ITR Filing: The last date for filing Income Tax Return (ITR) is approaching. Filing income tax return as early as possible can save you from many problems. There are many things to keep in mind while filing returns. For this you also need necessary documents. Under section 234A of the provisions of the Income Tax Act 1961, if you file the return after the deadline, then penalty is levied after the deadline.
The last date for filing income tax returns for the financial year 2021-22 is July 31, 2022. For other taxpayers for whom audit is applicable, the deadline for filing returns is October 31, 2022. Normally, the deadline for filing returns is July 31 for all taxpayers whose accounts are not required to be audited. The process of filing income tax return varies from year to year according to the income earned.
Documents required to file ITR
Generally copy of PAN card, copy of Aadhar card, bank statement/bank passbook, income tax login ID and password are required. Also, it depends on what tax you are eligible to pay.
Form 16 – Form 16 is also known as TDS (Tax Deducted at Source) certificate. Form 16 is the basis for filing income tax return. Thus, Form 16 is the first form that should be submitted.
Salary Slip – It is important to keep salary slip ready for the salaried tax payer. Salaried tax includes basic salary, dearness allowance (DA), TDS amount, house rent allowance (HRA), travel allowance (TA).
Form 26AS – Form 26AS is also known as Annual Consolidated Statement, which contains all the tax related information of the taxpayer. It contains the details of tax deducted at source.
How to file income tax return
- Log on to the Income Tax Department’s portal -www.incometaxindiaefiling.gov.in.
- Now register or login using your PAN, which acts as your User ID.
- Select e-File by tapping on the option (click on e-File) on that page, which will direct you to login
- Now select the ‘File Income Tax Return’ button
- Click on the relevant ‘Assessment Year’ key
- After this, you will be given the option of online and offline
- If you want it online, then go to ‘Individual’ option
- Click on either ITR-1 (ITR-1) or ITR-4 option
- Select ITR-1 if you are a salaried employee
- Thereafter, the ITR return form will be downloaded in your system
- Select the filing type as 139(1) as the original return
- You have to submit the requested information and bank account correctly immediately
- Once the verification is done online, send the hard copy to the Income Tax Department