The income Tax Return (ITR) filing season has officially begun. Taxpayers do have a lot of time to file their taxes, but you should start getting ready now. Regardless of whether you are an employee or a business owner, you should prepare by gathering the information you need. Find out here what details you must include when filing your income tax return.
You must provide all of your bank account information.
You must submit information about your current bank account. They are utilized to verify your income information. You must also provide the account into which the money shall be repaid after the refund is processed.
Bank Statement or Passbook: Moreover, a passbook or account statement must be provided.
Form-26AS
Your annual tax statement, Form 26AS, is akin to a passbook for taxes. This contains all of the information regarding taxes and deductions entered into your PAN.
Further investment documentation will be required.
Taxpayers must provide evidence of their investments in terms of both location and amount. Several other investments and costs, such as insurance premiums, PPF, FDs, home loan repairs, contribution receipts, tuition fees, mutual funds, and education loans, are also excluded from taxation. These exemptions, however, were only accessible under the previous tax system.
Home Loan statement: You must provide a loan statement if you have taken out a home loan.
The following information will apply to capital gain:
- You are subject to capital gains tax if you sell the property or put money into shares and securities.
- You will need to present a property sale deed, a broker statement, etc. for this.
- If you give the residence as rent, these facts and proof of income will also need to be provided.
- Provide the rent receipt as well if you pay the rent.
- If you have invested in the stock market and received dividend income, you must also demonstrate that.
- Investments in unlisted shares must also be disclosed, and an ITR-2 must be filed in these circumstances.
- Documents including a balance sheet, audit records, advance tax, and a TDS certificate must be provided if you conduct business.
Read More: For duplicate PAN card, submit an online application like this & get it in few minutes
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