The total amount of TDS deducted gets reduced from your total tax liability. This form helps you to avoid paying tax twice. Then he/she is compulsorily required to give you Form 16.
If your employer has deducted tax from your salary. Form 16 is nothing but a tax certificate. If you are earning income from salary then Form 16 is a must have for you. You can also refer to our blog on Sec 80C for detailed discussion.
So whatever method you may choose, do not forget to collect your investment proof. Only depositing money in a scheme is not sufficient, you need proof like receipt etc to back your deduction claim. The total deduction limit u/s 80C, 80CCC & 80CCD(1) is ₹1,50,000.Ī common mistake incurred by many while filing ITR 1 form 2017-18 is lack of evidence. Some famous investment options u/s 80C are life insurance premium, PPF, NSC etc. One such commonly used method is investments as per Sec 80C. Income tax have provided numerous ways to save taxes. If it is mentioned incorrectly in your ITR 1 Sahaj form then you won’t be able to take credit of tax which is rightfully yours. While filing ITR 1 form 2017-18, please make sure that you fill correct TAN of deductor from Form 26AS. You can also use netbanking account (given that your bank is recognized by the department). It is very easy to download income tax Form 26AS through TRACES website.
No one wants to pay taxes twice! 26AS helps you to get credit of taxes already paid by you.
It is also called a Tax Credit Statement. So let’s see what are the various important tax related documents you must have while filing ITR 1.įorm26AS in nothing but summary of all the taxes paid by you or on your behalf to government. This ITR 1 form 2017-18 is used by individuals having one house property income & total income up to ₹50 Lacs. In this blog, we will talk about the most commonly used form to file return i.e. That’s why we bring to you some last minute must have documents while filing your income tax return.Īlthough, there are many different ITR forms and the requirement of documents changes as per the ITR form selected. Imagine you are in middle of something important like filing ITR & all of a sudden you realize that a document is missing.
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