Income Tax Return FY 2022-23 : It is possible for individuals to file their income tax returns (ITR) on their own. The process has been simplified in recent years, and the government has introduced various online tools and resources to help taxpayers.
To file your ITR, you will need to gather all the necessary documents and information. You can then visit the Income Tax Department’s e-filing website (https://www.incometax.gov.in/iec/foportal/) and follow the step-by-step instructions to file your return online.
You can file income tax return on your own. However, if you are not comfortable with filing your ITR, you can also seek help from a tax professional. However, it is important to note that there may be a fee for using these services.
Overall, it is certainly possible to do it on your own with some preparation and guidance. Keep the following documents and information ready for a seamless ITR filing;
- PAN (Permanent Account Number) card
- Aadhaar Card or Aadhaar Number
- Bank account details including IFSC code
- Form 16 or salary certificate from your employer (if you are a salaried individual)
- TDS (Tax Deducted at Source) certificate(s) (Form 16A/16B/16C) for tax deducted by other entities such as banks or mutual funds
- Details of income from other sources, such as interest income, rental income, or capital gains
- Investment proofs for tax deductions under Section 80C to 80U of the Income Tax Act, such as Provident Fund (PF), Public Provident Fund (PPF), Life Insurance Premium, National Savings Certificates (NSC), Equity-Linked Savings Scheme (ELSS), etc.
- Details of any tax payments made in the form of Advance Tax, Self Assessment Tax, or TDS
- Details of any tax exemptions or deductions claimed under various sections of the Income Tax Act.
Taxpayers should keep a record of all the documents filed with the tax authorities for future reference. Once you have all the necessary documents and information ready, you can file your ITR either offline or online through the Income Tax Department’s e-filing website (https://www.incometax.gov.in/iec/foportal/).
Filing an ITR is an essential aspect of complying with the provisions of the Income Tax Act and serves various purposes such as providing proof of income, claiming refunds, carrying forward losses, and avoiding penalties.
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