The Income Tax Department issued ITR forms earlier this month. Some changes have been made in these forms. The government had made changes in the rules of Capital Gens Tax in Union Budget 2024. According to this, it was necessary to change the ITR forms. Apart from this, some changes have been made in the forms. However, the Income Tax Department has not yet released ITR filing utilities. Apart from this, Form 16 has not been issued by the employees (companies) to the jobs. Despite this, taxpayers should start collecting documents from now on to file returns.
Last date for filing income tax returns 31 July
Tax experts say that income tax returns (Income tax return) The last date for filing is usually 31 July. However, taxpayers should not wait for the last date to file returns. They should start preparing for it now. First of all, they should decide who is more beneficial for them among the new and old regimens of income tax. Second, it should also be ascertained that they have to use an ITR form. If the taxpayer does not understand this, he can take the help of tax experts. Actually, different Atir form is used according to the source of income.
After selecting income tax regimen and form, you should start raising documents. The following are these documents,
-Bank Account Statements
-Bank TDS Certificate
-Adhar and PAN (should be both interlinks)
-Form 26S
-Nual Information State (AIS)
-Form 16 (Employees release)
-Return filed in the first years
-Salary slip (also income abroad)
-Rent Agreement (to claim HRA)
-Foren Bank Account Statement (If there is income abroad)
-Transaction statement of investment made in foreign countries
-Proof for tax deduction
Tax-saving proof will also have to be given
Tax experts say that this year in the union budget, the government announced to make income tax free of up to Rs 12 lakh annually. However, it is important to note that this rule has come into force from this financial year. Therefore, its benefit will be available in the next financial year in the return file Kanare. The returns that taxpayers filed before 31 July are for the income made in FY 2024-25. Therefore, if you are using the Old Regime of Income Tax, then you will also have to present the proof of tax-sewings investment.
Also read: ITR Filing 2025: CA will not be needed to file income tax returns, know the full process here
Form 26AS and AIS are also necessary
It is necessary to download Form 26S and AIS before filing income tax returns. You can download both these documents from the Income Tax website. Form 26AS will have information about your income, TDC and TCS, while AAIS will have information about every financial transaction. This will make it easier for you to tell about all your income in filing returns. For example, many people have income from dividend. However, they do not remember to tell about it in the Income Tax Report.