Last date to file your Income Tax Returns is usually 31st July for the previous financial year – for FY 2019/2020 the last date to file would be 31st July 2020. As the filing requires many documents, the government has given 4 months window to make sure everything is in order. Process to file Income Tax varies depending on your salary, profit etc.
First step to file income tax is collating all the documents.
Income Tax Return Form
Based on the income and other criteria, taxpayer needs to choose the ITR Form. Read this article to know more about ITR 1, ITR2, ITR 3 & ITR 4.
Now it is mandatory to link Aadhaar with PAN Card to file Income Tax Returns.
For Salaried Employees
Being salaried, reduces the hassles to a great extent as majority of taxes and deductions are already covered in the Form 16 generated by your employer. You need to gather the following documents to file IT Return –
- PAN Card(Aadhaar should be linked)
- Form 16 issued by employer
- Salary Slips
- Bank Statement (which can detail out the deductions required for Section 80TTA)
Most of your deductions under Section 80 such as investments(80C), health insurance(80D), insurance premium(80CCC), pension contribution(80CCD), House Rent Allowance(80GG), Education Loan(80E), Interest on Home Loan(80EE) and other Section 80 deductions.
For people who either are not salaried employees or do some freelance work other than their job, this form is very important as it carries the details of all the taxes deducted on your behalf by the deductors, details of all the taxes deposited by you and tax refund received. This can be accessed from Income Tax Deptartment’s website.
Documents Required for Income Tax Returns
No documents or proofs need to be attached while filing returns. They merely act as a proof and should be kept safely. The proofs might be required if there is any inquiry on you or a notice is sent to you.
Keeping these documents organized physically or online can be a big hassle as every year a new set gets generated, so rather than manual storage you can use the seamless automatic organizer developed by Sorted AI.
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Gaurav heads Growth & Marketing at Sorted AI. He is an IIT Kanpur Alumnus. He has more than 5 years of work experience in Entrepreneurship & Investment Banking where he worked with Credit Suisse & Tapp Me. He is an avid Keyboard/Percussion Player & a better discount hunter.