Breathing Time
This completes Part A. Now I come to Part B, the Gross Income Module
The New information pack (Assessment Year 2020-21)
Every year brings some changes in tax forms, and sometimes if not often, some additional information to be filed. So, if I am regularly filing, I should know that before, so that I don’t get startled and don’t have it in my ‘ready list of documents and information’. So the first of such new information
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Part A. General Information
I will fill my Permanent Account Number, Name, Address, Aadhar Number or Aadhar Reg No, mobile no. and email. I will fill when I am filing (in time is – On or before due date. If I am doing late, then its Belated. If I am redoing after I already filed, its Revised) Sometimes I
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The Form 1 information compiling
This is effectively the simplest, and a two page form, and meant to cover all individuals not having detailed kind of incomes as spelt out in form selection module. (we are doing only a pre-read here, before the actual fill out, as I need to know how do I actual fill out in the sense
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5. The advanced packs
If I have foreign bank accounts, foreign assets, list and details of all such accounts and assets, their statements to find out maximum and closing balances of each such account If I have foreign incomes or foreign tax credits to take, the details of all such information, the tax treaties I will be taking benefit
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4. The Tax pack
Logging into my tax account in the tax portal and downloading the Form 26AS, which shows what all taxes lie in my credit, which I can take as ‘taxes paid’. This will include Taxes Deducted at Source and Advance Taxes/ Self Assessment Taxes paid
3. The Bank details pack
Listing all my bank account numbers and their IFSC codes.
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2. The Income computation pack
I should generally draw out on a computer or even on a plain piece of paper, a statement of my income and my taxes for the year. My income means my income classified under the 5 heads of income Totalling it up to get to my Gross Total Income. (Noting my Exempt incomes) Reducing Deductions
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1. General information pack
I should know and keep ready: My general information My name, address, date of birth, fathers name, Aadhar number (only non residents are exempted from Aadhar), my mobile and email id My tax information The assessment year I am filing my tax return for, my Permanent Account Number, My residential status (whether I am ordinarily
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Getting Return Ready Objective:
In a cooking preparing session, I should assemble on palette all ingredients to be used in cooking of my dish In a tax return preparing session, I should compile and ready all documents and information that I will need to do my Tax Return First we will do a general stacking of information Then we
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