Income Tax Return (ITR)
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Income Tax Return (ITR)

Important Terms

  • FY: Financial Year. April to April cycle in which government functions
  • AY: Assessment Year. Starts after FY has ended. Tax is assessed on previous FY. For e.g., AY 2018-2019 assess the tax collection in FY 2017-2018.
  • Form16: Provided by employer. Shows taxable income (after deductions from HRA exemption, 80C, 80D). Tax deducted at source (TDS) for each quarter. Whether you'll get refund or not.
  • Form26AS: Employer gives to IT (Government) showcasing total salary provided & TDS deducted by employer.

Important Dates

  • Feb 15. Few months before FY end. Provide investment proof of investment declaration.
  • April 1. Investment declaration. Standard. 1.5 lacs in 80C. Medical Insurance in 80D.
  • July 31. File Income Tax Return.

e-filing returns

  • User name is your pan card no.
  • ITR-1 is for individual
  • It's quite simple. It's just tallying figures with your Form16. IT cell already has Form26as, which means they already know your total income, total tax paid by you as TDS.
  • Income in ITR is not total income, but rather " Income chargeable under the head 'salaries'" in your Form16
  • Sum all investments in each category. For e.g., for 80C, add ELSS + PF
  • If you've switched jobs, you'll get Form16 from both employers. In such case, you've to sum income from both form16 and enter & likewise for other fields as well.
  • Add all associated bank accounts
  • Mention any additional income.

Sources