Business News: Filing an income tax return (ITR) is no longer just a requirement for high earners; it has become a vital responsibility for every conscientious citizen. In order to maintain transparency and financial discipline in tax rules, it is becoming compulsory to file ITR. Even if your income is less than the tax exemption limit, it may be in your interest to file ITR in many circumstances. However, this process can be successful only when you have the required documents correct and complete.
Czech list of documents required for ITR filing
Form 26AS/Form 16A: Your total income and summer records of severed tax show. It can also be downloaded from the Income Tax Department website.
Salary Slips: The mainstay of income proof for employed people.
Copy of previous years' ITR (if filed): Crucial for reference and verification purposes.
Rent Agreement and Rent Slips (if paid rent): Useful documents for HRA claim.
Tax deduction proof: Documents of LIC premium, PPF, mutual funds (ELSS), home loan interest, etc.—which are required for sections 80C, 80D, and other discounts.
Statements related to foreign income or investment: If you have a foreign bank account or foreign income, its details are mandatory.
Who is not necessary to file ITR?
It is not necessary to file ITR due to tax exemption for citizens of some categories, but it is based on certain conditions. If your total income is less than â¹ 2.5 lakh in the Old Tax Reset, then it is not mandatory to file ITR.
This limit is â¹ 3 lakhs in the New Tax Regime.
If the taxable income is less than â¹ 5 lakh under section 87A, then you can get full money in the form of a tax refund (maximum discount â¹ 12,500). If the income of senior citizens (60-80 years) is less than â¹ 3 lakh, then ITR filing is not necessary.
This limit is â¹ 5 lakh for super senior citizens (80 years).
Filing ITR beneficial in many cases
Filing of ITR can be not only necessary in many cases but can also be beneficial - for visa applications, bank loans, credit card applications, and financial track records. Therefore, it is a wise and responsible decision to file on time with all documents properly gathered and verified.
