same, ensure you have all the proofs for having made such investments. Also make sure you are preserving these investment proofs for sometime, though enclosing these documents with your return of income is not required.

(The writer is  Founder and CEO ClearTax)