There are a variety of factors that can determine whether a taxpayer needs to file an ITR. These elements are listed below.
- An individual whose income exceeds the exemption limit of 2.5 lakhs / 3 lakhs / 5 lakhs as per applicable tax laws.
- In the event that an individual owns assets outside of India and receives income from these assets, he or she must file an ITR.
- Tax returns must be filed by individuals who pay more than Rs. 1 lakh in electricity bills.
- ITRs must be filed by individuals who deposit more than 1 crore in one or more bank accounts in a financial year.
- You should file an income tax return if you spend more than 2 lakhs on overseas travel during a fiscal year.
Nevertheless, as stated earlier, there are a lot of benefits to filing your tax returns on time, so it is imperative that you do so regardless of whether you qualify as a taxpayer.
Is there a document I need to prove my capital gain
In order to claim Capital Gain, the following documents are required:
- Sales agreements/deeds; Calculation of capital gain based on the purchase price, sale price, cost of improvements and transfer expenses; Registration details
- A stock trading statement from the broker: A summary of equity shares sold.
- A capital gain statement of a mutual fund sold
How do I obtain income from house property? Which documents do I need?
In order to make full and true disclosure of your income from house property, the following details must be cited correctly:
- The address of the property
- Details of co-owners
- Agreements regarding rent, if any
- Details about ownership
- Certificate of interest for a loan
- Interest Details for Pre-Construction
- Tax receipts from municipalities
- Details about rental income
Here Are Some Frequently Asked Questions
Q- Can I file income tax returns without a PAN card?
As PAN and Aadhar numbers can be quoted interchangeably in income tax returns starting in the financial year 2021-22.
Q– Can I file my ITR without completing form 16?
It used to be that form 16 was the primary document needed to file ITR for salaried employees. You couldn’t file ITR without form 16 for the vast majority of salaried There are several documents that can be used as references for ITRs these days even if you don’t have Form 16. You do not need a form 16 to file your ITR, all you need is a basic understanding of your income and other earnings. With tax2win, you can also file your itr online apply without form 16.
Q– Can I claim section 80DD in my ITR without providing any documentation?
The individual needs to provide the disability or severe disability certificate only when the Income Tax Department asks for it. When filing the returns, you may not need it.
Q– Do I need to produce documents when filing my returns?
Documents do not need to be submitted at the time of filing returns. The documents are only required in case the return is selected for scrutiny, and they are uploaded under e-proceedings in the Income Tax Portal.