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Latest ITR Forms as Per Income Slabs

income tax forms ITR filing is an important aspect for any individual as its correct filing can help you get loan at a later stage without any hassle and one gets a lot of help during home loan provided one has filed the returns correctly.

However remember that you need to file income tax return in correct form to get requisite benefits. Have a look at the forms which needs to be filed as per guidelines issued by income tax authorities.

Remember to claim income exempt from income tax like interest earned on nPPF or dividend from shares or saving interest upto Rs 10,000 under sec 80 TTA and lastly Rs 5000 for preventive Healthcare Expenses. (The expenditure could have been in cash too).

Declaration of Assets and Liabilities for Business people : If you earn Income from Business or Profession and your Total Income exceeds Rs. 25 Lakhs, you have to provide the details of all your personal and business Assets & Liabilities in Income Tax return itself. This is for people filling in ITR-3 and ITR-4 only. 

Foreign Income declaration: Income earned from foreign countries has to be declared in the ITR. This is in addition declaration of all foreign assets in your I-T Return.

So take time while filling the income tax return and make sure that you claim all the deductions as money saved legally is in reality provides you best happiness as it is your own money and definitely it is your right to claim the rightful deductions. Do not forget to check out your second home tax liability as it can help you save a lot of tax.

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