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« Here s how you can respond to different types of tax notices... | 7 ways one can save income tax and improve one's... » |
A guide to all you need while filing tax returns |
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December, 09th 2021 |
The deadline to file income tax returns (ITR) for assessment year 2021-22 is 31 December. Though the income tax (I-T) department has introduced an automated filing system, annual information statement (AIS) along with other initiatives to ease the filing process, filing tax returns can be cumbersome.
For starters, choosing the right ITR form depending on your income from different sources is the first step to ensure an error-free tax filing (see graphic). For instance, if you are a salaried individual who has made capital gains on sale of equity shares, you cannot file the simple ITR-1 and will have to opt for ITR-2. But, if you have dabbled in the derivative markets, you need to choose the much more complicated ITR-3 or ITR-4 as income from futures and options (F&Os) is considered business income. Similarly, it is important that you reconcile all the auto-populated information in the ITR form with the individual income certificates to avoid getting a tax notice from the taxman. As you gear up to file your tax returns, Mint gives you a comprehensive guide on two important steps involved in the process.
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