Take the Following Steps to Prepare for Income Tax Filing Season

July 7, 2022

The Income Tax Department of India requires individuals to submit Income Tax Returns (ITR), a form. It contains details on the person’s earnings and the taxes that must be paid on them throughout the tax year. ITR filing season runs from April 1 through March 31 of each year.

An early preparation will always help you to save your money so do accordingly. There are lots of steps you should have taken before filing.

Choose Tax Consultants

Tax Consultants know all about tax regulations under the income Tax Act of India; they will help individuals and businesses when filing their taxes. If you don’t have a tax consultant, then finding one is very important. With the help of a tax consultant you can identify your potential tax deduction in a year and will advise how to make investments to avoid any tax-liabilities in the future.

As the leading Income Tax Return Filing Agency in Kochi, Kerala, Chennai, we at Emblaze will delve through your financial portfolio and double-check all of your income and savings.

It’s always better to seek advice from an expert, especially on finances. So don’t skip this part.

Make a Timely Appointment

You will always get the right advice if you reach out to your tax consultant early. Setting an early appointment with your consultant ensures that you get in to see your account before things get worse.

You are more likely to experience problems down the road if you put off scheduling an appointment until the last minute. A tax consultant will clear all your queries regarding tax filing and finance, like service tax return filing, service tax audit, service tax consultation, service tax hearing, and more. So book an early appointment with your tax consultant.

Documents Collection

An organized record makes it easier to prepare a complete and accurate income tax return filing. You should properly gather your documents and submit them.

Some important tax documents are:

• 26 AS
• Annual information statement ( AIS ) report
• Form 16 ( In case you are a salaried person )
• Bank Statement copies
• Statement of shares and mutual fund transactions for the year
• Details of any capital gain transactions if any

Arrange Your vouchers and documents Properly

These are official records that represent proof of a financial transaction or purchase. Proper records will help you categorize taxable and non-taxable amounts and identify your actual deductions.

Personal Information Should be Listed

In order to create reliable financial accounts, you need solid records. It is crucial that all of your personal information on the tax filing site is updated if you file income taxes. You might have changed your name, address, mobile number, etc. You need to update these details to make sure that the important tax information reaches you on time.

We all are aware that whenever you login into your tax account, at that time you can see the pop-up button to update contact details. If the contact details are updated, then you will get the message to update the address details. Most of them would skip this step, but no one is giving attention to these pop-up messages. Everyone needs to be aware of the importance of updating your contact details on your tax account.

Obtain a Copy of the Tax Return from the Previous Year

If you use the preparer you used last year, they will likely have your previous information. If you prepare a new document, the previous one would be a reference and some of the items you don’t want to overlook.

A tax consultant will always help you to meet your financial goals. Contact us at +91 999 549 2484 or give a quote at mail@emblazetcs.com for further assistance.