What Is Income Tax Returns?
Income Tax Returns is the form used to file income tax details to the Income Tax Department. There are different kinds of returns form.
Documents Required For Applying:
1. Aadhar and Pan card
2. Forms 16, 16-A/B/C, and 26AS
3. Monthly salary slips
4. Interest certificates from banks and post office
5. Tax-saving investment proofs
6. Deductions under 80D to 80U
7. Home loan statement (if applicable)
What Is The Process Of Registration?
1. Log into the e-filing site and enter the necessary details.
2. Click on go to e-file and click on “Prepare and submit ITR online”
3. Select the ITR form and the year
4. After filling the details, click “SUBMIT”.
5. Upload DSC and finish the process.
Penalty on late filing of ITR:
A fine of Rs 5000 to 10,000 will be charged as fine, depending on the time of delay.
It is necessary to file an ITR. But the tax rate applicable to an individual varies based on the income range.
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