Income Tax Return

A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

Filing process and documents required for filing:

The filing of ITR is done through an online portal. Below-mentioned is the documents that will be required to file ITR:

  • Form 16: It is a certificate issued by an employer, and it contains the information you need to prepare and file your income tax return.
  • Form 26AS: It is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department.
  • Tax-saving investments: Your contribution to Provident Fund; Your children’s school tuition fees; Life insurance premium payment; Stamp-duty and registration charges; Principal repayment on your home loan; Equity Linked Savings Scheme/Mutual funds investment; The maximum amount that can be claimed under Section 80C is ₹1.5 lakh.
  • Other investments: Interest paid on housing loan; Education loan interest payments; Bank interest; Medical insurance.

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