Income Tax Return: Things to remember before filing ITR - Check documents required, penalty and other details
Income Tax Return:Taxpayers can check their Income Tax Return status by visiting the official website of the Income Tax Department of India.
Income Tax Return: Income Tax Return (ITR) is a form which a taxpayer is supposed to submit to the Income Tax Department of India. ITR is also used as proof of income when applying for loans, visas, or other financial transactions. Individual taxpayers have to fill out ITR before July 31 each year and businesses have a deadline that depends on their category. The Income Tax Department has issued 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. The taxpayer should file ITR before July 31.
Taxpayers can check their Income Tax Return status by visiting the official website of the Income Tax Department of India. Taxpayers will be asked to enter their Permanent Account Number and Password to check the status.
Income Tax Return: Things to remember before filing income tax return form
- Select the suitable ITR form (from ITR-1 to ITR-7).
- Before filling in the details – collect all personal documents such as PAN, address, e-mail address, bank account information, and so on,
- Download AIS and Form 26AS to determine the actual TDS/TCS/tax paid.
- Collect and examine the documents that will be required to file ITR, such as bank statements/passbooks, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), and investment proofs.
- File your ITR on or before the last date (July 31, 2023)
- Once all of the details in the return of income have been filled out and confirmed, the return of income can be filed.
- At the last, e-verify the return as without this the ITR filling will be invalid.
Income Tax Return: Penalty for ITR-filing
If ITR is not filed before March 31 then the taxpayer faces penalties. Penalties will range between Rs.1,000 to Rs.10,000.
Electric motorcycle startup Raptee receives $3 million in pre-Series A round led by Bluehill Capital
Traders' Diary: Buy, sell or hold strategy on Tata Consumer, Wipro, LTTS, Voltas, Polycab, over a dozen other stocks today
abCoffee gets $2 million in seed round led by Tanglin Venture Partners; eyes to expand product range
Chaman Lal Setia Exports hits record high; LT Foods, KRBL also surge as govt approves export of rice to UAE
India vs Australia 3rd ODI Free Live Streaming: When and How to watch IND VS AUS match live on Web, tv, mobile apps online
Income Tax Return: Documents required to file ITR
- Pan card
- Form 26AS
- Form 16A, 16B, 16C
- Bank statements
- Salary Pay slips
- Interest certificates
- TDS certificate
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Amazon Great Indian Festival Sale 2023 likely to begin soon; discounts, exchange and bank offers, and more
Retirement Planning: How long-term recurring deposit is a low-risk, guaranteed return investment for senior citizens?