ITR

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ITR

A form filed with the tax authorities reporting income, deductions, and taxes owed or refunded, ensuring compliance with tax regulations.

Required Documents of ITR :-

Tax on earnings from individuals or businesses, with services to assist in filing, planning, and ensuring compliance. Expert guidance helps optimize tax obligations and simplify reporting.

  • 1. Personal Information

    For All Taxpayers: PAN Card: Permanent Account Number card. Aadhaar Card: Aadhaar number is mandatory for filing ITR. Bank Account Details: Details of all bank accounts (including IFSC code). Contact Information: Mobile number and email address.

  • 2. Income Details

    For Salary Income: Form 16: Issued by your employer, detailing salary and tax deducted at source (TDS). Salary Slips: Monthly pay slips for the financial year. For Income from Business/Profession: Profit and Loss Account: Detailed profit and loss statements. Balance Sheet: Balance sheet of the business. Bank Statements: Bank statements for the financial year. GST Returns: Goods and Services Tax returns, if applicable. For Income from Investments: Form 16A: TDS certificates for interest income (e.g., bank deposits, fixed deposits). Form 26AS: Annual tax statement reflecting all TDS, TCS, and advance tax payments. Interest Certificates: Certificates from banks for interest earned on savings, fixed deposits, etc. Dividend Statements: Statements from companies or mutual funds for dividend income. For Capital Gains: Sale Deeds: Documents related to the sale of property or shares. Purchase Deeds: Documents related to the purchase of property or shares. STT Certificates: Securities Transaction Tax certificates for equity transactions. Brokerage Statements: Statements from brokers for transactions in securities. For Rental Income: Rental Agreement: Agreement between the landlord and tenant. Rent Receipts: Receipts for rent received. Proof of Property Taxes Paid: Evidence of payment of property taxes.

  • 3. Deductions and Exemptions

    For Claiming Deductions: Section 80C: Investment proof for deductions (e.g., life insurance premiums, PPF contributions, ELSS, NSC, tax-saving fixed deposits). Section 80D: Health insurance premium receipts. Section 24(b): Proof of interest on home loan (e.g., loan statements). Section 10(14): Proof of house rent allowance (HRA) claims. Education Loan Interest: Interest payment receipts for education loans. For Other Deductions: Charitable Donations: Receipts for donations to charitable organizations. Medical Expenses: Receipts for medical expenses, if claiming deductions under specific sections.

  • 4. Proof of Tax Payments

    Advance Tax Payments: Receipts or challans for advance tax payments made during the year. Self-Assessment Tax Payments: Receipts or challans for self-assessment tax paid before filing the return.

  • 5. Other Relevant Documents

    Previous Year’s ITR: Copy of the previous year’s ITR for reference. Tax Audit Report: If applicable, especially for businesses or professionals with a turnover exceeding the prescribed limit. TDS Certificates: All TDS certificates from various sources (e.g., banks, employers).

ITR: Step-by-Step Guidelines

- Collect Information: Gather all necessary documents including W-2s, 1099s, receipts, and previous tax returns.

- Choose Status: Identify your filing status (e.g., single, married, head of household) based on your personal situation.

Total Income: Compile all sources of income, including wages, interest, dividends, and other earnings.

Claim Deductions: Determine eligible deductions such as mortgage interest, student loan interest, and charitable contributions.

Subtract Deductions: Deduct allowable expenses from your total income to determine taxable income.

Apply Tax Rates: Use the current tax brackets to calculate your tax liability based on your taxable income.

Complete Forms: Fill out the appropriate tax forms (e.g., 1040) and include all necessary schedules and attachments. Submit Return: File your tax return electronically or by mail before the deadline.

Make Payment: If you owe taxes, make payment arrangements or pay the amount due by the deadline.

Check Status: Monitor the status of your refund and address any issues if necessary.

Save Documents: Retain copies of your tax return, supporting documents, and proof of payment for future reference.