Paying Online Income Tax in time is a duty for any individual taxpayer, there are many taxpayers who have already paid their taxes and filled for ITR for the assessment year 2017-18 and 2018-19. Online Income Tax payment has made it now easier than ever to easily and efficiently pay taxes and file a return.
While filing for ITR or online income tax payments, some individuals overlook some instructions and end up making a very easy task much more hectic. Sometimes it can be hard to keep track of all the documents and be up-to-date with every change in Income tax laws. The individuals who failed to file for income tax returns for last year and have any tax liability can file it before 31st March.
As we mentioned there are some instructions and information which is overlooked by people while filing taxes. So here are some things you must remember while filing for ITR as well as online income tax payments.
Points To Remember:
- The deduction and exemptions claims made must be the same as the details mentioned in the form 16/form 16A.
- The Income Tax Department asks the taxpayers to be done with their ITR filing before the deadline and not for the last day. More often than not, last-minute rush filing can result in some error which can cause your problem.
- As you know, you can easily file the Income Tax Return (ITR) by visiting the official website of the Income Tax Department of India and follow the given instructions. But you should make sure that you have form 16 with you when you are filing ITR online.
- To be certain about the taxable income, you can check your form 26AS.
- Before submitting all the details about your income as well as exemptions and deductions make sure that your personal information is correct. You can easily check and modify your personal details on the Income Tax Department’s official website.
- You can easily check income tax to be paid on the website by filling all the details.
- The name on your ITR form must be the same as in the PAN Card. Make sure your contact information is also correct as it will be used by the department to contact you in case of any query.
The Election Budget has made considerable changes to the exemptions and deduction on the income tax which will be implemented from the next financial year. Until then you have to follow the same procedures and pay our taxes on time.