Hey readers, I have a friend who loves vacationing abroad. The moment he is back, he has loads of great things to talk about the country he has been to, and amazing anecdotes to share. That’s something I love about him. However, there are things that we do not have the same vibes. He continually nags about his own country. There is even more to this. He does keep an account of what the government ought to have done for him and his country. But he never bothers to play a small role in the activity of nation-building. It is usual for him to skips something as basic and straightforward as income tax return filing. According to that friend, filing is scary and cumbersome and would require a lot of his time. He couldn’t be more wrong.
File Your Return
Filing your Income Tax Return is easy, and the Income Tax Department has made it even more relaxed this year. Now the Income Tax Department is gathering data from various records to prepare your ITR form pre-filled with details of income and taxes paid. It means that you need not fill the details each time you fill. Even though it is an annual task, people don’t like filling the same data year after year. Now, the department has ensured that you get to don’t face that hassle ever.
Whereas I feel that, If you file tax returns, then you are not doing any favor to the government, but yourself. Filing tax returns is a sign that you are a responsible person. And failure to pay taxes would invite penalties from the income tax department. Filing your tax returns would mean that you would be able to enter into subsequent transactions without any worry.
Also, if you wish to apply for any loan in the future, the bank would want to see your tax returns of the past few years before transacting with you. I had a detailed discussion with my friend over this. I made him understand now how quick it is to file the income tax return online.
Easier Filling of Tax Returns
Filing tax returns is easy. Most individual taxpayers file their tax returns under Forms 1, 2, 3 and 4. The IT department has turned the entire exercise into a cakewalk by introducing our data on the e-filing website. All you need to do is click on the section, and your information, such as your PAN, name, and date of birth, would appear there. The Income Tax Department is using the PAN database to collect your data. This completes at least 80% of your work.
First and foremost, log in to the Income Tax e-filing portal. Once you complete that, you need to update your profile. Your phone number, Aadhar details (if any), email id, etc. would appear.
Once you complete, all the details of your advance, self-assessment tax that you paid, along with the TDS (tax deducted at source), will also appear. The data from Form 26AS will also appear.
If you have a job and get a regular salary, your salary details, income, allowances, and deductions will appear using Form 24Q.
If you are an owner of a residential property, details will appear using your last ITR. And any income thereof will also appear using Form 26AS.
In case you earned interest on income tax refund, under Section 244A of the Income-tax Act, 1961, the details will also appear.
Your bank account details shall also appear from your last e-filing profile
Now, as you can see, most of your data shall look on its own. All you need to do while filing an Online TDS return is to gather the will to submit it. It won’t take a lot of time, I promise. Income tax return filing is simple, and it is getting more straightforward with each passing year. If the government is taking so many steps to make the entire process convenient for us, the least we can do is show some gratitude to them by doing our Income Tax Return Filing on time. Makes sense, no? Over this, my friend smiled and gave me a high-fi.