Income Tax Return filing for AY 2021-22: The deadline for filing Income Tax Return (ITR) for the assessment year 2021-22 (FY 2020-21) is 30 September 2021. Individual taxpayers whose taxable income is more than Rs 2.5 lakh are required to file ITR. Apart from this, individuals who have paid an electricity bill of more than Rs 1 lakh in the entire financial year or have spent more than Rs 2 lakh on foreign travel, their taxable income is less than Rs 2.5 lakh, then it is mandatory for them to file ITR . This time taxpayers have to file returns on the new ITR filing portal. Given below is a list of important things that are mandatory to be disposed of and important documents which may not be required to be submitted, but are very important to keep while filing ITR.
Tax on PF Contributions: Tax calculation will be done on the money deposited in PF, know whether it can affect you too?
Link PAN and Aadhar
Aadhaar and PAN are required while filing ITR. However, now it is also necessary to have a link between the two. If these two are not linked then you will not be able to e-verify ITR through Aadhaar-OTP option. The last date for linking Aadhaar and PAN is 30 September.
Link Bank Account and PAN
You must link your PAN with your bank account as the refund that will come will be directly transferred to the taxpayer’s bank account.
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Form 16/Form 16A
Form 16/Form 16A is also known as TDS certificate. Form 16 gives complete details of tax deducted from salary while Form 16A gives details of TDS deducted on income other than salary. Form 16 is provided by the employer to the employee. This includes all the details related to the employee’s salary breakup and the TDS deducted from it. It is an important document for salaried employees while filing income tax return. Form 16 also contains the TAN and PAN number of the employer. The information contained in it is also in Form 26AS, so by obtaining Form 16/Form 16A, it must be matched with the details given in Form 26AM.
Download Form 26AS
This form is an annual tax credit statement. This is a very important document while filing ITR, in which some changes have also taken place this year. You can download this form from the new Income Tax website, TRACES website or from your net banking account.
There is a provision for deduction of tax on interest received in bank accounts. However, if your income is not taxable, you can avoid tax deduction by submitting Form 15G/Form 15H. You can download this form through net banking.
Other Required Documents
There are some other documents you must also have with you at the time of tax filing-
- interest certificate from bank
- Dividend income details
- Interest certificate if home loan is taken
- Proof of Tax Saving Investments