If you want to file the return yourself, you can do so. This entire process is online. If you are filing income tax return for the first time, then it is important to keep some important things in mind. Before filing the return, every taxpayer should keep some important documents with him. With this you will not face any problem in filing the return.

1. Form-16 is necessary

Form-16 is very important for filing income tax return. Form-16 is issued to every employed person by his company i.e. employer. Form-16 is issued by the employer. Through this, filing of income tax return becomes easy. Form-16 contains information about the taxpayer’s gross income as well as net income and TDS deducted from the income.

2. Home loan statement

If you have taken a home loan from a bank or NBFC, then do not forget to take the loan statement for the last financial year from the bank. This will tell you how much interest you have paid on the loan. You can also claim tax exemption on the interest paid on the home loan under section 24 of Income Tax.

Also Read: EPFO changed the rules regarding pension, PF and insurance scheme. Details here

3. Proof of investment

If you have invested under Income Tax Section 80C, 80CCC and 80CCD for tax saving, then you can claim tax exemption with the proof of investment. This works as a proof to claim the exemption.

4. Capital gains documents are also important

If you have earned money by investing in mutual funds, stock market or property, then it is called capital gain. While filing ITR, it is also necessary to give information about the income earned through capital gain.

5. Aadhar card and PAN card are necessary

While filing income tax return, it is necessary to provide details of Aadhaar and PAN. In such a situation, you must keep both these documents with you before filing the return. Along with this, if you have more than one bank account, then it is also necessary to provide their information.

6. Salary slip is also important

While filing income tax return, the taxpayer must also have his salary slip. The salary slip contains the information about the person’s annual income, DA, house rate etc.

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Sikkim was merged with India on the condition that its old laws and special status would remain intact. Because of which the state followed its own Sikkim Income Tax Manual 1948, which had been governing the tax laws since 1975. Under this rule, no resident of Sikkim had to pay tax to the Centre.

Exemption to 94 percent people

In the year 2008, the tax laws of Sikkim were cancelled. The residents of the state were exempted from tax by adding Section 10 (26AAA) in the Union Budget of that year. A clause in the Act protected the special status accorded to Sikkim and “Sikkim” was added as per Article 371(f).

In 2008, the central government gave income tax exemption to more than 94 percent of Sikkimese people, but left out 500 families. Who refused to give up his Indian citizenship. Under Section 10 (26AAA), the people of Sikkim were exempted from income earned in the state or by way of dividend or interest on securities.

PAN card is also not required

Apart from this, the market regulator SEBI also exempted the residents of Sikkim from the mandatory PAN requirement for investing in the Indian securities market and mutual funds. Meanwhile, the Supreme Court of India held that the benefit of tax exemption provided in Section 10(26AAA) would be extended to all Sikkimese, including those permanently settled in the state prior to Sikkim’s merger with India.

The Supreme Court gave the decision

Prior to the SC ruling, the income tax exemption did not cover Sikkimese Sikkimese Indians who had permanently settled in the state prior to 1975, when Sikkim merged with India. The Supreme Court’s decision was in response to a petition filed by the Association of Old Settlers of Sikkim (AOSS) in 2013, seeking to exclude from IT exemption those who were not Sikkimese by origin, but migrated after their merger with India or Then they were living there before merging with India.

This rule is for these people

The court directed the state to incorporate a clause section 10 (26AAA) to extend income tax exemption to all Indian citizens residing in Sikkim on or before April 26, 1975. Further, the apex court has excluded a Sikkimese woman who married a non-Sikkimese man after April 1, 2008, from the exempted category under Articles 14, 15 and 21 of the Constitution of India.

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In such a situation, people are hopeful that some relief step will be taken by the government regarding income tax. Whereas today we are going to tell you the important update related to income tax before the budget. People who do not file income tax should also be aware of this. Let’s know…

Income Tax Slab At present, income tax is collected in the country according to the two tax system. One of these is Old Tax Regime and the other is New Tax Regime. If a person files tax according to the Old Tax Regime, then he can also get many types of exemptions. On the other hand, if someone files tax according to the New Tax Regime, then he cannot get other exemptions. Whereas today we are going to update you about the slabs present in Old Tax Regime.

