Income tax return: Eligibility, essential paperwork for submitting ITR-1 type

Income tax return: The due date for earnings tax return (ITR) submitting for FY 2021-22 and the Assessment Year or AY 2022-23 is thirty first July 2022. So, an incomes particular person is suggested to file their ITR for FY22 and AY23 by submitting the respective ITR-1 and ITR-2 types. As, majority of the incomes people file ITR-1 type, it is rather essential for the taxpayer to know the essential paperwork that one should have in hand throughout its ITR submitting.

On who can file their earnings tax return submitting ITR-1 type, SEBI registered tax and funding professional Jitendra Solanki mentioned, “Those earning individuals who have an annual income up to 50 lakh from salary, one house property and other sources, they can file ITR using ITR-1 form. However, in one’s income from other sources, one should not have shareholding in an unlisted company and one should not be a director of any company.”

On essential paperwork {that a} taxpayer ought to have in hand whereas filling ITR-1 type, Aarti Raote, Partner at Deloitte India mentioned, “Actually, income tax department has all your documents and you need not to submit any document while filing income tax return through filling of ITR-1 form. However, it has been observed that they might not be updated. So, one needs to keep some important documents like Form 26AS, AIS (annual information statement), Form 16 and bank statement.”

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Aarti Raote of Deloitte India went on so as to add that Form 26AS incorporates all transactions the place a taxpayers PAN card is seeded. So, one must match the earnings tax departments knowledge on Form 26AS and the precise one which the taxpayer has. If there may be some mismatch, then the taxpayer is suggested to tell concerning the mismatch to the earnings tax division and get the knowledge corrected on time.

Aarti additionally suggested taxpayers to match the AIS info that earnings tax division has and the precise AIS info that the taxpayer has. She mentioned that AIS is way more complete info in regard to at least one’s earnings than the Form 26AS as a result of it incorporates all incomes obtained by the taxpayers and numerous taxes being paid by the incomes particular person.

She mentioned that Form 16 offered by the employer of the taxpayer and one’s financial institution assertion helps an incomes particular person to know one’s ITR refund quantity.

 

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