What is Income Tax Return?
An income tax (IT) return is the tax form or forms used to file income tax with the Income Tax Department. The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (Salary), dividends, interest, capital gains or other sources.
Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date.
Details required for IT filings
- Basic information like PAN Card, Aadhar card, and detail of current address will be required.
- Bank account details will be required of the given financial year. For ITR filing, it is a mandatory disclosure.
- Other disclosures regarding income from Salary, Interest Income, Dividend, are also required.
- Information regarding deduction claimed under section 80.
- Information regarding TDS Return filing and advance tax payments.
