Things you need to know about Income Tax Filing Return

Things you need to know about Income Tax Filing Return

Filing income tax returns can be a tedious and confusing task for beginners as well as some regular tax space.  However, it is not as much of a hassle as most people believe it to be. If you are someone who is looking for an easy, simple, and correct guide to help you file tax returns, then you have come to the right place. Here you will find everything you need to know about filing income tax returns.

The last date to file income tax returns is 31st December for the years 2021 and 22. All the hassle and lengthy process that people had to go through earlier to file income tax returns have been relieved by the income tax department. They have introduced an automated filing system and many other search strategies to make the filing process much more easier and convenient.

Documents required while filing income tax returns

You will have to link your Aadhar with PAN to make it operative.

 the following documents are required for people who are salaried employees

  • Monthly salary slips
  • Monthly salary slips
  • Form 16 issued by the employer

The documents mentioned below are required for the who receive interest income

  • Bank statements or passbook for interest on a saving account
  • Interest income statement for fixed deposit
  • TDS certificate issued by banks

Process of filing ITR

Below you will find both online and offline processes of filing an income tax return

To file the income tax return in offline mode you need to download the applicable ITR. After that fill that form in offline mode and say the generated XML file. Then you will need to upload the file on the website of the income tax department which is mentioned below:

To file the income tax return in an online mode, enter the required data online at the e-filing portal on the official website of the ITR department and submit it. People who are taxpayers can file ITR one to four.

You will have to be well prepared while filing your income tax returns in India. Because of this, the Indian government gives a window period of four months for you to compile all the documents required like your income details, bank statements, previous tax statements, etc.

The process of filing income tax returns differs depending upon the income source, such as salary, investment profit, etc.

It is advisable to keep the certificates and receipts received by you while and after filing the income tax returns for future references. you will not have to attach those with any documents or send them to anyone. only the assessing officer (AO) can ask for those receipts Or certificates through a notice to clarify the transactions.

Make sure you consult your financial advisor before making any kind of decision regarding income tax returns filing. it will save you from any possible loss or issue during or after the process.