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ai for disaster response management ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today! Income Tax Return e-Filing onincometax.gov.in FY 2023-24: It’s that time of the year when you have to file your income tax return.
ITR for AY 2024-25 has to be filed by July 31, 2024 and as a salaried individual it is important to understand what documents you should look at to file your income tax return correctly.
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It’s also important to check Form 26AS and the Annual Information Statement.
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Which is the right ITR form for salaried individuals? Selecting the correct ITR form is imperative to avoid defective return notices.
ITR 1 (SAHAJ) is applicable for a Resident (other than Not Ordinarily Resident) having total income up to Rs 50 lakh.
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ITR 3 is applicable where there is any business or professional income and case is covered under ITR 4.ITR 4 (SUGAM) is applicable to a resident (other than not ordinarily resident) having total income up to Rs 50 lakhs and having business or professional income computed on a presumptive basis along with other incomes like salary, one house property, interest, agricultural income up to Rs.
5,000.
Form 16 has the details of taxable employment income as well as the taxes deducted thereon.
Please ensure that it provides a complete break-down of the salary components, benefits provided (specifically provided in Form 12BA) exemptions, deductions claimed which would facilitate the process of filing ITR.
Form 16A has the details of taxable income (other than employment income) and the taxes deducted thereon by the payer of income like bank interest, rental income paid by companies etc.
Form 16B entails the details of taxes deducted at the time of sale of immovable property other than agricultural land.
Form 16C entails the details of taxes deducted on the house property rental income paid by the individual.
Form 26AS is a consolidated tax statement issued by the income tax department providing a comprehensive view of the tax deducted at source (TDS) on various incomes.
It can be easily downloaded from the e-filing income tax portal.
ai for disaster response management ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today! Annual Information Statement or AIS is a report generated by the Income Tax Department providing a summary of the financial transactions (all incomes whether tax is deducted or not) as reported by various banks, financial institutions etc.
It consolidates information related to sources of income, including interest income, dividend income, capital gains, advance tax/ self-assessment tax paid, refund etc.
It can be downloaded from the e-filing income tax portal.
In case the taxpayer has a housing loan, it is important to obtain the certificate from the bank giving details of the principal amount repaid as well as interest paid during the year.
This will help you claim housing loan interest deduction as well as deduction for principal amount repaid.
In case of sale of any capital asset, details of sale price, purchase cost, expenses incurred would need to be obtained in order to compute gain/ loss (short term or long-term depending on the period of holding) arising thereon.
Online statements are available in case of sale of shares/ securities.
In case of sale of other assets, one can refer to the purchase and sale invoice/ deed.
In case of any exemption claimed against the long-term capital gain, one would need to have documentary evidence in place supporting such exemption.
In case of any donations made, one needs to check the eligibility for deduction under section 80G.
The donation receipt should have details such as name of donee, address of donee, PAN of donee, amount of donation, mode of payment.ai for disaster response management Best Investment Funds for High Returns