ITR Filling: The financial year 2021-22 is going to end after two-four days and if you have not yet filed Income Tax Return (ITR) in return for your year-long earnings, then hurry up. If you do not file your income tax return before March 31, you will have to pay a fine along with latefine, as well as a sentence of three to seven years under the Income Tax Act. At present, it is very important to file income tax return by 31st March. Let us know what documents will be required for filing return under the Income Tax Rules.
How much tax on how much income?
under the old system
No tax on income less than Rs 2.5 lakh
5% on income between Rs 2.5 lakh and Rs 5 lakh
20% on income between Rs 5 to 10 lakh
20 per cent on income above Rs 10 lakh
under the new system
No tax on income up to Rs 2.5 lakh
2.5 lac to 5 lac 5 percent
10 percent tax from Rs 5 lakh to Rs 7.5 lakh
15 percent tax from Rs 7.5 lakh to Rs 10 lakh
20 percent from 10 to 12.5 lakh rupees
25 per cent from Rs 12.5 lakh to Rs 15 lakh
Above Rs 15 lakh 30 per cent
It is very important to select the forms first
If you are going to file income tax return, then first of all you have to select the forms according to your year’s income. Along with this, you also need to know what percentage of tax has to be paid on the amount earned in a year. Before filing ITR, you have to select ITR 1, ITR 2, ITR 3 and ITR 4 on the basis of your income.
what documents will be needed
Bank or post office savings account passbook
ppf account passbook
aadhar card and pan card
If there is a home loan, then its statement from the bank
Proof of claim deduction under 80D and 80U.
Form 16 is issued by the employer, in which all the information is given.
These documents are needed in special cases
Form 16A: If TDS is deducted in addition to salary, then it is required. For example, interest more than the limit on Efi or RD.
Form 16B: This form is required when you sell a property.
Form 16C: If you have given your property on rent, then through this you will have to give information about TDS deducted on rent.
How to file ITR
To file Income Tax Return, first you have to visit the official website of Income Tax Department http://www.incometaxindiaefiling.hov.in. If you do not have a registered account, then register with your PAN.
Fill the required form according to your income.
Select your form by going to e-filling in the download section.
Download Return Preparation Software and must check whether the information which is auto updated is getting from Form 16 or not.
If there is any tax liability on you, then pay it, otherwise leave it and go ahead.
Confirm all your information and generate XML file.
Go to the submit return section and upload the XML file.
When successful, a message will appear on your screen. Along with this, the message of ITR verification will be mailed to you.
E-Verify through Net Banking, Bank ATM, Aadhar OTP, Bank Account Number, Registered Mobile Number and E-mail.