Income Tax Actually, there are four tax slabs in the Old Tax Regime, according to which tax is filed. According to the financial year 2022-2023, if an individual taxpayer below the age of 60 years in the country files tax according to the Old Tax Regime, then he does not have to pay any tax on an annual income of Rs 2.5 lakh. After this, 5% tax is charged from income of Rs 2.5 lakh per annum till income of Rs 5 lakh per annum.

Tax Slab According to Old Tax Regime, if someone’s income is more than Rs 5 lakh per annum and up to Rs 10 lakh per annum, then he will have to pay 20% income tax. On the other hand, if someone’s income is more than Rs 10 lakh annually, then he has to pay income tax of 30 percent.

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But before the budget, the Finance Minister has given a big gift to the senior citizens. The rules have been amended for this. Fulfilling the promise made to senior citizens, the Finance Ministry has given information about this by tweeting.

what was said in the tweet

According to the tweet, senior citizens above 75 years of age, who have only pension and bank interest as their source of income, will get relief. Apart from this, there will be no need for them to file income tax. The round of discussions is going on before the budget 2022 regarding relief in income tax. Employed people are waiting for relief in the income tax slab. But before that good news has come for the elderly.

As announced in Budget FY 2022-23, senior citizens above 75 years of age, having only pension and interest income, are now exempted from filing Income Tax Return. #PromisesDelivered pic.twitter.com/iuyIzyQPnJ

— NSitharamanOffice (@nsitharamanoffc) January 5, 2023

Will get tax exemption

In the tweet, the Finance Ministry said that tax exemption has been given to elders above 75 years of age. Relief will be given to those people whose income is pension or interest from banks. For this, the government has added a new section in the Income Tax Act. In order to benefit citizens above 75 years of age, a new section section 194-P has been added by amending the rules of the Income Tax Act, 1961. Banks have also been informed about this amendment.

The Central Board of Direct Taxes has said that notification has been issued for the forms and conditions related to it. Along with this, necessary changes have also been made in Rule 31, Rule 31A, Form 16 and 24Q of the tax. The Finance Minister had also announced about this in the 2022 budget. Now the bank in which the elderly will have an account, the same bank will deduct whatever tax is made on their income. For exemption in tax return, senior citizens will have to fill Form 12BBA and submit it to the bank.

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Feel fined

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was Sunday 31 July 2022. This means taxpayers whose accounts are not required to be audited were required to file income tax returns by this date. Individual income tax payers who have not filed ITR by July 31, if their income is taxable, will have to pay a penalty of Rs 5000.

31 October these people can file

Salaried individuals are required to file their income tax return by 31st July, while corporates or those who need to get their accounts audited can file their returns by 31st October of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.

so many returns filed on the last day

At the same time, the last date for submission of Income Tax Return (ITR) for the financial year 2021-22 for individual income tax payers was 31 July. More than 63.47 lakh returns had been submitted till 10 pm on the last day, Sunday. The Income Tax Department has set July 31 as the last deadline for submission of ITR.

was constantly requesting

The department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. Earlier, till July 30, more than 5.10 crore returns had been filed. With the ITR filed on Sunday, the total number of income tax returns for the financial year 2021-22 has crossed 5.73 crore.

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Discounts to these senior citizens

According to the rules of the government, all those senior citizens above the age of 75 years whose source of income is pension or interest on bank deposits, then it is not necessary to file ITR. A new section has been added in the Income Tax Act, 1961 under the Finance Act-2021. This is the new section 194-P.

This condition must be fulfilled

Having a pension account and FD account in the same bank has been considered a necessary condition for exemption from filing ITR for senior citizens above the age of 75 years. Keep in mind that tax is deposited on the interest earned on FD, then in that case the benefit of this exemption cannot be taken. Only senior citizens who fulfill all the necessary conditions have been kept in the purview of this exemption. 

You can take advantage of this discount

Senior citizens above the age of 75 years can visit the bank to avail this exemption. For this, it will be mandatory for the applicant to fill and submit the 12-BBA form in the bank. In this form, the applicant has to share the information related to FD and pension. After filling the tax amount given in the form, the applicant gets the benefit of this exemption. That is, there is no need to file separate ITR after this.

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