ITR or income tax return is a document that acts a declaration of all your taxable incomes in a financial year and respective taxes paid. All your potential sources of income are mentioned in this form that assesses if your gross income is taxable or not based on the tax slabs fixed by the government.
Filing of income tax return allows you to claim exemptions determined by the government and also analyse your tax liability. Even in case you have availed a home loan, you can benefit from the tax exemptions under Section 80C and 24(b). However, make sure you hold the necessary documents to file the return seamlessly.
Documents required in filing income tax return
You are required to present a set of specific documents while e-filing income tax returns which include –
- PAN card.
- Salary slips for salaried individuals.
- Bank statements for self-employed individuals.
- TDS certificates.
- Interest certificates.
Additionally, a few forms are to be submitted to file income tax return which include –
- Form 26AS.
- Form 16 A/B/C.
Also, make sure you apply for the appropriate income tax return by filling the correct ITR form. Choose the form based on your eligibility and income criteria. After that, download the ITR form from the official portal of the Income Tax department. You can also keep track of your application status through the same.
Simply put, filing your tax returns is an essential aspect as and when you qualify for it based on the income tax slabs. Therefore, to remain at the top of your taxation responsibilities, make sure you pay your taxes before the due date to avoid unwanted penalties.