Refund claim: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. "If TDS has been cut, one will have to file the ITR to claim refund of the same,"
Easier loans applying : While applying for loans, the eligibility and processing of loan depend on one's income which can be established through filed ITRs.. Moreover, these documents are accepted by various finanies companis for easier loan
forward of losses: Income tax rules allow you to carry-forward losses to next year In case you have surmounted losses for current year
law abiding citizen:
More than any other benefit, being on the right side of law helps.
Documents for efiling income tax return
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Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.
You can file your income tax returns online, either on the income tax department's website or with us mncfiling.
due date to e-file your income tax returns for the assessment year 2019-2020 is on or before July 31, 2019.
- basic information such as PAN, Aadhar Card, and address.
- Details about all the bank accounts you've held in the given financial year is mandatory.
- Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
- Information about all the deductions you've claimed under Section 80.
- Tax payment information such as TDS and advance tax payments
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).
Individuals who only have Salary income
Individuals who have switched jobs (Multiple Form 16)
Individuals having Income from Capital Gains (mutual funds & stocks), House Property, FD, Interest etc
Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI