ITR Filing Due Date For AY: 2023-24, Benefit for ITR filing & Documents for ITR filing With Myitronline

The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.

Income Tax Filing Due Dates For FY 2022-23 (AY 2023-24)

The Benefits of Filing Income Tax Returns (ITRs)

Filing Income Tax Returns (ITRs) is not only a legal obligation but also provides numerous benefits for taxpayers. In this article, we will explore the advantages of filing ITRs and highlight why it is essential to fulfill this responsibility.

Compliance with the Law:

Filing ITR ensures compliance with the tax laws of the respective country. It demonstrates your commitment to fulfilling your civic duty as a responsible citizen. By accurately reporting your income and paying the applicable taxes, you contribute to the overall economic development and stability of the nation.

Avoiding Penalties and Legal Consequences:

Filing ITRs within the prescribed deadline helps you avoid penalties and legal consequences. Failure to file or under-reporting income can lead to penalties, interest charges, and even legal action by the tax authorities. By filing your ITR on time, you minimize the risk of incurring such penalties and maintain a clean tax record.

Claiming Refunds:

Filing ITRs allows you to claim tax refunds if you have paid excess taxes during the financial year. This is especially applicable if your employer has deducted tax at source (TDS) or if you have made advance tax payments. By filing your ITR, you can claim these refunds and receive the money back, providing a financial boost.

Proof of Income and Financial Soundness:

ITR serves as an essential document to establish proof of income and financial stability. It is often required for various purposes such as loan applications, visa processing, or while applying for government tenders. By regularly filing your ITRs, you maintain a documented record of your income, making it easier to meet such requirements.

Building a Financial History:

Consistent ITR filing helps in building a strong financial history. It demonstrates your financial credibility and responsibility, which can be advantageous when applying for loans, credit cards, or any financial transaction that involves assessing your creditworthiness. Lenders and financial institutions often rely on ITRs to evaluate your financial standing.

Documents Required For Income Tax Return (ITR) Filing In India FY 2022-23 (AY 2023-24)

Filing income tax returns is a responsibility that must be done properly. This requires good preparation and collection of relevant documents. Preparing essential documents before filing income tax returns is crucial to avoid future complications. 

These documents showcase important details on the taxpayer's income, deductions, credits, etc that help to determine the taxable income of the taxpayers. This article outlines the essential documents taxpayers must have when filing their income tax returns. So, Read On!!

• Aadhar Card

This is the foremost and crucial document when it comes to ITR filing. As per Section 139AA of the Income Tax Act, taxpayers must present their  Aadhaar card details while filing the returns. In case, you do not have your Aadhaar card but have applied for same, then you need to provide the enrolment ID in your income tax returns. 

You can verify your income tax returns by linking your PAN and Aadhar online through an OTP. If you have lost or misplaced your Aadhar card then you can simply download it from the UIDAI official website. 

• PAN Card

This is another crucial document while filing your income tax returns. It is worth noting that your name on the income tax returns portal card must be the same as the one indicated on your PAN card. The income tax department provides it. If you are a salaried person then you find your PAN number on your PAN card as well as Form 26AS, Form 16, Form 12BB, etc. 

You can also utilize your PAN for deduction of TDS which should be linked with your bank account for direct credit of income tax refund (if any). However, in the recent amendment made by the government, you can also file the income tax with only your Aadhaar number rather than your PAN.

• Form 16

Form-16 is used to provide information related to the tax deduction to their employee by the companies. Form-16 possesses all the valid details required to prepare and file your income tax return. In simple words, form-16 is a type of certificate that your employer furnishes and it certifies the details of salary and amount of deducted TDS. 

Employers must issue it to their employees every year on or before 15th June of the subsequent year, If you misplace or lose your Form-16, you can request a replication from your employer. Form-16 is a necessary form for salaried employees.

• Form 16A

Form 16A is a TDS document that every organization's employers must have to maintain their employees. Form 16A is used for TDS on sources of income other than salaries, while Form 16 only applies to salary income. When TDS is deducted from fixed deposits, insurance commissions, rent payments, or any other income you may get on which TDS is allowable, Form 16A will be provided. 

