It is time again to evaluate all your earnings of the previous financial year (FY)—1 April 2015 to 31 March 2016—and file your income tax returns (ITR) accordingly. If there are any taxes left, after taking into account tax deducted at source (TDS) and advance tax paid, those, too, have to be paid. Similarly, if excess tax was deducted, make sure you claim a refund. To do all this work, you have till 31 July—almost a month. However, it is better to do the needful as early as possible. By now, salaried employees would have received their Form 16 from the employer, apart from income and TDS proof from other sources. As per the income tax rules, an employer has to give employees their Form 16 by the end of May. Filing tax returns can be an easy process if you know what to do. Read on to find the details that are relevant to you—which forms to fill, how to file offline and online, and more.
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