ITR filing

What is ITR filing?

ITR filing refers to filling up the appropriate form to declare the income tax you have paid in that particular year. Depending on the category of salaried or self-employed, there are various ITR forms you have to file.

The salaried employees have to file their income tax returns under the ITR-1 form. ITR filing is a requirement for those who make more than INR 2.5 lakhs in a year (General tax Payer category). ITR filing typically occurs from April through July. The Income Tax Department will charge interest, impose penalties, pursue legal action, and inspect any unfiled tax returns.

Filing ITR requires a few government-issued documents. Look for the list of documents below:

• Pan Card
• Adhaar Card
• Bank Statement/Passbook
• Form 16
• Salary slips
• Form 26AS
• Form 16A
• Exemptions under sections 80D and 80U
• Capitals gain statement

In Addition to these documents, you will require an Income Tax LoginID and password.

Also, See: TDS Return