The last date to file Income Tax Return (ITR) is getting closer, and if you haven’t filed your ITR yet, you should not wait for the last-minute rush. And if you are thinking that the last date will be extended, then you might get disappointed this time as the government has clearly said that this time the date will not be extended. The deadline for filing ITR for taxpayers (those not required to get their accounts audited) is 31 July 2022. If this is not extended as it has been said by the Government, then you may have to pay a penalty post this date.
Filing ITR has become quite easy now as compared to the old times. So, if you have all the documents available related to ITR filing, it will take hardly 15 to 20 minutes of your time to file ITR. Just keep these four points discussed below in your mind and you can File Your ITR Easily.
Collecting Form 16 is the first step salaried people should do. In this form, details of your salary break-up are given i.e., basic salary, HRA, and other allowances. Form 16A is for persons whose TDS is deducted on income/receipts other than salary. If your gross total income is above Rs 2.5 lakh, then you come under the income tax slab, which means you need to file ITR. However, the exemption limit for senior citizens is Rs. 3 lakhs and Rs 5 lakh for people above 80 years of age.
Form 26AS is one of the documents that you should check properly before filing ITR. It consists of complete information about the tax deducted from the income of the taxpayers. More specifically, this contains information like Tax Deduction at Source (TDS), Tax Collection at Source (TCS), Regular Tax, Refund, etc. Check the information given in the form 26AS as it may be wrong. If you find anything wrong, get it rectified before proceeding.
Once you have checked the information in Form 26AS, proceed with adding the Annual Information Statement (AIS), which contains all the savings account details. This gives you an insight into where there is a need to file your ITR according to the amount deposited in your savings account.
If you have invested in mutual funds and stock, you should get the capital gains statement from the broker and mutual funds. In such a case, ITR 2 will be filed. Similarly, if you have sold a property and invested it somewhere to save tax, you should also mention this information.
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