Salaried Individuals and other non-audit tax payers are required to file tax returns compulsorily before 31st July of the Assessment Year. Tax payers should aim to file their tax returns on time and early rather than waiting till the last moment. We have tried to prepare a check for individual tax payers for filing of tax returns:

Things which must be ready before filling return are:-

• Copy of PAN Card
• Form 16 from employers or Form 16A in other cases
• Updated Bank statements of all the accounts.
• Statement of transaction of Mutual Funds, Shares & Stocks and Property if any.
• Full details of the Loan of House or Vehicle if any.
• Complete details of tax investments
• Advance tax challan and self assessment tax challan

These are the only few thing which must be done by the assessee during the month of July so that one can file his return successfully. Further, please note that non-filing of tax returns on time will invite penal interest from the IT Department. Also non-filing of tax returns will not be entitled the benefit of carry forward of losses.

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