Are you planning to file your IT returns? Read the following

Are you planning to file your IT returns? Read the following – Income tax is the amount of money you pay to the government every year proportional to your income. There is a deadline for submitting this money. The amount you submit depends upon your income. Against this money which you submit to the government you get the basic social facilities the heath care facilities and other securities from the government.
Failing to pay the taxes will make you face serious consequences, penalty and in some severe cases I may lead to imprisonment and legal proceedings too. Hence, it is advisable to pay the taxes on time so that you can live peacefully; after all there are so many facilities government extends to the citizens.
In case you’re planning to file return on your income tax, there are following tips you consider.
1) First and foremost step is to consult an attorney or an expert who has been handling taxes. Your consultant should have the information on the latest developments in the area.
2) Income tax rates are revised every year, so before you calculate your income do a little study on the developments and changes, this will help you avoid redoing the “calculation exercise”.
3) Understand the rebates you can enjoy out of your income tax, so that you can save every bit of your money.
4) Be prepared with all the required documents in original which you might need to avail the benefits.
5) If both husband and wife are working, then they have the facility of submitting the files together, this will save time and cost of hiring a consultant.
6) You can get exemptions on the expenditure you make on your child’s education, whether they are school going or college going.
7) You have spent any money on health care, you cane expect a rebate for this too.
8)All the charitable donations you make, rebate is veiled on that.
9) If you have a mortgage you can expect a rebate.
10) To avail the rebates it is very important that you preserve the original receipts of all the payments you have made. Your attorney might ask them anytime and even the Income tax department can ask you to show them so that they can actually verify the same.
11) Check at least three times before submitting the file.
12) You can file your returns even online too.