Individual taxpayers have until July 31, 2023, to file Income Tax Returns (ITRs) for the fiscal year 2022–2023. More than 3 crore taxpayers have submitted ITRs as of July 18. To make filing an ITR procedure easier, you will need to carry some documents with you.
Form 16
The most crucial file for your ITR is Form 16 if you are a salaried taxpayer. This TDS deduction certificate, which your business or employer-provided, contains information on your salary and the taxes that were withheld and deposited. Your employer must issue a Form-16 if TDS was deducted from your pay during any fiscal year.
Form 16A and other TDS certificates
The taxpayer must also gather applicable TDS certificates in addition to Form 16. Form 16A is one such certificate. The bank will deduct tax from interest earned on FDs in FY2022-23 if it exceeds Rs 40,000. If the dividend amount given to the mutual fund firms during the financial year exceeds Rs. 5,000, you must issue Form 16A for a tax deduction.
Interest income and other interest certificates
Taxpayers must include information on the interest income from various sources, such as savings accounts, FDs, etc. when filing their ITRs. Therefore, obtaining an interest certificate from banks, post offices, and other financial organizations is important. Fill out the ITR correctly to claim your investments' tax deductions and exemptions.
This document is also necessary to file ITR
>> Annual Information Statements (AIAs).
>> Tax Saving Investment and Expenditure Certificate.
>> Capital gain from the sale of property, shares, and mutual funds.
>> Bitcoin sale documents.
>> Aadhaar number.
>> Details of investment in unlisted shares.
>> Bank account details.