IT Return

IT Return

It return


An Income Tax return (ITR) is a form used to file information about your income and tax to the income Tax Department. The tax liability of a taxpayer is calculated based on his or her income… Tax returns have to be filed by an individual or a business before a specific date.


What are the documents required for filing IT return


  • Aadhar card, pan card

  • Email ID and mobile number

  • Choosing the applicable ITR form

  • For salaried Employed

    • PAN

    • Form-16 issued by your employer

    • Monthly wise salary slips

  • documents related to interest income

    • Bank statement / passbook for interest on saving account.

    • Interest income statement for fixed deposits.

    • TDS certificate issued by banks and others.

    • Form 16A ,16B ,16C and 26AS are also significant documents one should be aware of.



What is Nil income Tax Return? Here is why you should ? Here is why you should file it?


If your taxable income is less than the threshold limit of Rs 2.5 lakh in a year ,you are not mandated to file income tax return.


Certain benefit of filing nil tax return


  • To carry forward losses

  • To claim TDS refund

  • To show proof of your income



Document required to claim the Expenses as Deductions and other investment documents

  • Income Tax Act allows one to claim various deduction as expenses

  • If salaried person issued form 16A there is already proof

  • If one is not a salaried person these are some of documents that would be required to claim deductions under section 80C.


  • Life insurance premium receipts

  • Public provident fund contribution receipts

  • Receipt of subscription to ELSS mutual funds

  • Receipt of provident fund contribution

  • Senior citizen savings scheme receipts

  • Receipt of tuition fees

  • Receipt of investment in the national pension scheme

  • Receipt of contribution made to ULIPs

  • Receipt of principal repayment on your home loan


  • Penalty you will pay for missing ITR filing deadline and who won't have to pay

    • If you are small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1000

    • A taxpayer is liable to pay ITR filing fees of maximum of Rs 10,000

    • If a person whose gross total income does not exceed the basic exemption limit files a belated return, he /she will not be liable to pay penalty.