If you are a taxpayer, it's time to start preparing for your income tax return and assessment. The tax filing season begins in April, providing you with ample time to gather the necessary documents before the deadline on July 31. In this article, we will discuss the essential documents you will need for filing your income tax return. Read on to find out more.
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Income Tax Return 2023: Start Preparing for Your Tax Assessment
The time has come to file your income tax return. As a taxpayer, it is crucial to begin the process of assessing your income and taxes. While the tax filing season has recently commenced, there is still plenty of time. However, it is advisable to file your tax returns as early as possible, as tax filing in India requires some preparation.
Understanding FY and AY
Before proceeding with the tax filing process, it's important to understand the terms "FY" and "AY." The return you are currently filing pertains to the income earned during the financial year 2022-23, which spans from April 1, 2022, to March 31, 2023. The assessment year refers to the year in which you file your returns and declare your investments for tax assessment. For income earned during the financial year (FY 2022-23), the assessment year will be the immediately following year, i.e., April 1, 2023, to March 31, 2024. Therefore, the assessment year for this filing will be 2023-24.
Know the Last Date for Filing ITR
The due date for filing income tax returns varies depending on the taxpayer category and the need for an audit. For FY 2022-23 (unless extended), the due dates are as follows:
- Individual / HUF / AOP / BOI (Books of Accounts are not required to be audited): July 31, 2023.
- Business (requires audit): October 31, 2023.
- Businesses requiring transfer pricing report (in case of international/specified domestic transactions): November 30, 2023.
- Revised Return: December 31, 2023.
- Delayed / Late Withdrawal: December 31, 2023.
Filing Deadlines for Trusts
For trusts whose accounts do not require auditing in the financial year 2022-23, the due date for filing returns is July 31, 2023. However, if the trust needs to furnish a report under section 92E in Form No. 3CEB, the due date for filing ITR will be November 30, 2023.
Filing Deadlines for Companies
Domestic companies must file their returns by October 31, 2023, for the financial year 2022-23. If the company has any international transaction or specified domestic transaction and is required to furnish a report in Form No. 3CEB under section 92E, the last date for filing ITR will be November 30, 2023.
Important Dates for ITR Filing
The last date for filing ITR is July 31 of the relevant assessment year for individuals and October 31 for taxpayers whose accounts are under audit.
Essential Documents for Filing ITR
To file your ITR, you need to gather several documents and proofs. It is essential to be aware of the required documents when you are ready to file your ITR. The following items are necessary:
PAN Card (Permanent Account Number): Your PAN card is a crucial document for income tax return filing. Make sure you have a valid PAN card before initiating the filing process.
Aadhaar Card: Your Aadhaar card is another important document required for ITR filing. Ensure that your Aadhaar details are accurate and up to date.
Form 16: Form 16 is a certificate issued by your employer that provides details of your salary, tax deductions, and TDS (Tax Deducted at Source). It is essential for salaried individuals.
Form-16A / Form-16B / Form-16C: These forms are related to TDS certificates for various types of income, such as interest on fixed deposits, rental income, or TDS on the sale of a property. Ensure you have these forms if applicable.
Salary Slips: Keep a record of your salary slips or pay stubs as they provide a detailed breakdown of your earnings, deductions, and allowances.
Bank Account Details: You will need your bank account details, including the bank name, branch, account number, and IFSC code. This information is required for refund purposes and for linking your bank account with your ITR.
Bank Passbook/Statement: It is advisable to have a copy of your bank passbook or bank statements for the financial year. These documents serve as evidence of your financial transactions.
Investment Proof: Gather all the necessary documents to support your investments, such as mutual fund statements, stock trading statements, property documents, and receipts for tax-saving investments like ELSS (Equity-Linked Savings Scheme), PPF (Public Provident Fund), or NPS (National Pension System).
Form 26AS: Form 26AS is a consolidated statement that displays details of tax credits, TDS, and other related information. It is important to verify the information in Form 26AS and ensure its accuracy.
Income from Other Sources: If you have income from sources other than your salary, such as rental income, interest income, or freelance earnings, gather the necessary documents to support and report those incomes accurately.
For more details go to official website-https://www.incometax.gov.in
