For those who are going to file Income Tax Return (ITR) for the first time, the biggest challenge in front of them is what documents will be required to file ITR. If the taxpayer does not have all the documents at the time of filing the return, then the process of filing ITR will get stuck.
A salary slip is required for filling ITR, which mentions House Rent Allowance (HRA), Leave Travel Allowance (LTA), Medical Allowance, Personal Allowance, etc. Depending on the allowance, the taxpayer gets various tax exemptions.
Form-16 is given by the company. This includes all the details related to the salary breakup of the employee and the TDS deducted. Form-16 consists of Part A and Part B. Part A contains the details of TDS deducted by the company along with the PAN and TAN of the company. Part B contains the employee's gross salary, in which allowance etc. is mentioned.
This form is issued by the Income Tax Department, which contains complete information about the tax levied on the income. It can be extracted from the website of the department by entering the PAN number. Match Form-16 and Form 26AS.
PAN and Aadhar The first and most important document to file ITR is PAN and Aadhar card. It is also necessary to link Aadhaar and PAN before filing the tax return.
If income is earned from any source other than salary, then TDS is deducted from it, whose certificate is required to be kept while filing ITR. Form-16A is the TDS certificate issued by the bank. This TDS is deducted from non-salary income.
The benefit of tax exemption is available under Section 80C, 80CCD(1), and 80CCC of Income Tax. Taxpayers have to provide proof of investment. Investments in insurance premiums, ELSS, EPF-PPF, and NPS get tax exemption.
31st July will be the last date to fill ITR File.