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Check List of Income Tax Return Documents
Last date for ITR filing: The last date for filing ITR for FY 2022-23 is July 31, 2023.
Income Tax Return (ITR) filing is of utmost importance as it acts as an important tool for ensuring tax compliance and financial transparency. By filing ITR, individuals and businesses provide a comprehensive record of their income, deductions and taxes paid, thereby helping the government to accurately assess tax liabilities. It also facilitates the process of claiming tax refunds, if eligible, and serves as proof of income for various purposes such as obtaining loans, visas, or government benefits.
Additionally, ITR filing plays a significant role in contributing to the country’s revenue collection, which is essential for funding public infrastructure, social welfare programs and economic development initiatives. Therefore, complying with ITR filing requirements is not only a legal obligation but also a mandatory civic duty that promotes a fair and accountable tax system.
Read also: ITR Filing Begins: Expert Tips for Individual Taxpayers to Choose the Right ITR Form
Here are the key ITR rules:
Who needs to file ITR? Any person whose taxable income exceeds Rs. Rs 2.5 lakh is required in a financial year to file ITR. However, there are certain exemptions and deductions that can reduce the taxable income, and in some cases, even eliminate the need to file ITR.
Which ITR form to use, There are seven different ITR forms, each designed for a specific type of taxpayer. Most common ITR forms are ITR-1ITR-2 and ITR-3 and ITR 4, You can find a list of all ITR forms and their eligibility criteria on the Income Tax Department website.
When to file ITR? The last date to file ITR for the financial year 2022-23 is July 31, 2023.
Read also: Income Tax Return Forms Decoded: How to choose the right ITR form this year?
How to file ITR? You can file ITR online or offline. You can use the e-filing portal of the Income Tax Department to file ITR online. To file ITR offline, you can download the ITR form from the Income Tax Department website and submit it to the nearest Income Tax Office.
What are the documents required to file ITR? The documents required to file ITR will differ depending on the type of income you have. However, some of the common documents required include:
- Pan Card
- Aadhaar Card
- Form 16 (if you are a salaried employee)
- Form 26AS (if you have any other income)
- bank details
- Income tax returns of previous years (if applicable)
- If you are unsure about what documents you need to file ITR, you can consult a tax advisor.
Filing of ITR is a legal requirement for all taxpayers. By filing ITR, you can claim tax deductions and exemptions and ensure that you are paying the right amount of tax.