An income tax return is a form filed to report the annual income of a taxpayer. There may be various reasons for filing an income tax return even in the absence of income. A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund, claiming tax deductions, etc. The Income Tax Department provides the facility for electronic filing e-filing of an income tax return. Before discussing the steps involved in the e-filing of income tax return, it is essential for a taxpayer to keep the documents for calculation and reporting data in ITR.
Furnishing Audit Report: i Due date to furnish the audit report is extended to 15th Jan 22 ii Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan The calculation should take into account income from all sources such as salary, freelancing and interest income.
The taxpayer can claim the deductions such as tax-saving investments under section 80C and so on. The taxpayer should summarise his TDS amount from the TDS certificates received by him for all the 4 quarters of the financial year.
After ascertaining the income tax form, the taxpayer can proceed with the filing of the income tax return. Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. Navneet Dubey. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. Getty Images Many taxpayers are totally dependent on professional chartered accountants who take care of their ITR filing. The process of filing income tax return ITR can become quite complex if you do not understand the implications of what you are filling in the form.
Therefore, when you file ITR make sure you are ready with all the correct information required because any inattention on your part can lead to a higher tax outgo. ET Wealth online lists 10 challenges that taxpayers can face at the time of filing ITR and how to overcome them. Challenge 1: Which ITR to file? Click here to join our channel and stay updated with the latest Biz news and updates. An individual is obligated to file an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax.
Income under each head of income needs to be computed separately as per the respective provisions of the said income head. Related News. Dow 30 closes above for first time in years — Know how to invest in index stocks. Stock Market. Sapphire Foods IPO subscribed 6.
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