Income Tax Return: Forms known as the Income Tax Return (ITR) are used to report gross taxable income, claim tax deductions, and declare net tax liability. Taxpayers need to pay close attention to a number of aspects when filing their income tax returns in order to avoid making mistakes.
This is a crucial process. Taxpayers frequently file their returns in a haste at the last minute, providing incorrect information. Taxpayers may also be required to file the revised ITR as a result of this delay in receiving the return.
Who ought to submit ITR?
Companies, Hindu Undivided Families (HUFs), self-employed individuals, and salaried individuals are all required to submit an ITR to the Income Tax Department of India. The deadline for individual taxpayers is July 31, while the deadline for businesses and other entities varies by category.
When submitting an ITR, the following points should be kept in mind:
-There are different ITR structures from ITR-1 to ITR-7 for different elements. The form should be filled out by taxpayers in accordance with their classification.
-Be sure to double-check the pre-filled information regarding PAN, Aadhar, email address, and bank account information, among other things.
Download the AIS and Form 26AS to determine the actual TDS, TCS, and tax paid. Discuss any discrepancies you find with your employer, tax deductor, or bank.
- Collect and carefully examine the documents that will be used to file the ITR, such as investment proofs, bank statements/passbooks, interest certificates, receipts for claiming exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), and so on.
- In the return, include all pertinent information, including total income, deductions (if any), interest (if any), and paid or collected taxes (if any).
- If you don’t submit your ITR by the deadline, you could face penalties of anywhere from Rs 1,000 to Rs 10,000.
Once all of the information on the income tax return has been filled out and verified, it can be filed.
- E-verify the return following its filing.
Documents required to file ITR
- Pan card
- Form 26AS
- Form 16A, 16B, 16C
- Salary Pay slips
- Bank statements
- Interest certificates
- TDS certificate
- Proof of tax saving investments
Step to file ITR online
Step 1: Go to https://www.incometax.gov.in/iec/foportal/
Step 2: Register or Log in to the website
Step 3: Enter the required details
Step 4: Select the mode of Filing
Step 5: Select the status
Step 6 – Select the appropriate ITR form
Step 7 – Summary of tax computation
Step 8- Proceed to validation
Step 9 – Submit the ITR
