ITR file - Rightsofemployees.com

ITR Filing for FY23-24: Forms and documents required for ITR file, check list

Pravesh Maurya — Sat, 18 May 2024 05:09:48 +0000

Income tax return filing for FY23-24 : The ITR filing deadline for salaried taxpayers is linked to the timeline for issuing Form 16 by their employers. This important document containing information about income and tax deduction is usually issued by mid-June.

Income tax return filing

Taxpayers can use the e-filing portal of the Income Tax Department to file ITR. Despite this option, experts suggest taxpayers to wait for some time as Form 26AS and AIS have been updated, which will make the process of filing ITR easier.

Also Read: Gold Price Today: Heavy fall in the price of gold, check the rate in your city

It is necessary to link Aadhaar with PAN.

ITR can be filed online through the e-filing portal of the Income Tax Department. It is mandatory for all taxpayers to link their Aadhar card and PAN to file ITR.

Form for filing income tax return

There are several ITR forms that taxpayers should choose from category wise. The Income Tax Department has issued seven types of forms for taxpayers to select. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.

These documents will be required

It is necessary to collect documents to file ITR. From salary slip to bank account information, taxpayers will have to ensure that they have information about income, expenses and investments. ITR forms are attachment-free forms and hence, taxpayers are not required to attach any documents (like proof of investment, TDS certificate, etc.) along with the return of income (even if filed manually).

Also Read: FD interest rates Increase : Take advantage of this opportunity to secure your financial future today

They can file electronically. However, taxpayers should retain documents like Form 16, Form 26AS, salary slip, PAN, Aadhar, rent and investment slip with them. So that it can be used at the time of need. Once the necessary paperwork is done, taxpayers can start filing through the e-filing portal of the Income Tax Department.

The post ITR Filing for FY23-24: Forms and documents required for ITR file, check list first appeared on Rightsofemployees.com.

ITR File: Taxpayers can file ITR without Form 16, this is the step-by-step method

Pravesh Maurya — Wed, 31 May 2023 11:14:57 +0000

ITR File: Filing of Income Tax Return is one of the most important tasks for every citizen in India. Using Form 16 for employees in the country is an essential part of filing tax returns.

Form 16 is provided by the employer, and serves as a document for income and tax deductions. Sometimes many companies may take a lot of time to provide their Form 16 to the employees, but the absence of this document should not prevent taxpayers from completing their tax tasks.

In such a situation, if you have not yet received Form 16 for filing tax, then you can file ITR without Form 16 as well. You can file ITR by collecting income-related documents like salary slips, bank details, interest certificates, and rent income receipts. These documents will facilitate accurate calculation of total income from various sources. Make sure that no detail of all the income earned during the financial year should remain incomplete.

First of all, identify the deductions and exemptions for which you are eligible under the Indian Income Tax Act. Such deductions can include insurance premium, contribution to provident fund and home loan payment etc. Check supporting documents to find out applicable deductions.

Form 26AS will be available online

Access Form 26AS, which is available on the e-filing website of the Income Tax Department. Presents a comprehensive overview of tax credits and taxes paid as recorded. Thoroughly verify the accuracy of tax deducted by employers and other entities, ensuring that no tax credits have been inadvertently overlooked.

Use the Income Tax Filing Portal

Use the online income tax filing portal offered by the Income Tax Department to file tax returns. The customer friendly interface will guide you through the form filling process and assist in entering accurate information. While declaring income, be careful and transparent, relying on available documents and computed figures.

Pay special attention to this

It is very important to maintain a record of supporting documents including salary slips, bank details and investment proofs for filing income tax returns. These documents may have to be produced for verification purposes by the tax department in future. Retain a copy of the tax return application for reference and record keeping. So that there is no problem in future. Individuals who are facing problems can take help from tax professionals or chartered accountants.

The post ITR File: Taxpayers can file ITR without Form 16, this is the step-by-step method first appeared on Rightsofemployees.com.

ITR File: For whom it is necessary to fill ITR, know every update

Pravesh Maurya — Wed, 27 Jul 2022 06:17:14 +0000

Income Tax Return: If you are earning Rs 2.5 lakh or more in a year, then it becomes necessary for you to submit Income Tax Return (ITR) form. This time the last date for filing ITR has been fixed as 31st July 2022. The Income Tax Department has made it clear for the time being that it is not going to extend the last date of ITR filing this time. In such a situation, now you have five days left for ITR filing. Today we are telling you the process and other important things related to online ITR filing..

Who should fill ITR

All citizens up to the age of 60 years with an annual income of Rs 2.5 lakh or more
Citizens above 60 years and up to the age of 80 years with annual income above Rs 3 lakh
All senior citizens above 80 years of age with annual income above Rs 5 lakh

How to choose the right form

The Income Tax Department has introduced seven forms for ITR filing this year.
There is ITR-1 form for salaried and pensioners with annual income up to Rs 50 lakh.
ITR-3 form is basically for business or any specialist professional.
ITR-5, 6 and 7 forms are for companies, firms, LLPs or institutions.
Salaried or pensioner to fill ITR-4 form on income above 50 lakhs. Information about income from other sources can also be given in this.
ITR-2 form is there for taxpayers having income above Rs 50 lakh and having two houses. This form is also for those earning more than five thousand rupees from farming or capital gains from shares or mutual funds.

