As the final tax filing date (ITR) for fiscal year 2020-21 (FY21) approaches the December 31 deadline, the IT (income taxes) department has issued repeated reminders to taxpayers via multiple platforms such as emails. , SMS, social networks and more.
“I hope you know the ITR is an important document for any loan processing. So why delay? File your ITR today! The YY 2021-22 filing deadline is December 31, 2021, “he tweeted. In the event of failure to file a tax return, the IT department will impose a penalty of up to Rs 5,000 on defaulters.
Also read: Twitter Trends Extend Tax Filing Deadline As Dec 31 Approaches
RTI filing deadline
The deadline for filing tax returns has been extended by the Central Commission for Direct Taxes (CBDT) from September 30, 2021 to December 31, 2021.
Usually, the deadline for filing ITRs falls on July 31 of each year, but this year the last date has been extended twice due to technical issues on the new income tax portal and the pandemic. of COVID-19.
Here is a list of the documents you will need to file your RTI:
1. Form 16: This is a key document for filing the income tax return for all employees. Form 16 is issued by an employer to its employee as an acknowledgment that tax has been reduced on the employee’s salary and filed with the IT department. The document, which is a tax certificate withheld at source (TDS), details the salary paid to the employee and their respective TDS contact details.
2. Interest income certificates: The Interest Income Certificate provides details regarding the amount of interest a person has received during a fiscal year for their term deposits (FDs) as well as savings accounts. The document can be downloaded from net banking at the end of the financial year.
Also read: Income Tax Returns: What Happens If You Miss The RTI Due Date?
3. Proof of investment for tax saving: Employees who have not been able to provide their proof of tax saving investment to their HR / Accounting department in the past fiscal year, can submit it directly to IT to claim tax deductions. These proofs of investment include, medical insurance receipt, receipt for LIC premium paid, receipt of donation paid, receipt of paid tuition fees, receipt for investment in the public provident fund ( PPF), mutual fund investments, FD receipts, etc.
While an individual can claim a maximum amount of Rs 1.5 lakh under section 80C, he can claim a deduction of Rs 25,000 under section 80D on insurance for himself, his spouse and his dependent children. In addition, an insurance deduction for parents is also available, up to Rs 25,000, if they are under 60 years old. If the parents are over 60, the amount of the deduction is Rs 50,000.
4. Form 26AS: Also called consolidated annual return, form 26AS is a key document that contains all taxpayer tax information including TDS, withholding tax, etc. The document can be downloaded from the new IT portal.
Besides all the documents mentioned above, Aadhaar cards, salary slips and PAN cards are also required when filing tax returns.
Also read: Income tax: more than 4.43 crore in returns filed until December 25 for fiscal year 21