Here are handy tips from an expert on how to get started with the preparation for income tax filing even though the tax filing deadline is months away.

Edited Highlights
0:39 How to get a headstart in filing for income tax?

2:26 Income tax filing is all about putting together the evidence of different incomes and tax deductions

2:33 You need to set off the tax deductions against those income and pay taxes on the balance amount

2:44 Income in India is taxed under five heads: salary, rental income, capital gains, income from business and profession and other incomes

2:53 Incomes like those from rent and dividend constitute other incomes

3:00 You need to collect information about all these incomes and put them under different heads

3:06 Different heads have different tax deductions applicable to them

3:17 Then, you need papers in support of different tax deductions to claim them

3:26 If you have invested in PPF, get the passbook updated and get a photocopy

3:35 You must also collect statements of loan eligible for income tax deductions

3:51 For instance, the interest portion of the education loan is given to you as income tax deduction

4:00 Same is true for housing loans which are also eligible for income tax deductions

4:11 Among other documents required are those properties sold or the sale of shares

4:20 The evidence of the difference between sell and purchase price must be collected, regardless of whether it is a gain or loss

4:28 It is even more important for losses. In case, you don't claim the loss by the deadline for income tax filing

4:35 that loss can't be carried forward in the next year

5:00 In case of capital gains, you need to have sale and purchase dates besides indexation amounts