ITR submission AY 2022-23: There are only two days left to file your income tax return for tax year 2022-23, and the IRS has urged taxpayers to file ITR by the due date. The deadline to submit ITR is July 31, which is Sunday. Taxpayers only have Saturday and Sunday to complete this important work as the government and IT department don’t seem in the mood to extend the ITR filing due date. On July 29, 4.52 crore people filed their ITRs, according to the income tax e-filing website.
More than 4.09 crore ITRs filed till July 28, 2022 and more than 36 lakh ITRs filed by July 28, 2022 itself.
The deadline to submit ITR for AY 2022-23 is July 31, 2022.
Submit your ITR now, if not already submitted. Avoid late compensation.
Visit: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/p0ABBuoZ6r
— Income Tax India (@IncomeTaxIndia) July 29, 2022
Taxpayers can file their returns online (without downloading a form or tool) or offline (download the form or tool and then upload it to the new income tax portal). However, in both cases, the person has to present a certain set of documents depending on the ITR form.
ITR Filing: 10 Documents You Need to File Income Tax Return
i. Form 16: Form 16 is a Certificate of Tax Deductions at Source (TDS) issued to an employee by his or her employer that details salary paid, taxes withheld and taxes paid during the period of the relevant fiscal year.
ii. Other TDS certificates: Individuals must also provide Form 16A and other TDS certificates, as applicable, to file ITR. Mutual Fund corporations and banks issue Form 16A, while Form 16C must be completed by those who rent their property. Apart from this, people selling land must collect Form 16B.
iii. Annual information statement: Annual Statement of Information (AIS) is the comprehensive statement of information for a taxpayer presented in Form 26AS. It shows both the reported value and the modified value (ie value after taking into account taxpayer feedback) under each section (ie TDS, SFT, Other Information).
iv. Form 26AS: This must be downloaded from the new Income Tax Portal and contains tax deduction and deposit data against the taxpayer’s PAN. Form 26AS details real estate purchases, high-value investments, and TDS/TCS transactions conducted during the fiscal year.
v. Interest Certificates: Taxpayers must also provide a breakdown of the interest income obtained from various sources, including savings accounts, fixed deposits, etc., and must provide interest certificates collected from banks and post offices.
vi. Proof of Tax Saving Investment, Expense: Tax-saving investments and expenses can be declared under the old tax regime and it is important to provide proof of this.
vii. Evidence of unlisted investment: You must disclose information if you held unlisted shares for the fiscal year in question, and file ITR-2 to do the same. Company details, amount invested and amount received are some of the things that must be made public in this context.
viii. Earned Capital Gains: Capital gains from the sale of properties, mutual funds or stocks must be reported via ITR-2 or 3, as applicable, and details of each investment must be provided.
ix. Aadhaar Number: Taxpayers are required to provide their Aadhaar numbers when filing ITR under Section 139AA of the Income Tax Act, 1961.
X. Bank details: It is mandatory to provide all bank account details during ITR filing even if the account has been closed during the relevant fiscal year.
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