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Individuals often consider Income Tax returns filing a tedious process as they are not aware of the entire method. One should keep a few specific things in mind before submitting their ITR.
During e-filing Income Tax, taxpayers should keep in mind the following –
- Choose the correct ITR form. There are various ITR forms available for different income groups such as ITR-1, ITR-2, ITR-3 and ITR-4.
- Submit the details of entire income, including foreign income earned during the financial year.
- Remember to file Income Tax returns before 31st July to avoid penalty charges. The penalty differs with taxpayers according to their Income Tax slabs.
- Retain all the tax exemption proofs such as investments made, rent payments, other tax benefits received, etc.
Documents required to file ITR
A taxpayer should keep the following documents handy before filing of Income Tax returns –
- Form 16 is mandatory for each salaried person.
- An individual needs to submit Form 26AS which is officially considered as the consolidated tax statement.
- All the documents related to tax-saving investments are necessary along with the interest income certificates.
- Other KYC documents such as PAN and Aadhaar are mandatory to file Income Tax returns.
If an individual has an existing home loan, he/she must submit essential information to avail the Income Tax benefits.
