7 Tax Tips When Filing Income Taxes

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Even when you can hire the best online ITR filing services in Gurugram, it is always recommended to acquire knowledge for yourself also. This way, you can check if the tax has been appropriately filed and make a well-informed decision. To help you, we have discussed the ten tips you might follow while filing for tax online.

1.       Every taxpayer must choose the proper form to fill out. For instance, ITR Form 1, 2 and 3 are applicable for salaried employees. The choice between form 1, 2 and 3 depends on various factors. On the other hand, self-employed business people need to file using ITR 3 or 4 forms. As the Central Board of Direct Taxes has released several new forms as of 2022, studying them and selecting the right form is crucial.

2.       Always be careful about deadlines. If you miss them, you need to pay the penalty for the same, which is why you always file for the tax on time.

3.       All salaried employees are not liable to pay taxes, especially people with annual income less than INR 7 lakhs. This is because the salary may have non-taxable components or there are deductions available for house rent etc.

4.       If you earn more than INR 10,000 as interest from a savings account, that is taxable. On the other hand, Rs 50,000/- as interest is exempt for senior citizens.

5.       You still need to file tax returns for FY 19-20, FY 20-21, and FY 21-22. You can file a belated income tax return only for FY 21-22 but not the previous two years.

6.       You need your PAN number to open an account with the e-Portal of the Indian Income Tax government.

7.       Lastly, the income tax rate varies according to the tier your annual income belongs to. For instance, an annual income between INR 5 lakhs and INR 10 lakhs will have a 20% income tax rate. On the other hand, an income of INR 11 lakhs will be charged with 30% tax rate.

Conclusion

With the above tips, filing for income tax won't be a problem. Whether you are a salaried employee or a businessperson, filing the ITR properly is crucial; these above points will help you a lot.

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