ITR filing is important for all specific people if their taxable income exceeds Rs 250,000 per year. According to the ITR rules, the ITR filing is also important for the person who has furnished more than 1 lac in the electricity bills or offered foreign travel exceeding Rs 2 lakh in the financial year. But the experts advise them that even if the person’s income is less than the taxable limit then he or she must furnish the tax return. As the return filing comes up through various advantages.
This year the income tax department has incorporated the new ITR filing portal. Prior to the filing process of the returns, there is a list of the things that you must finish this year.
PAN & Aadhaar Linking
It is just essential to link the PAN and Aadhar. You shall not e-verify the ITR via the Aadhaar-OTP option excluding linking Aadhaar and PAN. The last date for PAN-Aadhaar linking is 30th September 2021.
Bank Account & PAN Linking
Linking the PAN through the bank account is needed as the refunds are straightly transferred to the bank account of the assessee. Indeed without linking the PAN through the bank account you shall not open the Fixed deposit or do the cash deposit beyond the specified limit.
Collect Form 16 or Form 16A From the Employer
Form 16 gives the information about the taxes deducted from your salary. The employer is responsible to provide the same. Form 16A is given through the other deducts such as banks. The last date to provide Form 16 and Form 16A is 31st July 2021. You are urged to validate them through Form 26AS and the bank statement for ITR filing.
Check Your Capital Gains Tax Liability
You are required to furnish the capital gains tax post to sell the capital asset such as residential property, gold, etc. you must check the capital gains tax liability if you build the transactions in the FY 2020-21.
Form 15G & 15H Furnishing
There is a procurement for the deduction of tax on the interest furnished upon your bank accounts. But if you shall have the income beneath mentioned tax slabs, you can remove the said tax deduction through submitting Form 15G/Form 15H 
Know the details of Form 15G and 15H. How these forms can save TDS on interest income? We try to describe through these words (whichever is applicable).
Form 26AS Download
Form 26AS is your yearly tax credit statement. If it is the major essential credential for ITR filing. There are various amendments to Form 26AS that were built in the current year. You can download this Form through the upgraded “income tax website TRACES website, or from your net banking account.”
Documents Required Additionally
You are required to keep the additional documents handy prior to filing the tax like:
- Bank Interest certificate
- Dividend income Details
- Home loans Interest certificate
- Tax savings investments Proof
