An income tax (IT) return is considered as the tax form or the forms that are used in order to file the income tax with the Income Tax Department. The tax return is usually in a predefined worksheet format where the income figures are however used to calculate the tax liability they are written into the documents themselves.ananya
An income tax (IT) return is considered as the tax form or the forms that are used in order to file the income tax with the Income Tax Department. The tax return is usually in a predefined worksheet format where the income figures are however used to calculate the tax liability they are written into the documents themselves.The tax system which prevails in India states that tax returns are required to be filed every year for an individual or the business that is received as income during the year, whether through the regular income (wages), dividends, interest, capital gains or from other sources.
Tax returns, regardless of whether it relates to an individual or a business, are required to be filed by a specific date.
If the return shows that excess tax has been paid during a given year, then the assesse is eligible for a ‘tax refund’, which is subject to the department’s interpretations and calculations.
However the article below helps to tell us the checklist which the taxpayer needs to adhere to before filing ITR.
A list of documents which is categorized on the sources of the income which is however required in order to file the income tax return are :
Income from salary
1. All the Salary Certificate(s) or Form 16 which is however received from the employer
2. If the taxpayer is a pensioner his pension certificate from the bank or the bank statement where his pension is received
Income from residential property
1. The housing loan repayment certificate
2. The Municipal Corporation tax receipt
3. TDS certificate of rent OR the bank statement where the taxpayer has deposited all the rent which the taxpayer has received
Income from other sources
The Individual details of all the income from other sources (e.g. interest, dividend, income from sources not included above) and the TDS certificates that are relating to it
The Bank statement which indicates the amounts that is earned from the agricultural sources
Income to be clubbed
Details of the income which is in the hands of any the dependents or any other person which the taxpayer wishes to declare as his income
Deductions which are not declared to employer
1. Amount which is to be contributed to the Public Provident Fund (PPF)
2. Amount of donations that are made during the current year
3. Amount of NSC that are purchased
4. Amount which is paid for the premium towards life insurance policies for the taxpayer or his dependents.
5. Contribution to the recognized pension plan under section 80CCC