Income tax filing is a online procedure of filing taxable income, deductions, and tax payments of tax payers on income tax government site as per calculation for the financial year.
Individuals having Income from :
1. Salary or Pension income.
2. Capital Gains (mutual funds & stocks), House Property, FD, Interest etc.
3. Foreign Income (Onsite deputation), Foreign Assets, NRI.
4. Salary Income and Capital Gains both.
The due date for income tax return(itr) filing is 31st July of every year for individual taxpayers.
Documents of Income Tax Return ( Individual ) :
In Case of Salaried or pension :
1. Pan Card of Individual
2. Adhaar Card of Individual
3. Bank Statement of financial year.
4. Information about income from salary, fixed deposits, kids tuition fees, Life Insurance and donation etc.
Income Tax Aknowledgement
Advantage of Income Tax Return Filing :
1. It also helps in getting hassle free bank loans and visa processing etc.
2. Its help to buying high life cover term policy with sum insured of Rs.50 lakh or more.
3. You will not be able to carry forward short-term or long-term capital losses, in a financial year(if any), to be adjusted against short-term or long-term capital gains made in the subsequent years.
4. The filing of income tax return is required to claim TDS, If TDS is deducted from taxpayer's income.
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