The Government creates India’s Income Tax Laws. The government imposes a tax on personal income tax, individual Hindu families (HUFs), companies, firms, LLP, people’s organizations, the body, local authorities and others. Person of the law of action. According to these laws, a person’s income tax return depends on social status. Everyone eligible to become a citizen of India must pay tax on their international income. Every financial year, taxpayers must follow specific rules when filing Income Tax Return.
An income tax return (ITR) is a form to submit information about your income and taxes to the Income Tax Department. The taxpayer’s tax debt is calculated based on their income. If a refund indicates that most of the tax has been paid during the year, a person will be eligible for an income tax refund from the Tax Department.
According to income tax laws
A return must be made annually by one person or entity receiving any income during the financial year. Revenue can be in income, business profits, real estate or dividends, profits, interest or other sources. An individual or business must pay taxes before a specific date. If the taxpayer fails to meet the deadline, they must pay a fine.
The income tax return filing deadline for 2021-22 is 31 July 2022. The deadline for income tax return filing to other taxpayers under study is 31 October 2022. The procedure for income tax return filing varies by the amount of revenue generated every year, Income generated annually and the source of income, such as company profits, investment profits, etc. Having all your documents ready is only one part of the process.
There are various documents required for ITR return filing online. In this article, we will discuss all the documents required for ITR return filing online, but before that, let us look at who needs to file an income tax return?
According to the Income Tax Act, taxes are payable only to individuals or businesses that fall under certain income levels. Listed below are organizations or companies that are required to enforce their ITRs in India:
- All persons, up to age 59, whose gross annual income exceeds Rs 2.5 lakh. For adults (60-79 years old), the limit rises to Rs. 3 lakh, and for older adults (80 years and older), the limit is Rs. 5 lakh. It is important to note that the amount of revenue must be calculated before incurring the deductions allowed under Section 80C to 80U and other exemptions under section 10.
- All registered companies generate income, whether they make a profit during the year.
- Those who wish to claim a refund of the deducted tax/income tax have not paid.
- People with assets or businesses with financial interests are outside India.
- Foreign companies enjoy the contract’s benefits in the operations made in India.
- Leading NRIs or accumulation over Rs. 2.5 lakh in India in one financial year.
List of documents required to file your Income Tax Return
ITR3 Filing
The ITR3 filing form applies to individuals and Individual Hindu families who derive benefits from the business or profession. If an individual or a separate Hindu family has an income as a partner of a co-operative firm doing business, ITR3 filing cannot be installed as in such cases; one has to complete ITR-2.
ITR3 filing should be done by individuals and HUFs who earn income from doing a particular job or business ownership. The ITR3 filing form may be used if the testing revenue falls into the categories listed below:
- Earnings from doing a particular job
- Revenue from the ownership business
- Apart from this, the benefits of the business may include property, income or pensions, as well as income from other sources.
The Income Tax Act of 1961 and the Income Tax Rules of 1962 require specific papers or documents to be produced and kept as proof. Here is a list of documents needed for ITR return filing online-
Form 16
Form 16 is also the TDS (Tax Deducted at Source) Certificate. The basis for submitting income tax returns is Form 16. As a result, Form 16 should be the first form collected. Your company will provide you with a form after you submit information about taxes paid on your behalf. This is done after calculating your salary, grants, and deductions.
Salary slips
Leading taxpayers need to keep their debts in hand. The salary slip contains all the basic personal income information, such as basic income, Dearness Allowance (DA), TDS amount, Housing Benefit (HRA), Tourism Grants (TA), standard deductions, and so on. This information is required to facilitate income tax returns.
PAN card
The PAN card is one of the most important things you should always have. Your Permanent Account Number (PAN) is an identifier and must be included in your income tax return.
Aadhaar Card
It is necessary to provide Aadhaar data to enter your ITR correctly. People must disclose their Aadhaar data while filing their tax returns by Section 139AA of the Income Tax Act.
Form 16A
TDS interest on fixed deposits is set out in Form 16A. For example, suppose your bank deducts TDS from your interest on Fixed Deposits, TDS on rent receipts, TDS on insurance commissions, or any other income that is liable for such deductions. In that case, you will receive Form 16A. Form 16A specifies the amount earned and TDS deducted and included in that income.
Annual activity details
The Income Tax Agency will provide this statement in November 2021, which describes all financial transactions performed by a person in a particular financial year. Contains more information on interest rates, dividends, securities, mutual fund transactions, foreign exchange, and more.
Form 26AS
Individuals must use the new tax portal to obtain a Form 26AS. It works in the same way as a tax entry, which contains information about taxes deducted and sent by the government against your PAN.
Proof of tax savings investment
Taxpayers should also provide tax-saving investment documents and expenses when completing their ITR. It should be noted that if a person chooses a previous tax plan while ending their ITR, they may require a tax-saving investment and expense.
Statement of income
You should get a great profit statement if you have invested in stocks, mutual funds, or other securities. Your consumer company will issue this statement.
Lawgical India is one of the leading legal service providers which offers ITR return filing online services. If you want a trusted agent for doing your taxes then Lawgical India is the right place for you. With Lawgical India your information is saved and kept confidential. You can easily file your income tax return and save yourself from all the complex procedures.
Also Read: 7 Important Types of Company Registration in India (2022)
