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Introduction:

Filing your Income Tax Return (ITR) is an essential annual obligation for taxpayers. It is a way to report your income and pay taxes accordingly to the government. In this blog post, we will walk you through the process of filing your ITR, including the required documents, limits, fees, penalties, and provide examples to help you better understand the process.

 

Documents Required for Filing ITR:

Before starting the ITR filing process, gather the following documents:

 

• • PAN Card: Your Permanent Account Number (PAN) is a unique identifier necessary for filing ITR.

 

• • Form 16: This document is provided by your employer and contains information about your salary, tax deductions, and TDS (Tax Deducted at Source).

 

• • Form 16A/16B/16C: These forms are applicable if you have received income from other sources, such as interest, rental income, or capital gains.

 

• • Bank Statements: Collect your bank statements reflecting your income, interest earned, and transactions related to investments or loans.

 

• • Investment Proof: Gather documents supporting deductions claimed under various sections, such as insurance premium receipts, home loan interest certificates, or donations made.

 

• • Aadhaar Card: Your Aadhaar number is required to link it with your PAN card and file your ITR.

 

Income Tax Return Limits:

The ITR filing requirement is based on certain income limits and other conditions. The following are the current income thresholds (as of 2021):

 

Individuals and HUF (Hindu Undivided Family):