Nowadays, many of these taxpayers are facing the problem of rejection of income tax return forms. While some are worried about the notice received from the IT department. If you have also received a notice from the Income Tax Department, then you must read this news. In this we are going to answer all those questions.
If you are filing an ITR, be aware of which form you are eligible for. Even if you select the wrong form, you may receive a notice or the form may be rejected. So, let us first know which form is required for whom.
- RTI-1: This form is for those who are salaried persons, own a property and have income up to Rs 50 lakh from other sources (interest etc.).
- RTI-2: Individuals and HUF who do not have income from business or profession will choose this form.
- RTI-3: ITR 3 is filed for individuals and HUF whose income is derived from any self-employed business or profession.
- RTI-4: This form is chosen for estimated income from a business or profession.
Keep this in mind when submitting
To file ITR, taxpayers need to have all the necessary documents. The most special of them is Form 16. It is issued by your employer or company and contains details of your salary and the taxes deducted. Apart from this, PAN card is also necessary, without it one cannot file ITR. It is also important to have bank statements to keep track of interest income and other financial transactions. Apart from this, to save taxes, carry investment-related documents such as PPF, NSC, ELSS. Carry TDS certificate as proof of tax deduction on income from other sources of income. Form 26AS is also very important to fill in ITR. This is the annual tax return that shows the tax payments and deductions made by you. This form is available on the Income Tax e-filing portal and can be easily downloaded.
Register on the e-filing portal
Those filing Income Tax returns for the first time need to register on the e-filing portal first. For this go to the official website of the Income Tax Department. Go to the Register option here. After this, select the taxpayer, now fill in your PAN card details and verify. After this, provide your personal information like name, address, gender, etc. Now fill in your registered mobile number and email ID. As part of the further process, an OTP will appear on your mobile number and email, enter it. Now set your password and log in. Register now. You will be informed via message as soon as the registration process is completed.
claim deduction
Many types of exemptions are also available in filing taxes under the Income Tax Act. This can help you reduce your taxable income. As per the income tax rules, under Section 80C, there is a provision for deduction of investments up to Rs 1.5 lakh in PPF, EPF, NSC, life insurance, etc. There is the benefit of deduction for health insurance premium under Section 80D. Apart from this, one can avail deduction under Section 80TTA for interest up to ₹ 10,000 on savings accounts. Through Section 24(b), one can get the benefit of deduction up to Rs 2 lakh for home loan interest.
Electronic verification is also necessary
After filing the ITR, its e-verification is necessary. Because if the ITR is not verified after filing it, it will be declared invalid. Taxpayers can e-verify their ITR through EVC i.e. e-Verification Code option. Even if you do not e-verify your ITR after filing it, you can still receive a notice.
