Filing Tax Returns for the First Time - Here Are Things to Remember

Tax returns filing is that time of the year that makes you go through all your expenses you made this year and reflect on the same. Now, while filing a tax return for the first time, you can do it all by yourself just by gaining knowledge and gathering some information on the same, or by asking for professional help. If it is the former one, then there are certain things that you need to keep in mind. This article is a perfect guide to those filing their income tax return for the first time.
Following are the things that you need to remember while going for an IT return filing procedure. They are as follows:

Essential disclosures:

There is a specified set of disclosures that a person has to mention while filing a tax return. During the period of demonetisation, the Tax Department framed a new column wherein it was mentioned that the person filing an ITR (Income Tax Returns) has to give the details for the ITR as well as the bank account information. On the other hand, any additional income or investments should be mentioned properly and precisely. Such amount that is mentioned in new ITR forms will be taxable at the rate of 60%.

Additional updates:

The Financial Act dictated that Hindu Undivided Families (HUFs) who generate an income of more than Rs.50 lakhs have to declare their assets and liabilities. Therein, the concerned person has to mention details like that of jewellery, bank balance, vehicles, etc. Also, proper and correct information has to be given on immovable property and movable assets. Making an income tax payment is essential and there is a lot to take care of while filing. The world of income tax keeps fluctuating and changing, bit-by-bit, almost every day. It is mandatory for you to be aware of these changes. It is only when you know about these changes that you will be able to do things right. That is, make sure that your income tax return filing is right.

Now that you know about the things you need to take care of, you can make the right decisions. Also, opt for online procedures and know how to file income tax return online. They are much better and much convenient than offline ones.