Income tax return: Eligibility criteria, important documents for filing ITR-1 form
Premium- Income tax return: Annual Information Statement or AIS is much more comprehensive information in regard to one's income than the Form 26AS
Income tax return: The due date for income tax return (ITR) filing for FY 2021-22 and the Assessment Year or AY 2022-23 is 31st July 2022. So, an earning individual is advised to file their ITR for FY22 and AY23 by filing the respective ITR-1 and ITR-2 forms. As, majority of the earning individuals file ITR-1 form, it is very important for the taxpayer to know the important documents that one must have in hand during its ITR filing.
On who can file their income tax return submitting ITR-1 form, SEBI registered tax and investment expert Jitendra Solanki said, "Those earning individuals who have an annual income up to ₹50 lakh from salary, one house property and other sources, they can file ITR using ITR-1 form. However, in one's income from other sources, one should not have shareholding in an unlisted company and one should not be a director of any company."
On important documents that a taxpayer should have in hand while filling ITR-1 form, Aarti Raote, Partner at Deloitte India said, "Actually, income tax department has all your documents and you need not to submit any document while filing income tax return through filling of ITR-1 form. However, it has been observed that they might not be updated. So, one needs to keep some important documents like Form 26AS, AIS (annual information statement), Form 16 and bank statement."
Aarti Raote of Deloitte India went on to add that Form 26AS contains all transactions where a taxpayers PAN card is seeded. So, one needs to match the income tax departments data on Form 26AS and the actual one that the taxpayer has. If there is some mismatch, then the taxpayer is advised to inform about the mismatch to the income tax department and get the information corrected on time.
Aarti also advised taxpayers to match the AIS information that income tax department has and the actual AIS information that the taxpayer has. She said that AIS is much more comprehensive information in regard to one's income than the Form 26AS because it contains all incomes received by the taxpayers and various taxes being paid by the earning individual.
She said that Form 16 provided by the employer of the taxpayer and one's bank statement helps an earning individual to know one's ITR refund amount.