State income tax filing
A person gets tense when they receive a notice for filing their income tax returns.Many people do not know how to file for income tax.Then these people seek help from a broker, agent, or any income tax agency.It is advisable for an individual, for companies, for businessmen to file their tax before the specified time instead of filing it at the last moment.It reduces the amount of bothering, tension and mental stress for an individual.A person should know his responsibility and intricacies for filing the income tax.
Taxes have to be filed according to their filing status.There are five types of filing status categories
- Single filing individually
- Married persons filing jointly.
- Married persons filing separately.
- Head of household
- Filing income tax as they meet the criteria for widower with dependent children
It is the responsibility of every individual to file a return of his income.If throughout the year income of an individual exceeds the limit of Rs.100, 000 then it is his legal duty to file an income tax return. For females this limit is extended to Rs.135, 000 and for senior citizens this limit is up to Rs185, 000.This income limit is not applicable to the non-resident Indians.
It is advisable, that a person should get all the documents required for filing the income tax returns.A person should be ready in advance with all the calculations of the tax liability and the returns.This helps in avoiding mistakes in filling the income tax form.If a person is ready with all the documents he will just have to go to office and submit it accordingly.
Documentation:
- A person has to get a Salary form, i.e.Form No.16.It helps an individual to know about his income and the tax subtracted from the salary.
- Another form that is Form No.16A.This can be received from all the firms or organizations who have subtracted the tax.A person should get this form, from all of the organizations who have deducted tax from the payment.These organizations include banks, parties who owe a loan, tenants of your property, etc.
- Review of all the accounts operated throughout the year.A brief idea about the accounts such as income received in each account throughout the year.All the investments and expenditure details of each account.This helps a person to calculate his eligible deduction made and no part of income is missed out.
- A person should get a complete detail of the property he owned in that year
.It includes all payments, receipts and the receipt of tax paid during that time.If the property is purchased on loan then loan details should also be attached.
- A person should carry receipt of all interests paid throughout the year.
- All contracts and documents of investments and assets which are sold and purchased should be carried along.
- All details of the transaction that took place throughout the year should be attached
Now- a-days even an online income tax filing facility is available.People just have to fill up the form available online and fax all the documents.
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