The New Blockchain and Crypto Laws Regulated in 2023 by The Govt. of India
02 Feb, 2023
The income tax return (ITR) filing deadline is quickly approaching. The deadline has been set by the income tax agency (IT department) as July 31, 2022. If the ITR is not submitted by the deadline, the taxpayer may be liable to pay fines or other penalties.
The ITR filing procedure is challenging, though. It is okay to experience challenges. For your convenience, we have created a step-by-step manual and a list of required paperwork for ITR 2021-22 filing.
For those who are employed, you must first get Form 16 from your workplace in order to proceed. Your gross wage and its breakdown are described in full. The Form 16 pay figures and the actual salary figures must agree.
The wage breakdown may not always be provided, though. After deducting the exemptions from the gross compensation, you must submit the basic wage.
Form 26AS has all the information about the payments that are made to you and the tax deducted at source (TDS) that has been charged on these payments. It also contains information on tax collected at the source (TCS). You can also deduct TCS from your overall tax obligation.
Capital gains are long-term gains on investments like shares, debentures, and real estate that exceed Rs 1 lakh annually. These are taxable, and the rate of taxation is determined by the type of investment and the investment's returns. To input the information on long-term investments in the ITR, it must be received.
In India, interest received from deposits is taxable income. You must ensure that you accurately include all the data of all the bank accounts in the ITR since the PAN card is now connected to the details of all deposits. You may obtain correct information about this from your bank statement.
You must make sure that the ITR accurately discloses all of your overseas holdings, including any bank accounts, real estate, etc.
All of the information gathered in the ITR must be filled out. Information is now pre-filled into the ITR form. You need to double-check the data on the form and make a note of all the deductions and exemptions. The IT department must be notified of any errors in the form.
Within 120 days of filing the ITR, you must validate it. If the ITR is not confirmed, it ceases to be legitimate, and the IT department may still send you a notification.