ITR Presentation
Income Tax Return: The time has come to file the income tax return. Most wage earners will be waiting to receive Form 16 from their employer, which they will begin receiving soon. Most employers start issuing Form-16 after June 15. This will clear the way for tax-paying salaried employees to start the process of filing Income Tax Return. The last date to file the Income Tax return is July 31. But at the last moment many times problems arise due to heavy traffic on the Income Tax Department portal. Therefore, to avoid such problems, it is better not to wait until the last moment to file an RTI.
Also Read: IT Department Reminds Taxpayers Not to Miss Early Tax Deadline Tomorrow
First, gather the necessary documents.
As soon as you receive Form-16 from your employer, you need to gather and organize all the documents required to file your tax return. Apart from this, you also need to match the details of your Form 26AS and your Annual Information Return (AIS). Once all these tasks are completed, you can begin the process of filing your return (ITR Filing).
How to choose the right ITR form
After gathering all the necessary documents to file an Income Tax return, the next step is to choose the right ITR model. Salaried taxpayers must choose form ITR-1 or ITR-2. The first form is a simple form that can only be used by resident Indians and usually resident Indians whose annual income is less than Rs 50 lakh. This includes income from salaries or pensions, single house properties, agricultural income up to Rs 5,000 and interest received on savings or fixed deposits, dividends and family pensions.
Other employees, people who do not have income from a business or profession to prove, will have to use the ITR-2. For example, if you are resident but not ordinarily resident (RNOR) or a non-resident natural person or you have to prove capital gain or loss, are a director of a company or have unlisted shares or employee stock option (ESOP), or If you have a foreign bank account or any other assets outside India, you will have to use ITR-2 instead of ITR-1.
Things to keep in mind before filing a return
If your employer has calculated your taxes under the new tax regime and you want to switch to the old tax regime and claim tax deduction, you may face queries from the Income Tax Department due to a discrepancy in Form 16 and ITR returns. . But if you have complete documentary evidence, you can save taxes by answering it. However, if you do not have sufficient documentary evidence to support your tax deduction claim, you should not claim a deduction when filing your return.
