Every year nearly 6 cr Indians would furnish the ITR. Some of the assessees file it on their own through the e-filing portal, and various assesses takes support from the experts or CA to furnish their returns. A majority of the assessee does not know about the terms like Form 16 or 26AS when they came across it.
You must learn about income tax return filing would be statutory essential under the income tax act 1961. An income tax return would provide you with a legal document at the time of loan applications, overseas education, and visa applications.
When you plan to furnish the income tax return for the first time then you must gather all the needed documents which consist of a salary certificate/form 16, interest certificates issued by your banks for the deposits/education loans and housing loans, life insurance premium receipts, health insurance premium receipts, bank account statement, Form 26AS, bank account number and IFSC code, quarter-wise information on dividends that have been obtained in the former year and annual information statement (AIS).
Detail Information About the Income Tax:
ITR E-filing: The same refers to furnishing your ITR online through the use of either the income tax website or any additional online portal. You are indeed enabled to furnish the ITR in offline mode via furnishing the needed forms and attaching the validating documents with them.
ITR Meaning: The full form of ITR is an Income tax return. It is the kind of form which the assessee would be mandated to submit to the income tax department. It specifies the details of the assessee’s yearly income along with the taxes that he or she is obligated to pay on the income in that specific year.
Assesses: The taxpayer is said to be the individual or business firm mandatory to file the taxes to the government, it is the money that exceeds the tax limit.
Salary Certificate Form 16: This is a certificate that your employer provides it rendered that tax has been deducted from your salary and deposited on your grounds. A salaried person is enabled to obtain Form 16 from his/her employer.
New AIS: Annual Information Statement (AIS) has information about your financial transactions for the fiscal year. AIS assists you in furnishing the correct ITR form. To see your AIS form, login to the income tax portal, proceed to the services tab, tap on AIS and download AIS as a PDF or as a JSON.
Form 26AS: It is the statement that gives the information about the tax deducted, collected, and paid in a fiscal year. For downloading Form 26AS go to the website of the income tax and log in using your credentials proceed to the e-file menu and then choose the ITR after that tap on view form 26AS.
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