E-filing Income Tax Returns in India - An Overview

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

Income tax is a tax imposed by the Central Government on income of a person.

Filing income tax is every citizen's responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee's bank account. All entities are required to file the taxes on time to avoid penalty.

The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

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Documents required for Income Tax Filing in India

To fulfill IT filing in India, the following documents are necessary:

  • Bank statements
  • Proof of investments
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
  • For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
  • Statement of receipts and payments when no regular books are maintained
  • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
 
     
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