Check the latest date; Documents required to file an ITR
The last filing date for Income Tax Returns (IT) (ITR) for FY2021-22 and Assessment Year (AY) 2022-23 is July 31, 2022. Thus, earners are advised to file their ITR for FY22 and AY23 by filing the respective ITR-1 and ITR-2 forms.
Since most people who win file the ITR-1 form, it is extremely important that they know the essential documents that they should keep handy during the ITR filing. Individuals earning an annual income of up to Rs 50 lakh from salary, house and other sources can file their tax returns using the ITR-1 form.
With regard to income from other sources, the person must not be a director or a company or hold an interest in an unlisted company. In order to facilitate the filing of computer returns, the income tax department has worked to improve the process. The department did this by offering pre-filled ITR forms. Individuals can file their RTI returns online or offline.
Deadline for filing income tax returns –. For taxpayers whose accounts are not required to be audited, the tax return filing deadline is also July 31, unless the date is extended by the government.
Below is the list of documents to keep handy when filing your tax return this year:-
- Form 16 – This is a withholding tax certificate (TDS) issued by the taxpayer’s employer. Form 16 includes details such as taxes deducted and deposited during the fiscal year as well as salary paid. It is mandatory for an employer to issue Form 16 if taxes have been deducted by him. The form has two parts – Part A and Part B. The employee can check whether the Form 16 has been digitally signed or not and whether all the details of both parts of the form are filled in correctly by the employer. An employee can download Form 16 Part A and Part B from the TRACES portal of the Income Tax Service. The information pre-populated in the ITR forms, under the heading “Wage Income”, is consistent with the details available in Part B of Form 16. In the meantime, the deadline for the issuance of Form 16 by an employer is June 15.
- Form 16A, Other TDS Certificates – In addition to Form 16, winners must also collect other TDS certificates applicable to them. If the interest earned on fixed deposits (FD) in the financial year 2021-22 exceeds Rs 40,000 (Rs 50,000 for seniors), banks will deduct tax on it. In addition, the bank will also be required to issue Form 16A to the individual for the tax deducted. For dividends paid in the financial year 2021-22, mutual funds and companies issue Form 16A for tax deducted, provided the amount exceeds Rs 5,000. Similarly, persons who receive a monthly rent of Rs 50,000 or more must collect Form 16C (TDS certificate) from their tenants. According to the tax laws in force, tenants who pay monthly rent of Rs 50,000 or more must deduct tax from the amount of annual rent paid. Meanwhile, people who sold land or property in 2021-22 should ask their buyer to provide Form 16B for the tax deducted on the amount. The TDS is compulsory if the property or land is sold for more than Rs 50 lakh.
- Interest income, other certificates of interest – Tax return forms ask individuals to provide a breakdown of the interest income they receive from various sources such as term deposits, savings accounts, etc. An interest certificate summarizes the interest credited or debited to an account.
Banks issue these certificates to accounts held by customers, so that they can determine the interest they have earned on their balances in their checking and savings accounts, recurring deposits, term deposits, etc. Thus, it is important to obtain interest certificates from post offices, banks and other financial institutions and fill in accurate income details in ITR forms, as well as to claim tax exemptions and deductions.
If the certificate of interest is not available, a person should make sure to update and verify the bank book(s). An individual can claim a deduction of Rs 10,000 under section 80TTA for interest earned on the savings account. Meanwhile, interest from recurring deposits, fixed deposits, RBI taxable bonds, etc. are taxable in the hands of an individual. Although interest from the Public Provident Fund (PPF) is tax-exempt, an individual must declare it.
This year, tax return forms require individuals to provide details of interest earned on EPF accounts in case the annual contribution exceeds Rs 2.5 lakh. Those who paid an EMI home loan/education loan in fiscal year 2021-22 should collect repayment certificates from their respective banks/financial institutions to claim tax exemption as well as deductions. A deduction of up to Rs 2 lakh from the interest paid on the EMI home loan can be claimed under Section 24. A person can claim a deduction under Section 80E for the interest paid on the loan studies during the 2021-22 financial year.
- Annual Information Statement – The Income Tax Service launched the Annual Information Return (AIS) in November 2021. This is a return that contains information about a taxpayer’s financial transactions during a financial year. particular financial. The AIS includes details such as a taxpayer’s income, tax details, financial transactions, tax procedures, etc.
The statement also contains information regarding the tax filed against an individual’s Permanent Account Number (PAN) with the government. AIS financial transactions should be downloaded and double-checked to ensure that all income reported on the return is reported on the tax return form as applicable to an individual.
- Form 26AS – This contains annual tax information on an individual. An assessee must download Form 26AS from the new Income Tax Portal. This is a statement that looks like a tax booklet that includes information regarding taxes deducted and deposited against his PAN with the government. One must cross-check the details given in the 26AS form with the information available in the TDS certificates and the certificates of interest. The reason for this is that there may be times when the TDS deducted is not reflected in an individual’s Form 26AS due to a bad assessment year, bad PAN, etc. An individual will not be able to claim credit for the tax deducted if they fail to do so. t reflect in his Form 26AS.
- Capital gains from the sale of mutual funds, property, stocks – Taxpayers must disclose capital gains from the sale of stocks, mutual funds or property when filing their tax returns. Individuals who have capital gains cannot file tax returns using ITR-1, instead they are required to file returns in ITR-2 or ITR-3. To calculate the capital gains (long term or short term) on the sale of land, building or house, one would need the deed of sale of the property. A taxpayer can obtain a capital gains report from mutual fund houses or the Registrar’s office. Additionally, earnings from bitcoins must also be reported for the 2021-22 fiscal year. ‘
This year, tax return forms ask taxpayers for various information relating to the sale of a building, which include:-
A. Details of the year in which the money was spent on the improvement
B. Information on the acquisition cost and the indexed acquisition cost
C. Date of purchase and sale of land/building
D. Buyer details are required in the ITR form if the property outside India is being sold
- Other key documents to keep handy
- Taxed investment, proof of expenses if you opt for the old tax system when filing the RTI
- Dividend income received from equity or mutual fund investments. A taxpayer can get them from broker statement or Demat account summary
- Details of investment in unlisted shares using the ITR-2 form
- Bank details – bank name, account number, account type and IFS code. This also includes information regarding all closed accounts, during the 2021-22 financial year.
- Aadhaar number and PAN
- Rental income – Taxpayers must retain their rental income as this income must be provided in the ITR
- Form-16A/ Form-16B/ Form-16C: Form 16A, B and C showing the TDS deducted
- Salary slips in the case of salaried persons