The Income Tax Department released ITR forms earlier this month. Some ITR forms have been changed. Changes have also been made in the form according to the new rules of Capital Gens. The government had announced a change in the rules of the capital gence in Union Budget 2024. The Income Tax Department has not yet released utilities for online filing of ITR on its official website. Second, people working jobs have not even received Form 16 from the employees.
Start collecting documents from now on
Despite this, you should start gathering the necessary documents from now on. Many people think when Income tax return If the last date to file is 31 July, then there should be any concern from now on. However, this thinking is not correct. First of all, you should check which ITR form you have to use. This year also such taxpayers ITR-1 (Spontaneous) can use, which has a capital gain. However, there are some conditions for this. For example, by selling units of share or mutual funds, your capital gence is less than Rs 1.25 lakh throughout the financial year and if you do not have to carry a loss-forward, then you can use ITR-1.
It is necessary to choose the right ITR
If a taxpayer used the wrong ITR form to file returns, then its retrimation can be considered defective. Tax experts say that it is not right to postpone income tax filing for the last time. Taxpayers hurry many times in filing returns at the last minute. The scope of mistake increases in this. If you make a mistake in filing your returns, then your hard work becomes useless.
The following are the necessary documents to file income tax returns,
-Bank Account Statements
-Bank’s TDS Certificate
-Adhar and PAN (both linking is necessary)
-Form 26AS
-Nual Information Statement (AIS)
-Form 16 (Employer issue)
-Salary slip (also income from abroad)
-Rent Angryment (to claim HRA)
Want to use a regimen?
It is important to keep in mind that you can change their income tax regimen while filing individual taxpayers returns. In the budget presented on 1 February this year, the government announced to tax-free income of up to Rs 12 lakh annually. This may make taxpayers more interested in the new regimen of income tax.
Investment proof for Old Reijim
If you have decided to use the old regim, then you will need many documents to claim deduction on tax-sewings investment. If you have invested in mutual fund tax scheme, life insurance policy, NPS etc. to take advantage of deduction under section 80C of Income Tax, then its proof is necessary.
Also read: How much will the scheme of mutual funds invested in US bonds be affected due to decrease in the US ratings?
If you have purchased a medical policy, then you will get deduction under section 80D. However, for this you will need a premium payment certificate. If you have taken a home loan and want to claim deduction on interest, then you have to get an interest payment certificate from the bank.
