Getting Return Ready

Here I fill a confirmation, that what I filled in my tax return is true and correct. I fill my name, PAN and father’s name and do a signature. Signature means signature. So actually I do a digital signature with my DSC. Or post filing (e filing we call) of tax return, I sign acknowledgement […]

The deductions information is to be filled in detail, and will be same as what we shown in deductions while finding taxable income. This is the deductions for which payment is made in the period 1.4.20-31.7.20, the extended period allowed this year for claiming deductions

Collect: All my bank accounts list I list down all my bank accounts, their IFSC codes, and the account (or accounts) preferred in which I would want my refund to come, if there’s a tax refund due.

I compute my taxes. I find my taxes, give my rebate, add cess interest and fee, find my total taxes due, reduce my taxes paid, find out my taxes due or refund due. Ideally there should be no taxes payable as I can’t or shouldn’t deposit my tax return unless all taxes are paid. I

Deductions I collect : proofs of my saving linked deductions: Tax saving instruments (in Section 80C) This I am allowed upto Rs.1,50,000, remember? My Mediclaim receipt (in Section 80D) This I am allowed upto Rs.25,000 (and raised upto Rs.50,000 where the insured is a senior citizen) I need to fill in details whether I am

Summing up, income totals under Salaries, House Property and Other Sources give my Gross Total Income

I need to stack this under: Interest from saving bank, I total up savings bank interest from my bank statements or pass books Interest on bank fixed deposits FDRs interest I should get from my 26AS statement in case tax is deducted. If no taxes are deducted, I can work this myself basis FDs and

I collect documents of: My rent agreement with my tenant, or at least the details of tenant if I don’t have rent agreement with him, which means, tenant’s name, address, I total up how much rent I got, I find the receipt for house tax I paid in the year If I paid any interest

I collect documents of : Form 16 if taxes are deducted on salaries, or if my income from salary is over taxable limits. This is collected from my employer. If I am a pensioner, I will get a Form 16 from my bank if taxes are deducted, and should ask for a  pension certificate, which

This completes Part A. Now I come to Part B, the Gross Income Module