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Income Tax Return Filing Salaried

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Income Tax Return Filing Salaried

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on income of a person.

Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assesses bank account. All entities are required to file the taxes on time to avoid penalty.

The form that contains information of income and tax paid of an assessed is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

Things to remember during income tax return filing

  • Do not wait for the due date to file the IT return.
  • Always collate all the documents needed to file ITR
  • Pick the correct IT return form. This is important.

Due dates for filing IT return

  • July 31: A firm or individuals who are not liable for audit.
  • September 30: A company or other who is liable to audit.
  • March 31: All individuals and companies filing belated returns.

Income Tax Return acknowledgment

Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:

  • Name
  • Address
  • Status
  • Permanent Account Number
  • A brief statement of taxable income
  • Deductions
  • Tax paid
  • Verification

Documents required for Income Tax Filing in India

To fulfill IT filing in India, the following documents are necessary:

  • Bank statements
  • Proof of investments
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
  • For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
  • Statement of receipts and payments when no regular books are maintained
  • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions