All necessary papers should be obtained, including TDS certificates (Form 16/16A) and capital gains statements:
The first step is to gather your tax records, such as Form 16, pay stubs, and interest certificates. These documents will detail the tax deducted at source (TDS) from your earnings, which will assist in estimating your gross taxable income. If your employer deducts taxes from your salary, they will issue you with TDS certificates. Similarly, your bank is obliged to file Form-16A for TDS deducted on fixed deposit interest payments paid to you. For any TDS certificates you get from deductor firms, strictly conform to the TRACES framework. The TDS certificate you receive from TDS International should be accompanied by a digital signature. A checkmark will be placed next to the signature to indicate that it has been authenticated. Any signatures that have not been verified will have a question mark next to them on the TDS certificate. It will need to be authenticated.
If you want to, you may download and see Form 26AS online:
If you have a PAN, then Form 26AS is your tax passbook for that fiscal year. The next step is to compare your TDS certificates with the Form 26AS to ensure that the tax withheld from your earnings, such as salary, interest, or dividends, has been paid to the government and assigned to your PAN.
Make any necessary corrections to Form 26AS:
If the amounts stated on your TDS certificates (Form-16, Form-16A, etc.) and Form 26AS do not match, you must contact your deductor. Please request that your employer or bank update the information.If the error is not corrected, the tax deducted will not be credited. According to Chartered Accountants, you should maintain track of your Form 26AS throughout the fiscal year. The tax deducted will not be refundable if the error is not corrected. You should maintain track of your Form 26AS throughout the year to avoid inconsistencies while completing your ITR, according to certified public accountants (CPA). The Central Board of Direct Taxes (CBDT) has released circulars to fix the situation if your TDS is deducted but not remitted to the government.
Find out how much money you’ll make in the fiscal year:
It’s time to compute your total taxable income after you’ve gathered all of the necessary documents and verified all of the taxes deducted from your income. Combining revenue from five different sources and claiming any and all deductions allowed under Income-Tax Act will give you your entire income. On Form-16, you’ll find all of the required information you need to fill out your ITR. Under the heading ‘Income from other sources,’ you must give a source-by-source analysis of the taxable revenues.
Determine your tax liabilities:
After you’ve estimated your total income, you’ll need to compute your tax liability by applying the current fiscal year’s tax rates to your income slab.
Determine the amount of any final taxes owed:
To lower your taxable income you can add in taxes paid in advance, TDS, and TCS. Sections 234A, B, and C interest should be provided as well.
Once you’ve paid all of your taxes, file your Income Tax Return Filing in Lucknow:
Once you’ve paid any taxes owed to you, you may start the process of submitting your ITR. If you seek a refund from the IRS, you must first file your ITR. As a result, you must file an ITR even if the rules do not necessitate one. When submitting your ITR, be sure you use the right form. If you file your ITR on the incorrect form, it will be considered faulty, and you will be forced to file it again.
To conclude, income tax filing in Lucknow is an easy process. The only thing one needs to keep in mind is that all the necessary documents that UP government requires are produced on time.
