Income Tax Return Filing AY 2021-22: ITR filing is mandatory if the taxable income of the individual is Rs.250,000 per annum. According to tax rules, ITR filing is required for people who have paid about Rs 1,00,000 in electricity bills or traveled abroad for Rs 2 lakh in a financial year.
However, experts advise that even if a person’s income is below the tax threshold, he/she should file an income tax return. Return filing offers several benefits. This year, the tax department launched a replacement ITR filing portal. Before filing the return, here is a list of items you must complete this year:
1. PAN, Aadhaar link:
It is mandatory to connect PAN and Aadhaar. You cannot verify ETR through the Aadhaar-OTP option without connecting the Aadhaar and PAN. The last date for PAN-Aadhaar linking is September 30, 2021.
2. Link checking account and PAN
PANs need to be linked to the checking account as the refunds are transferred directly to the taxpayer’s checking account. Also, without linking to a PAN checking account, you will not be able to open an FD or make a cash deposit beyond a certain limit.
3. Collect Form 16 / Form 16A from the employer
Form 16 provides details of taxes deducted from your salary. It is the responsibility of the employer to provide this. Other discounters, such as banks, offer Form 16A. The last date for the difficulty of Form 16 and Form 16A was July 31, 2021. You must convince them and check the bank statements for Form 26AS and ITR filing.
4. Examine your capital gains liabilities
After selling any capital assets such as stocks, mutual funds, residential property, and gold, you are required to pay a capital gains tax.
5. Submit Form 15G / 15H
Interest paid on your bank accounts is tax-deductible. However, if you are doing not have income under the taxable bracket, you’ll avoid this tax write-off by submitting Form 15G / Form 15H (whichever is applicable)
6. Download Form 26AS
Form 26AS is your annual shortfall statement. This is one of the most important documents for filing an ITR. Several changes were made this year to make the 26AS. You can download this type from the new tax website, the TRACES website, or your net banking account.
7. Other documents required
You will need to keep another document before filing the tax. such as:
- Certificate of interest from the bank
- Details of dividend income
- Certificate of Interest on Home Loans (if any)
- Evidence of tax-saving deposits for tax filing
Follow and connect with us on Facebook, LinkedIn & Twitter
