Six Benefits of Filing Income Tax Return

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The due date to file Income Tax Returns for AY 2020-21 is 31 July 2020 for individuals other than who are subject to audit and 30 September 2020 for those who are liable to get their books of accounts audited.

The following are the docs required to file the same:

  1. Form 16 (if applicable)
  2. Bank statements for all banks active and closed during the year (1st April 2019 to 31st March 2020)
  3. Aadhaar card copy
  4. Challans for advance tax and self-assessment tax paid
  5. Contract notes or investment statements in case of sale of shares/funds
  6. Documents detailing income from other sources (we can discuss this, if applicable)

Please note:
  1. The aforementioned requirements are in general and vary case to case based on income of assesse relating to relevant assessment year. Please get in touch for detailed requirements and discussion.
  2. It is advised to please not wait till the end as we all know at the end moment the income tax sites usually gets hanged and filing of ITR may not be filed on time which attracts penalty Rs. 2,000/ Rs. 5,000 as the case may be.





Comments

  1. Taxspanner13 February 2024 at 02:14

    Thanks for sharing about benefits of filing income tax return. Income Tax Returns (ITRs) are quickly acknowledged. More significantly, refunds are processed faster than paper returns. You can also check out about ITR E Filing India here.


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