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Filing of Income Tax Return is a mandatory process for individuals and businesses which fall under these categories-
Individuals below 60 years of age and earning an income of or above 2,50 Zach Britton Yankees Jersey ,000 INR per annum.
Senior Citizen between 60 and 80 years of age having income equal to or more than 3,00,000 INR.
Super-Senior-Citizen having above 80 years of age and an income of or above 5,00,000 per annum.
A business C.C. Sabathia Yankees Jersey , regardless of profit or loss, filing ITR for the financial year is a requirement.
If any individual or business is looking forth to claiming a tax refund for the fiscal year.
An Indian citizen who maintains an asset or business interest established outside India.
If you are looking for a loan, then ITR filings are taken as legitimate income proofs. You will need them for opting to any kind of loan.
You may draw huge penalties if you fail to pay ITR even if you are eligible for it.

Last Date For Filing ITR
The last date of filing ITR for Individuals, Body of Individuals (BOI), Hindu Undivided Family (HUF) Greg Bird Yankees Jersey , Association of Persons (AOP) is 31st of July every year. While the last date for businesses which require audit is 30th Sept every year and the last date for businesses which require TP (Transfer Pricing) audit report is 30th Nov of every year.

Documents required for filing ITR
Following documents are required for filing ITR
Choose the applicable ITR form.
Link PAN with Aadhar.
For Salaried Tax-Payers
To E-File your ITR, keep the following documents ready-
Monthly salary slips.
Form 16 given by the employer.
PAN
Documents for interest income
Bank Statement or passbook
Income Interest Statement for Fixed Deposits
TDS documents issued by banks and others
Form 26AS
Section 80C Investment Documents
Documents required to claim expenses as deductions
Supplement to provident fund
Offspring school tuition fees
Life insurance premium payment
Stamp duty and registration charges
Principal repayment in your home loan
Equity-linked saving scheme Mutual funds investment
Up to 1.5 lacs can be claimed under section 80C.

The procedure of filing ITR
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Visit the e-filing website: > To upload ITR, follow these instructions-
Download the required ITR preparation software for the relevant assessment year to your LaptopPC from the "Downloads" page.
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