Filing Income Tax Return (ITR) is mandatory as per the existing tax laws in India, if your total income in a financial year exceeds the prescribed limit. Income Tax Return (ITR) filing is the process through which a taxpayer declares the details of annual income and taxes paid in the given financial year. The Income Tax Department has prescribed different forms and you should choose the right form for ITR filing depending on the category you belong to.
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The ITR can be filed online through the e-filing portal of the Income Tax Department. For filing ITR it is mandatory for all taxpayers to link their Aadhaar card and PAN.
ITR Forms
There are several ITR forms which the taxpayer should choose according to the category. Currently, the Income Tax Department has issued seven types of forms to be chosen by the taxpayers as applicable. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
To choose the proper ITR form, taxpayers can select the option "Help me decide which ITR Form" on the e-filing portal.
Documents needed for filing ITR
Taxpayers need to gather all necessary documents related to their income, investments, and expenses before filing ITR. You should provide proof of all tax-saving documents for different deductions you claim.
These documents include:
1. Form 16: This form is mandatory for salaried taxpayers. Form 16 contains the details of your income from salary and the Tax Deducted at Source (TDS). This is generally issued by the employer to the employee at the end of the financial year.
2. Salary slips
3. Bank statements
4. Tax Deducted at Source (TDS) Certificates- Form 26AS
5. Investment proofs and bills or rent receipts
6. Taxpayers must claim all available deductions if the old regime is chosen. Calculate tax liability, verify your ITR, and keep a copy of the filed ITR.
Steps to file ITR online
· Calculate total income and Tax
· Gather all the required documents
· Go to the e-filing portal
· Select the right ITR form
· Download ITR form from Income Tax Portal
· Fill in your details in the Downloaded File
· Validate the Information Entered
· Convert the file to XML Format
· Upload the XML file on the Income Tax Portal to file the ITR
· Download the copy of the filed ITR
First Published: Apr 7, 2023 4:01 PM IST
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