A date that every Indian taxpayer should mark on their calendar is 31 July. This is the annual deadline for filing income tax returns (ITR). Filing ITR on time is compulsory for all citizens earning Rs 2.5 lakh per year. File after the deadline, and you could face a penalty of up to Rs 10,000. Besides, you can now e-file your returns quickly and conveniently by logging in to the e-filing website of the Income Tax Department (ITD).
ITR e-filing: Gather your documents
Here’s what you will need:
- Your PAN and Aadhaar cards, as well as your bank account details.
- Documentary proofs to support your income sources—for example, salary slips for salaried employees and rent receipts for landlords.
- Documents showing tax deducted at source (TDS)—for example, Form 16 provides proof of TDS deducted by employers of salaried individuals.
- Documents showing capital gains—collect a transaction and capital gains statement if you redeem any mutual fund units or sell shares, for instance. Long-term and short-term capital gains tax may apply. Your demat and trading accounts should provide the necessary information.
Download Form 26AS
You can download the form from the e-filing website. Form 26AS carries details of TDS deducted from your income …Read More »