Filing your first income tax
return can make you feel mature over financial liabilities. But it can make
little bit sluggish if you are a dummy. You need to gather all essential data
before going ahead in filing first return. No, it’s not about to worry so much
like you can’t do it by your own hand. Just keep some necessary things in mind
while going on the way. Ask these questions yourself and find best answer.
Is your Income Taxable
Foremost, write down all your
income sources including main head. Here we suppose you a salaried employee and
getting paid fixed monthly sum by your employer as partake of annual package. This
annual salary package is your main income source. Your taxable income will be
determined by net income from salary including basic salary, dearness allowance,
other special allowance and bonus. This net income from salary is main head of
your income tax excluding HRA.
Do you have any assets or wealth
If you own any kind of property
like land, house or shop etc. You need to mention it in your income tax return.
You can earn money by renting your property. These incomes also will be negotiated
as an income source apart from main one. If these your property are not an
income origin however it would be calculated as your wealth which also include some
other head like jewellery, property and other house hold assets. Every year
these assets bring fix depreciation and their value get persistently loss year
by year and your tax will be determined on contemporary value of asset and
wealth.
Do you have any investment
For the most part salaried people
invest a fix amount of their monthly or yearly salary income in Bonds, PPF, Shares,
Gold, Mutual Funds, Life Insurance or many other stream in order to make extra
income or sometimes avail tax benefits.
Ok now serf internet to assemble some
useful information about current tax liabilities. Do your best effort in making
research before filing first income tax return. Be certain about latest Tax
rebate and liabilities by researching and asking some experts. Afterward make a
Tax Calculation page in which mention all the heads where you need to pay tax
and where you get rebate on paying tax. After making your tax calculation page,
file your first ITR.
If you have filed wrong
calculated income tax and want to reform it, you can go for it by filing
revised return. You can also pay advance tax which can be settled down in next
ITR.
