How to file Income tax Return Online A.Y. 2021-22 and Requirement of IT returns

How to file Income Tax return online 2021-22

Income tax (income tax) is necessary for every person earning income from a job, business, or profession in India. Although every person has to pay tax according to his income, no one is deprived of this process. Not only this, the Indian Income Tax Department has many forms of tax collection, which include ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

Let us tell you that in India, now a person earning more than Rs 5 lakh annually has to pay income tax, due to which Lawyer Search has brought all the information related to this for you.

Before filing an Income tax return Keep These Things in Mind:-

Although many things should be kept in mind for filing income tax returns, some of the main things are mentioned below-

  • Do not wait for the last date to file your return.
  • Always carry the documents required for filing returns.
  • Select the correct income tax form only.
  • Why File Income Tax Return?

There are many benefits of filing an income tax return, in which some of the major benefits are mentioned below, with the help of which it will be easy for you to understand why you should file it-

Loans: If you keep filing income tax returns regularly, you will not face any problem in availing of various bank loans like personal, education, and home loans. Actually, the bank needs the returns of the last three years to give the loan.
Visa: If you want to get a visa, then it is necessary for you to file an income tax return, as it requires proof of IT return. Please note that filing an income tax return is one of the essential documents for visa applicants.
Avoid legal hassles: People who do not file income tax returns are charged with heavy fines, that is why you should keep filing income tax returns from time to time.

How to File Income Tax Return File Online?

To file an income tax return online, first of all, keep your bank statement and previous year’s return file with you.

  • Firstly log on to www.incometaxindiaefiling.gov.in.
  • Register on the website using the PAN number. This is your ID.
  • After register, see Form 26AS, which contains the amount deducted by the employer. Thereafter the TDS on Form 16 should match this amount.
  • After going through the above process download your form. If you have any doubts, contact AdvocateSearch.
  • Submit the form after filling in the required information.
  • Click on Calculate to know your due amount.
  • If the due amount is correct then make the payment.
  • Enter the challan details by clicking on the Return Tax section of the form.

Who should file Income Tax returns?

The filing of Income Tax returns is mandatory for everyone. Whether the income is above the tax limit or zero or withdrawal, but everyone must pay tax. Given below are the slabs for the income tax return file, which has its own distinct field-

All partnership firms regardless of income, a university, college, or other institution, are referred to as u/s 35(1)(ii)/(iii).
People not residents of India are kept under u/s 115AC and 115G.
Any person, who has made a profit or loss in business, all should pay tax.
Co-operative, society or other types of the firm should also pay tax.
Society, religion, or religious place has been allowed to file voluntary taxes.

Requirement for Filing Income Tax Return

  • Bank statement
  • certificate of investment
  • Certificate in Form 16 or 16A of TDA as applicable
  • Documents for the purchase or sale of investment or property
  • Invoice of tax, such as advance tax or self-assessment tax
  • pan card
  • Photocopy of a balance sheet, audit, profit or loss, company owner or partnership accounts for businesses.
  • Photocopies of insurance premiums, future purchases of NSC, equity shares, mutual funds, NSS and donations, etc. if you claim a tax deduction.

The due date for filing income tax FY 2021-21 (AY- 2021-22)
The following is the schedule for filing the income tax return, which you can see according to you-

July 31 – Any firm or individual, which is not liable to audit.
September 30 – Any company or person liable to be audited.
March 31– Those who have not filed their tax before this date must pay their tax by this date.

Note –

From the latest notification, the Last date of filing income tax return of Assessment Year 2021-22 has been extended. the last date of filing the income tax return was September 2021. But now you can file your income tax return for this year till 31 December 2021 with any late fees. So, Now income tax gave you more time to file your income tax return.

I hope this article “How to file income tax return online” is helpful for you for filling your IT return for this year.

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