Come July 31, and you will be running from pillar to post to file your income tax returns. Let us take you through a few pointers before you start.
Updated ITR Submitting 2022:
The Internal Revenue Service recently released a new form for filing Updated Income Tax Returns. Budget 2022 featured a new idea of updated returns. It gives taxpayers two years from the end of the relevant assessment year to alter their ITRs.
Cross-check data in pre-filled forms while filing income-tax return.
The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry
Sources of Income
1. Salary
2. Rental income from house property
3. Profit & gains from business or profession
4. Capital gains on sale of shares or mutual funds or capital assets
5. Other sources like bank interests, etc.
Important documents for filing I-T returns
-Form No.16: Issued by your employer
-Form no 16A: Issued by all the payers who have deducted tax while making payment to you during the year.
-Bank A/C statements: All your operating accounts during the year.
-Property details: Any property bought or rented out an existing property — you will need receipts of rent paid as well as taxes. You will also have to submit copy of loan certificates, if the property is purchased through a loan.
-Contract Notes: For sale & purchase of shares during a financial year
-Tax Challans: Details of tax payments made during the year if you have made an advance payment.
-Others: Any other documents for a financial transaction involving tax implications for computing your taxes.
Note: You don’t need to submit any of these copies to the I-T department during the process of filing income tax returns, and even originals are also not required to be given to your CA, if you are taking professional help. These documents are only required to help you prepare your tax computation and you should keep these copies handy, in case the I-T department asks you to furnish them.
Need for Multiple Disclosures
-Below are the mentioned disclosures of several assets and financial investments that form an integral part of the income tax return:
-Mentioned information of all Indian bank accounts
-Mentioned data of unlisted equity shares
-Information about directorship carried in Indian or foreign companies.
-The schedule assets and liabilities: the information of the particular assets like land, building, movable assets, etc, and financial assets (bank deposits, shares & securities, cash in hand, etc.), as well as the respective liabilities, need to be shown if the total income of the person is more than Rs 50 lakh.
-Schedule Foreign Assets
Happy filing!
