Income Tax Return (ITR) filing is a mandatory process that every taxpayer has to comply with. Filing an ITR is a way of reporting one’s income earned during a financial year and the taxes paid on it to the Income Tax Department of India. The Income Tax Department uses the information provided in the ITR to calculate and assess the amount of tax due or refundable to the taxpayer.
In this page, we will guide you through the ITR filing process for individuals in India, including the eligibility criteria, types of ITR forms, documents required, steps involved in ITR filing, and the benefits of filing ITR. We will also explain why it is essential to file ITR even if you don’t have taxable income. Our goal is to make the ITR filing process simple and hassle-free for you.
If you are a salaried employee, you need to provide your Form 16, which is issued by your employer.
If you have received income from fixed deposits or other sources, you need to provide Form 16A, which is issued by the entity that deducted TDS.
You need to provide your bank statements for the financial year to report your income and expenses.
You need to provide the investment statements for the financial year, such as mutual funds, stocks, and other investments.
If you are a tenant, you need to provide your rent receipts.
If you have a home loan, you need to provide your home loan statements.
You need to provide the receipts of the insurance premiums paid during the financial year.
If you have made any donations to charitable organizations, you need to provide the receipts for the same.
PAN Card & Aadhaar CardThe Permanent Account Number (PAN) card & Aadhaar card is a mandatory document required for ITR filing.
Form 16If you are a salaried employee, you need to provide your Form 16, which is issued by your employer.
Form 16AIf you have received income from fixed deposits or other sources, you need to provide Form 16A, which is issued by the entity that deducted TDS.
Bank StatementsYou need to provide your bank statements for the financial year to report your income and expenses.
Investment StatementsYou need to provide the investment statements for the financial year, such as mutual funds, stocks, and other investments.
Rent ReceiptsIf you are a tenant, you need to provide your rent receipts.
Home Loan StatementsIf you have a home loan, you need to provide your home loan statements.
Insurance Premium ReceiptsYou need to provide the receipts of the insurance premiums paid during the financial year.
DonationsIf you have made any donations to charitable organizations, you need to provide the receipts for the same.