ITR Filing 2023: Here's what you need to know while Filing Income Tax Returns

Income Tax Return 2023: While filing income tax returns, many other information has to be given besides some important documents, ID proof. At the same time, you also have to show how much you are earning through interest.

ITR Filing 2023: Here's what you need to know while Filing Income Tax Returns

Income Tax Return 2023: The time for filing income tax returns (ITR) has started. Although taxpayers still have a lot of time for tax filing, you should prepare for tax return filing from now on. Whether you are a salaried or a businessperson, you should collect your necessary details in advance. 

Here's what information you will have to give while filing income tax returns. Full details of bank account will have to be given You also have to give a passbook or statement of your bank account.

Form-26AS: Form-26AS is your annual tax statement, it can be called a tax passbook in a way. In this, complete details of tax and deduction filled on your PAN are available. Investment proof also has to be given for how much taxpayers invest. 

You can get discounts on insurance premiums, PPF, FDs, home loan repayments, donation receipts, tuition fees, mutual funds, education loans and many other investments and expenses. However, these exemptions are available only in the old tax regime.

Home Loan Statement:

If you have taken a home loan, then the loan statement has to be given. If you sell property or invest money in shares and security, then you come under the purview of capital gains tax. For this, you will have to show property sale deed, broker statement etc.

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These details will also have to be given, if you rent the house, then this income will also have to be shown. If you pay the rent, then give the rent receipt too. If you have earned from dividends on investing in the stock market, then it will also have to be shown. 

Investments in unlisted shares also have to be shown, in such cases ITR-2 has to be filed. If you do business, then you will have to provide documents like balance sheet, audit record, advance tax, TDS certificate.

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