The due date for filing the income tax return (ITR) is just around the corner. The income tax department (I-T department) has fixed the deadline as July 31, 2022. The taxpayer may be subjected to monetary or criminal punishment if the ITR is not filed before the due date.
However, filing the ITR is a complex process. It is understandable if one faces difficulties. We have made a step-by-step guide and a list of documents to help you file your ITR 2021-22 without hassle.
Important documents required for filing ITR 2021-22 (AY 2022-23)
For the salaried, it is necessary to obtain Form 16 from your employer before starting the process. It contains details about your gross salary and its breakup. The actual salary figures and the ones mentioned in Form 16 must match.
In some cases, however, the salary breakup is not given. Then, you will have to subtract the exemptions from the gross salary and declare the basic salary.
Form 26AS contains all the details about the payments made to you and the tax deducted at source (TDS) that has been charged on these payments. It also has details of tax collected at the source (TCS). TCS can be adjusted against your total tax liability.
Capital gains statement
Long-term gains on investments like shares, debentures and property beyond Rs 1 lakh per annum are considered capital gains. These are taxable, and the tax rate depends upon the type of investment and the returns on it. It must be obtained to enter the details of long-term investments in the ITR.
The income from the interest on deposits is taxable in India. As the details of all the deposits are now linked with the PAN card, you must make sure that you correctly mention all the details of all the bank accounts in the ITR. You can use your bank statement to get accurate information about this.
Details of foreign assets
You must ensure that all the assets you hold in any foreign country, including bank accounts, property etc., are mentioned in the ITR.
Check deductions, exemptions
You need to fill in all the information collected in the ITR. Nowadays, the ITR form comes with pre-filled information. You must verify the information in the form and note all the deductions and exemptions. Any glitch in the form must be reported to the I-T department.
After submitting the ITR, you need to verify it within 120 days. If the ITR is not verified, it becomes invalid, and you can still get a notice from the I-T department.