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If your income during the current financial year is more than the exemption limit of Rs 160,000 (Rs 190,000 in case of women and Rs 2,40,000 in case of senior citizens), you need to file tax. And just in case you forgot about this or haven't filed it for any other reason, here's a reminder. The deadline for filing tax returns is July 31 and you are left with just five days.To make things a little simple for you, here is a quick guide on what documents you might require to prepare return and tax filing form that are of relevance to you.Permanent Account NumberWe come across scored of tax payees who carelessly fill in wrong PAN details in the form and then get into complications. It might sound obvious, but make sure you put the right PAN details on your form and on any challans used to pay taxes. An incorrect PAN number might result in a problem in getting your tax refund. And finally, you might have to pay a penalty of Rs 10,000 for not quoting or mis-quoting your PAN.July 31 deadlineDon't wait till the July 31, file your return today. You will gain nothing by procrastinating. In fact, if you attempt to squeeze in your return in the last minute, it will unnecessarily cause a lot of stress and in turn expose yourself to careless errors that can be avoided. Start the process early, so that you have enough time to review your ITR application to your satisfaction.If you have any overdue taxes you can avoid paying penal interest on this overdue liability. By starting early, you are also giving yourself the chance to pay off these dues a lot sooner.Also, keep in mind that closer to the deadline, the tax department servers get overloaded. If you are choosing to e-file your return, you might get delayed if you can't get connected to the tax department's server.Consider online filingYou can fill out your own tax return online, or use the services of many of the online tax-filing companies. You don't always need to rely on going to a chartered accountant.File it even in case of TDSMany of us suffer from the wrong perception that if tax has already been deducted at source then tax return need not be filed. You must file taxes, if your combined annual income from all sources is above the exemption limit, depending upon your age and gender.Organise TDS certificatesTDS certificates are proof that you have already paid certain taxes. In case you are a salaried employee, get Form 16 from your employee that states the amount of tax that has already been paid by you. Additionally, you will need a TDS certificate (Form 16A), if you have rental income, interest income, professional or consulting receipts, contractual or commission receipts.Disclose all sources of incomeWhy invite trouble by not disclosing all sources of income you might have? With increasing digitisation of financial services and the use of PAN for almost all substantial financial transactions, it is easy to investigate different sources of income a person might have. Yet, many tax payers willingly do not disclose even interest income earned from the savings balance, fixed deposits or small savings schemes. Don't expose yourself by omitting any obvious disclosure.Pay off any self-assessment taxIn case you have a tax liability then this needs to be paid off. In technical terms, the tax so paid is called self-assessment tax. Nowadays this self-assessment tax can even be paid online.Annual Information Return (AIR)ITR forms require you to declare certain types of large transactions such as:* Single purchase or sale of an immovable property valued at Rs 30 lakh* Single payment of Rs 5 lakh or more for acquiring bonds or debentures of a company Credit card payments aggregating to Rs 2 lakh or more on a single card* Mutual fund purchase aggregating to Rs 2 lakh or more in a single fund* Cash deposits aggregating Rs 10 lakh or more in one bank account* Single investment of Rs 1 lakh or more in shares of a company* Payment aggregating to Rs 5 lakh or more for investment in RBI bondsEven if you don't make these disclosures, it's likely that your counterparty might have already done so, and then the mismatch of disclosure might lead to an investigation into your finances.Bank account detailsYou can file for a tax refund if you don't have a taxable income and you have faced undue tax deduction. In case you are filing a return for a tax refund, then you need to ensure that you have mentioned your bank details correctly, because the refund amount will be credited directly to your account.The following details must be correctly stated on your return: Account type - savings or current, account number and MICR code of your bank branch (this is a 9-digit number at the bottom of the cheque leaf).Details related to your tax deductionsYour tax credit depends upon the authenticity and completeness of the data you transcribe on your ITR from the TDS certificates, Advance Tax Challans and Self Assessment Tax Challan. Ensure that there are no errors when stating the TAN of the employer or deductor, the amount and date of the deduction. Also, in case of self assessment or advance tax challans, ensure that the name, branch address and the BSR code of the bank where the tax is deposited, challan serial number, amount and date of the deposit are clearly stated.
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