Income Tax Return

Income tax return (ITR) in India is being regulated by the provisions, rules & regulations specified in the Income tax act, 1961. These rules & regulations are for every registered income tax payer in India who possess a valid PAN Card and falls under the Income tax net.

Income tax return (ITR) is formed in which the assesse furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date; if you fail to do so then you will have to a penalty up to INR 10,000.

PAN Card:PAN is a ten-digit alphanumeric number which is issued to an individual by the income tax department. Form 16 issued by the employer:Form 16 is divided into 2 parts viz. Part-A & B. Part-A contains the details of tax deducted/deposited in the central government account. Part-B contains the details of the salary paid and any other income tax deducted.

Bank statement, Interest statement on fixed deposits, TDS Certificate & any other form which specifies the interest income which you have earned in the previous year.

26AS is an annual consolidated credit statement which contains all information of tax being deducted on your income throughout the year. This is an auto-generated form that an individual can download from the income tax website.

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