DIY: Guide To File Your ITR

Come July and most salaried individuals and professionals get busy with preparations for filing their income tax return (ITR). For salaried individuals, the process starts with getting Form 16 from their accounts department. It is essentially the tax deducted at source (TDS) certificate that corroborates the amount of tax the employee has paid on his income and which the employer has deducted from the salary. Professionals, such as architects or medical practitioners, who may be contractually employed with clients or organisations, also need to secure their TDS certificates from all the respective employers for the financial year. But this is just the tip of the iceberg. Any individual taxpayer will also need to get in touch with his/her bank for details on interest income from deposits and interest payment on home loan, and with his/her broker for any income received as dividends from...