Note – Taxpayers can approach the investment advisor in case of problem in ITR filing. This article has been written based on conversations with CA Manish Gupta and investment advisor Rajesh Roshan.

The post ITR File: For whom it is necessary to fill ITR, know every update first appeared on Rightsofemployees.com.

ITR Filing Checklist: ITR filers must see this checklist of 9 things

Pravesh Maurya — Tue, 19 Jul 2022 07:02:32 +0000

ITR Filing Checklist: There are many people who wait till the last date to file ITR. This should not be done and the income tax return should be filed as soon as possible. 9 things that income tax returnees should keep in mind.

ITR Filing Last Date is fast approaching. Many people have filed tax returns, but there are many people who have not yet filed ITR. Till now the government has not extended the last date for filing ITR. In such a situation, you should also file ITR by July 31. If you wait till the last date, then maybe later due to overcrowding, the website may start having problems. In such a situation, you should file ITR as soon as possible. Let us know which 9 things you should keep in mind before filing ITR.

1- First download Form-16 or 16A

To file ITR, a job seeker first needs Form-16. So talk to your employer and get Form-16. Form-16 also contains all the information about the tax levied on your salary. Not only this, there is also a breakup of your salary in it. If HRA is not there in Form-16, then you can also give it while filing ITR. However, if you had given all this information to your employer, you can file ITR in a pinch by looking at Form-16.

2- Check TDS and TCS details in 26AS FormMake sure to check Form 26AS before filing Income Tax Return. This form contains your tax information. Check whether the tax details given in the form are correct or not. If you feel that any information is not correct then you can get it corrected. However, it may take up to 7-10 days for any information to be corrected. In such a situation, 26AS form should be checked 15-20 days before filing ITR.

3- Check income and TDS-TCS details in AIS form

Once you have checked Form 26AS, you must match it with the AIS (Annual Information Statement) Form. The AIS form contains all the information about the transactions you have done during the year. In this, it is given that how much income you have earned from salary, rent, interest etc. and what you have sold in the meantime. If you feel that any transaction has been missed, then definitely tell it while filing ITR. While filing ITR, it is important that you give accurate information.

4- Obtain Capital Gains Statement Form

If you have invested in stocks or mutual funds, you must also obtain the capital gains statement. Long term gains above Rs 1 lakh attract 10 per cent tax. On the other hand, short term capital gains are taxed at 15 per cent. The calculation of this tax is very difficult, so the tax calculation is done for you by the brokerage firm itself. You can get capital gains statement from your broker and then file ITR.

5- Check bank balance and interest received on deposits

Most taxpayers do not report their income from other sources. It also includes interest income. Keep in mind that the income you get from bank deposits or deposits in any other scheme is required to be disclosed to you at the time of filing ITR. If you have any confusion then you can also see AIS form, it will get information about it. In that form there is a complete record of every transaction related to your PAN.

6- Also tell the earnings from crypto assets

While filing ITR, you also need to keep in mind that you will have to declare income from crypto assets. A 30 percent tax has been announced on crypto in this year’s budget. In such a situation, this tax will not be applicable while filing ITR, but experts believe that this time also it is better to protect yourself by paying 30 percent tax. So if you have also invested money in crypto, then definitely declare it and also pay tax.

7- Provide information about foreign assets and income

While filing ITR, you will also have to mention where your assets are abroad. Also, if you have received any income from any foreign property, then the information will also have to be given to the Income Tax Department. In such a situation, it is important that you get all this information in advance and must show it in the ITR filing. If you have kept money in any bank abroad, then it is also necessary to tell about it.

8- Check deduction and exemption in the final form

After you have filled all the information in the income tax return form, then definitely check it once. Do not file tax return in haste. Now Income Tax Return Forms are much easier than before and a lot of information is pre-filled in them. However, there are many such information, which are not in the form and it is not easy to check them. In this case, you can also take the help of a tax expert. There are also many tax portals in today’s time, which provide help in return for a nominal fee.

9- Verify the tax return

Mere filing of ITR is not enough. After filling the ITR, it is also necessary to get it verified. The process of filing ITR of any taxpayer is not considered complete until he gets the ITR verified. Any person can get ITR verified with the help of 6 methods.

1- You can easily verify your tax return through Aadhar OTP, but for this it is necessary to have your Aadhar-PAN link.

2- If you want, you can also verify your tax return by logging into your netbanking account.

3- You can also verify the return by generating the Electronic Verification Code i.e. EVC from your bank account.

4- You can also use demat account to verify ITR return.

5- The facility of verifying returns is also available through bank ATMs.

6- Apart from these, you can sign a copy of the ITR-V form and send it to the Income Tax office in Bangalore.

The post ITR Filing Checklist: ITR filers must see this checklist of 9 things first appeared on Rightsofemployees.com.