Today is the last chance to file an income tax return. If an income tax return is not filed today, a penalty will be imposed. The last date to fill it was fixed as December 31 after being expanded twice, the deadline ends today. In such a situation, it is better to file your return today than to expect it to go ahead. We are telling you what are the important things to keep in mind while filing ITR. Because if any mistake happens while filling then you may have to face a lot of problems.

Today is the last day to file ITR

If your annual income is more than Rs 2.5 lakh, yet you do not file an income tax return, then you may have to pay a penalty for this. Apart from this, you may also have to face other problems. According to the rules, a penalty of Rs 5,000 will be levied on filing returns for the assessment year 2021-22 after December 31, 2021. After March 31, 2022, a fine of Rs 10,000 will have to be paid for the assessment year 2021-22.

What is the mark of being a good citizen?

Paying income tax is the duty of a responsible citizen. Filling it is not only your duty but it is your job. Some rules have also been set for filling it. Like, if a person is below 60 years of age, and earns Rs 2.5 lakh annually. That person gets an exemption in income tax. On the other hand, if a person's total income exceeds the tax exemption limit, then he has to file an income tax return. Along with this, the tax exemption limit for senior citizens above 60 years and below 80 years is Rs 3 lakh. Whereas for super senior citizens above 80 years the limit is Rs 5 lakh. In this way, its border is prepared. Who will get how much discount and who will have to pay how much.

If you do not pay today, you will have to pay a fine

If your annual income is more than Rs 2.5 lakh, yet you do not file an income tax return, then you may have to pay a penalty for this. Apart from this, you may also have to face other problems. According to the rules, a penalty of Rs 5,000 will be levied on filing returns for the assessment year 2021-22 after December 31, 2021. After March 31, 2022, a fine of Rs 10,000 will have to be paid for the assessment year 2021-22.

What documents are required?

It can be filled through the e-filing portal. Before doing this work, it is necessary to make sure that all the required documents like PAN, Aadhar card, bank account number are present with you. All the papers should be perfect and accurate because if there is any kind of mistake or anything in any paper then you may have to face its problem. Especially for those who are going to file an income tax return for the first time, this news is very important for them. Because if you do not have these documents with you, the process of filing ITR will get stuck in the middle.

Form 16 is most important for job seekers

Form-16 is the most important document for all the employed people. With the help of this income tax return is filed. This document is given to any employee on behalf of his company. In this, complete information about the tax deducted from the salary of the employee is present as well as information about the salary given. And the stories give you complete safety and security too.

How to save tax

Many people make some tax-saving investments to save tax. Those who are unable to give these documents to their employer within the stipulated time, need to provide proof of it while filing the income tax return. These tax-saving investment proofs can be LIC premium receipt, PPF investment passbook, ELSS proof, donation receipt, tuition fee receipt, etc.

Interest income certificate

If you have created an FD in a bank or post office or have deposited finances in any other interest-bearing system, then it is essential to keep a certification of interest income or bank statement, so that you can get the correct information while filing your income tax return. Can fill Explain that you can get tax exemption on interest earned up to Rs 10,000 under Section 80TTA of the Income Tax Act.

Proof of expenses including medical insurance

You can claim tax exemption on health insurance premiums up to Rs 25,000 under section 80D. These insurance policies can be for you, your spouse, children. If you are a senior citizen, you can get a tax exemption on health insurance premiums up to Rs 50,000. So keep all these receipts with you while filing your income tax return.

Like Follow us on :- Twitter | Facebook | Instagram | YouTube