• Form 16B

Form-16B is a document constituting the amount of the tax deducted at source on the property which the buyer with the income tax department deposits. The buyer needs to deduct the TDS at the time of selling the immovable property. This tax at the source should be deducted at 1% from the amount the buyer would pay to the seller. Form 16B is proof of TDS being deducted at the source and sent to the government. 

• Form 16C

Form 16C is a type of document that provides the details of the amount of rent paid to the landlord and deducted TDS on the same. Form 16C is to be issued by the person responsible for paying the rent to the landlord on behalf of the tenant. This form contains details such as the name and address of the landlord and the tenant, the amount of rent paid, the rate of TDS deducted, and the amount of TDS deducted. 

Bank Account details

Providing the bank details of all active bank accounts are mandatory in the income tax return filing. It is essential to know that taxpayers are required to provide bank account details such as bank name, account number, IFSC, and the number of accounts they have in return for income. Although, one account shall be selected as a primary account to assist the Income Tax Department in refunding your tax refund by electronic transfer to such account. 

Form 26AS

Form 26AS is a statement that shows various mentioned details for necessary income tax filing. Below are various details that form 26AS contains-

• Details pertaining to the TDS deducted from your salary by your employer.
• Information about the taxes collected by the collectors.
• Information pertaining to the advance tax payments made to the income tax authorities.
• Information for the self-assessment tax payments.
• Details of high-value transactions pertaining to the shares, mutual funds, return on investments, etc.
• Regular assessment of tax paid by taxpayers.
• Details of all income tax refunds received in the financial year.

Form 26AS is an annual income tax statement that contains the details pertaining to the tax deducted at source (TDS), and information related to the tax collected by your collectors during the financial year. 

Dividend Income

If you have invested in a share market, mutual fund, or stocks and getting dividend income from there, you will need to state that dividend income while filing your income tax returns. You can fetch the details of your dividend income earned in a financial year from the demat account or the broker statement.

Rental Income 

If you are earning an income from the house property then you may be required to mention this in income tax returns filing. However, being a tenant, if you are paying rent to your landlord, make sure to take payment receipts from him/her. However, these documents are not mandatory but still keep these safe for future reference.

Tax Saving Instruments

If you have invested in any of the tax-saving schemes like tax-saving FDs, or ELSS, investment receipts, etc, then you should have the relevant documents ready when you file your taxes.

Capital Gains Details

If the taxpayers have sold shares, securities, or property, then it may result in a capital gain or loss. Therefore, you will be required to present some documents such property sale deeds, etc.

Relevant Documents For Capital Gains?

The documents can differ depending on the type of capital gains. Thus, some of the major documents for capital gains are mentioned below.

Equity shares sold: details about the equity shares sold from the broker.

Purchase documents: Purchase documents such as the sale deed, sale agreement, and purchase agreement are required to establish the cost of acquisition of the asset.

Brokerage and commission documents: If the sale of the asset was facilitated by a broker or agent, documents related to brokerage or commission paid to them must be maintained.

Property/ Gold/ Silver sold: Sale and purchase agreements/deeds; Calculation of capital gain is done based on the purchase price, sale price, cost of improvement and transfer expenses, etc; Registration details.

It is worthy of note that you keep these documents safe and maintain a proper record of capital gains and losses in a financial year to calculate your accurate liability. Doing so may help you to avoid future complications. 

Required Documents For Income From House Property?

There may be some cases when you would be asked to show some documents related to the house property. We have mentioned below certain major documents that are required to be quoted in order to disclose your income from the house property correctly:

• Address of Property
• Co-owner details
• Rental income details 
• Ownership details
• Rent agreement, if any
• Pre-Construction Interest Details
• Municipal Tax Receipts
• Interest certificate for loan

File Your ITR With Myitronline

File your Income Tax Return confidently and easily, without moving out of your comfort. Myitronline entrusts you to hire some of the finest tax experts in India at a pocket-friendly cost and the best solutions related to income tax and finance related. 

Myitronline e-CA's concentrates on filing accurate returns, availing maximum deductions, and getting ultimate tax refunds. We file tax compliance & help to prepare for business growth. We spend 1,98,000 minutes every month filing taxes. Let us accomplish this work in solving your biggest Tax-Related problems.

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