The deadline to file your income tax returns (ITR) for the fiscal year 2020-21 (FY21) is December 31, and failure to do so will result in a penalty of up to $5,000.
The deadline for filing tax returns has already been extended numerous times this year due to technical issues with the new income tax system and the coronavirus outbreak.
“I hope you are aware that an ITR is an essential document for any loan processing.” So, why wait? Fill out your ITR today! “The deadline for filing income tax returns for the fiscal year 2021-22 is December 31, 2021,” the income tax department announced in a tweet.
The following are the documents you will need to file your ITR:
- Form 16 : Form 16 is an important document supplied by an employer to its employee as proof that tax has been deducted from the employee’s wage and submitted with the income tax department. The document also includes information on the employee’s salary.
- The interest income certificate details the amount of interest you received in a fiscal year on your fixed deposits (FDs) and savings accounts. At the end of the fiscal year, it is available for download via net banking.
- Investment proofs include receipts for life insurance premiums, receipts for medical insurance, receipts for Public Provident Fund (PPF) investments, 5-year FD receipts, mutual fund investment (ELSS), and so on. It can be filed immediately to the I-T department in order to obtain tax breaks.
- Form 26AS, also known as the annual consolidated statement, is an important document that contains all of the taxpayer’s tax-related information, such as TDS (tax deduction at source), advance tax, and so on. The document is easily accessible via the new I-T portal.
Aside from these documents, when filing income tax returns, an individual would also need their salary slips, PAN card, and Aadhaar card.
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