Income tax Return Filing Tips It is time to file income tax returns. All taxpayers have to file returns before 31 July 2024. Taxpayers should keep all the necessary documents in one place before filing ITR so that time is saved and there is no problem while filing ITR. Know here which documents are necessary while filing ITR.
Income Tax Return 2024: The time has come to file income tax return (Income Tax Return Filing 2024). All taxpayers have to file their returns (Income Tax Return) before 31 July 2024. Often, while filing ITR, we look for the documents related to it. In such a situation, time is wasted and trouble is also created.
To save time and avoid hassles, taxpayers should keep all the necessary documents in one place before filing ITR. This will make the process of filing returns very easy and there will be no hassle while filing ITR.
One thing that the taxpayer should take special care of is that he should fill all the information in the ITR correctly. If any mistake is made, the ITR is rejected by the Income Tax Department. Let us tell you which documents you should keep ready while filing income tax return.
Form 16
Form 16 is very important while filing returns. Although Form-16 is issued by the company. But, if the taxpayer has changed jobs in the financial year, then he should get Form-16 from the old company before filing the return. Form-16 contains all the information about the taxpayer’s income along with the details of Tax Deduction at Source (TDS).
Before filing the return, the taxpayer must check whether all the information in Form-16 is correct or not.
Interest Certificate
We get interest on the amount deposited in the bank. If we have invested in FD or any other scheme, then we have to give information about the returns received on it to the Income Tax Department.
The best way to get all the details like interest and returns is Interest Certificate. The interest certificate contains information about the bank’s interest as well as other interests.
If interest of up to Rs 10,000 is received annually on the savings account, then there is no tax on it.
Income Source
Many taxpayers earn income from many other sources along with their jobs. For income, they invest in many places like Mutual Funds or share market etc. Information about these investments also has to be given to the Income Tax Department.
While filing ITR, the taxpayer has to tell where he has invested and how much profit he has got from there. If the taxpayer has got capital gain through investment, then its details also have to be given in ITR.
Housing Loan Certificate
If the taxpayer has taken any kind of loan, then he also has to give information about it to the department. If a taxpayer has taken a housing loan, then before filing the return, he must take the interest and capital repayment certificate on the housing loan from the bank or financial institution. With the help of this certificate, he can claim for tax deduction.
Annual Information Statement (AIS)
Annual Information Statement (AIS) is very important while filing income tax return. Although AIS is provided by the Income Tax Department. The taxpayer must check that the information given in ITR and AIS matches.
If there is any difference in this, then the ITR will be invalid and a notice can also come from the department. If the information given in ITR and AIS is mismatched, then the taxpayer should immediately go to the Income Tax Department and get it corrected.
