Claim For Credit Or Refund Of Personal Income Tax: Fill & Download for Free

“Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.”That text was from an IRS page for small businesses, but it also applies to individual taxpayers.I have a copy of every tax folder I ever filed. It’s not for the IRS, but a way to find out when things happened.

Hi!You can file ITR (Income Tax Return) by 2 modesOnlineIncome tax e-filing websiteERI (e-Return Intermediaries): these are government approved intermediaries for income tax filing. eg: QuickoOfflinePreparing and Submitting ITR to the nearest income tax officeBasic Documents Required to file ITR:PAN (Permanent Account Number)AadhaarForm 16Tax Credit Statement Form 26ASBank StatementOther supporting documentsSteps to file e-file your ITRGo to income tax e-filing websiteLog in with your user ID, password, date of birth and CAPTCHANavigate to e-fileclick on “Prepare and Submit ITR online”Select ITR form you are required to fileThe ITR form you are required to file will vary based on your income situation and residential status.Use Know your ITR Form tool to find out which ITR your should fileFill in your income detailsor you can simply upload your Form 16 provided by your employer.Add all your incomesuse Tax credit statement Form 26AS, it provides details of taxes deducted from taxpayer’s income.Claim deductionsTo reduce the burden on the taxpayer, the income tax department allows deductions under various sections. some of the commonly used deductions are80C for Investments, PPF, ELSS, interest income, family pension, life insurance, home loan repayment, children tuition fees etc. The maximum deduction limit is INR 1.5 Lakh u/s 80C.80D for medical insurance, medical expenses, etc.80E for interest on education loan80EE for first time home buyersYou can claim deductions for allowances given by your employer. eg: HRA (House Rent Allowance), LTA (Leave Travel Allowance), Convenience Allowance, etc.Calculate your Net taxable incomeNet Taxable income = Total income for FY — Exempt income — DeductionCalculate your tax liabilityapply the income tax slab rates on your Net Taxable incomeAdd surcharge (if applicable)Add cess on your total tax liabilityPay Tax duesPay your tax dues as self-assessment tax. Self Assessment tax is any pending tax liabilities at the end of the financial year.If you have paid additional tax during the FY in the form of TDS deducted or advance tax payments, you can request a tax refund from the Income tax department.Submit your ITRAfter successful submission of ITR, you will receive ITR-V (Acknowledgment).You are required to e-verify your ITR.Read More: e-verify ITR using Aadhaar OTPYou can self e-file your ITR using Quicko

Tax collected at source (TCS) is applicable on the purchase of the high-value product. This tax is collected by the seller of the product. The buyer has to pay TCS along with the cost of goods.The TCS given by the buyer is credited against PAN of the buyer. It adds up to tax payment of the buyer. Thus, the TCS is a type of advance tax. If you are not libale to pay any tax but forced to pay TCS becuase of the cash, you would get the refund after Efiling Income Tax Return.Be Peaceful !!!