Here’s a checklist to help you file your income tax returns this year

31st July is the last day to file your tax returns. Here are some important points you need to take care of before you file your tax returns.

First , check whether you really need to file your tax returns:

Most people have wrong notions about this. For example, many believe that if the tax has already been deducted at source from their employers or their Banks on their FDs, then there is no need for them to file their tax returns.

But this is not true at all. There are multiple reasons why you may need to file your tax returns even if you fall under some of the criteria mentioned above. First and foremost, the basic rule says that filing your tax returns is compulsory in case your gross taxable income is more than the basic exemption limit which is not chargeable for income tax i.e. Rs. 2,50,000/- in a particular financial year. This limit i.e. Rs. 2.5 lakhs is applicable to all the general taxpayers and the same is kept at Rs 3 lakhs for a senior citizen person (i.e. aged above 60) and Rs 5 lakhs for a very senior citizen.

But, even otherwise, if your income is less than …read more