Important things About Income Tax Return

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Income Tax Return
Income Tax Return

When we talk about Income Tax Return the first and the foremost thing that comes to a taxpayer’s mind is how to file ITR, what are the documents you will have to submit in order to file Income Tax Return or on what basis one should decide which Income Tax Return Form to file. Well, that’s quite a lot of doubts, but fret not as well tell you some of the essential details that you must know before you start filing ITR.

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Income Tax Return generally contains the details of the income tax that a taxpayer has paid to the Government of India in a particular Financial Year.

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How a taxpayer can file Income Tax Return?

Earlier, the taxpayers used to file Return on paper, but now will the advanced technology you can file your ITR electronically. A taxpayer can register himself/herself on the Income Tax Department’s official e-filing portal. When a taxpayer registers on the income tax portal, a one-time-password or OTP is sent on the registered email id and mobile number of the for verification. The e-filing can either be done by selecting the ‘prepare and submit online’ option or by uploading the ‘xml file’ on the web portal, which is prepared either using excel or java utility of the return forms as provided by Income Tax Department annually.

Filing ITR

Documents that a taxpayer need to file Income Tax Return.

Income Tax Return forms are attachment-less forms which requires a taxpayer to provide the documents which are proof of investment, TDS or tax deducted at source certificates, etc. along with the return of income. Moreover, a taxpayer must keep his personal documents like PAN Card, Aadhaar Card etc, handy while filing of Income Tax Return. Apart from these the essential documents are Form 16 (given by the employer of a salaried taxpayer), investment proofs, rent receipts, insurance receipts, loan repayment documents, medical bills etc.

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