Who needs to file Income Tax Return (ITR)?
To file an Income Tax Return, individuals must have both a PAN card and an Aadhar card, linked together as per the Finance Act 2017. Bank account details are also required. The necessary documents for filing a tax return depend on your income source.
Here is the list of some Tax Saving Schemes:
Documents Required for ITR Filing
- PAN card
- Bank statement
- Interest certificates from banks or post offices
- Proof of tax-saving investments
- Form 16 (for salaried individuals)
- Salary slips
- TDS certificate
- Form 16A/16B/16C
- Form 26AS
Types of ITR Forms
On the Income Tax Department of India website, there are different forms that can be used to file income tax returns based on different income sources and types of taxpayers (resident/non-resident/individual/non-individual, etc.).
As of Assessment Year 2019-20, there are seven forms available from ITR-1 to ITR-7. Some of these forms might be longer than others and may require additional disclosures such as profit and loss statements. To help you know which one of the forms fits best to your requirements, here is each one of them briefly explained:
Benefits of E-Filing Income Tax Returns
E-filing of Income Tax Returns offers several advantages:
- Convenience: File from the comfort of your home or office.
- Speed: Faster processing and quicker refunds.
- Accuracy: Reduced errors due to digital validation.
- Security: Safe and secure transmission of financial data.