We are in the month of July and this means that the last day for filing your income tax return (ITR) for the financial year 2021-22 (FY22) is fast approaching. The due date to file the annual ITR is July 31, so this is the month when the return process should be done by the taxpayers. The Income Tax (I-T) Department has been urging the taxpayers and issuing them reminders through various platforms such as SMS, emails, social media, etc, to file their ITRs at the earliest and not wait for the last date. The earlier you file your ITR, the more you can relax! ITR filing for AY 2022-23 is available on e-filing portal. Be an early filer & avoid the last minute rush. #FileNow Pl visit #ITR pic.twitter.com/Lh6ZCk3bsL — Income Tax India (@IncomeTaxIndia) July 8, 2022 Most of the time, the last-minute rush often leads to incorrect filing, heavy load on the I-T website's server, and more. Hence, it is advised to file your ITR before the last few days of the due date. The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing portal and if you are looking to file your ITR, then here's a list of key documents that you will need: Form 16 Form 16 is one of the most important documents required to file the ITR for salaried people. This document is mandatorily issued by the employer to all its employees regardless of their salaries. Every employer in the country is liable to issue Form 16 to their salaried employees from whom they have deducted income tax. It is a certificate that shows the tax deducted at source (TDS) and also carries the details of the salary paid to the employee during the previous financial year. Form 16 consists of two parts – Part A and B. Part A consists of the income tax deducted by an employer during the financial year. It shows the Permanent Account Number (PAN) details of the employee and the Tax Deduction Account Number (TAN) of the employer. The Part B of Form 16 consists of the break-up information of the employee’s gross salary. Form 26AS Form 26AS is a consolidated tax statement prepared by the I-T Department. It can be accessed from the I-T Department's e-portal by taxpayers by entering their PAN details. This document contains the amount of the TDS of the salaried class and taxes paid during the financial year. While filing the ITR, taxpayers should refer to their Form 26AS and tally it with their Form 16 for the amount of taxes they paid to the treasury of the central government. Tax-saving investment proofs Those taxpayers who did not submit the proof of their tax-saving investments to their HR department in the previous financial year, they will have to declare and submit the same directly to the I-T Department for claiming tax deductions. This includes receipt of life insurance (LIC) premium paid, receipt of medical insurance, receipt for investment in Public Provident Fund (PPF), 5-year FD receipts, mutual funds investment (ELSS), ULIPs, NSC, home loan repayment certificate/statement, donation paid receipt, tuition fee paid receipt etc. The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs while an individual can claim a deduction of Rs 25,000 under section 80D on health insurance for self, spouse and dependent children. An additional deduction for the health insurance of parents is available up to Rs 25,000 if they are less than 60 years of age. If the parents are aged above 60, the deduction amount is Rs 50,000. Interest income certificates Apart from the salary income, an taxpayer also gets income from various interest investments such as savings account deposits and fixed deposits (FDs) from banks and post offices. Such financial institutions provide interest certificates/bank statements to their depositors for the same. An individual can claim deduction under section 80TTA of the Income Tax Act on the interest earned from their savings account held with a bank/post office. With all these documents available in hand, you are good to file your ITR.
