ITR Filing FY 2020-21: Last date, record of paperwork required to file an Income Tax Return

ITR Filing 2020-21: The final day for submitting your earnings tax return (ITR) for the monetary 12 months 2020-21 (FY21) is on December 31. Generally, the deadline for submitting of ITRs is on July 31 every year nonetheless this 12 months, the final date has been prolonged twice attributable to a variety of technical points on the brand new ITR portal.
The Income Tax Department has been issuing reminders to taxpayers by numerous platforms corresponding to SMS, emails, social media and extra, urging them to file their ITRs on the earliest and never watch for the final date.

“Hope you know that ITR is an important document for any loan processing. So, why delay? File your ITR today! Due date for filing Income Tax Return for AY 2021-22 is 31st December, 2021.” Income Tax India tweeted earlier in the present day.

Hope you already know that ITR is a vital doc for any mortgage processing.So, why delay? File your ITR in the present day!Due date for submitting Income Tax Return for AY 2021-22 is thirty first December, 2021.Pl go to: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/xBZJJt41mn
— Income Tax India (@IncomeTaxIndia) December 22, 2021
If you might be but to file your ITR, you solely have just a few days left to do the identical. However, it’s usually advisable to file your ITR as early as doable to keep away from any last-minute rush, glitches or errors.
Here’s a listing of key paperwork that you could be outfitted with to file your appropriate earnings tax return:
1. Form 16
Form 16 is a key doc for submitting the ITR for all salaried individuals. It is issued by an employer to its staff and is a compulsory doc. Every employer is liable to difficulty Form 16 to all its salaried staff from whom it has deducted earnings tax. Form 16 is a tax deducted at supply (TDS) certificates and carries the small print of the wage paid to the worker and their respective TDS particulars.
Now, this doc consists of two components – Part A and B. Part A is the portion that consists of the earnings tax deducted by the employer within the monetary 12 months. Separately, it has the Permanent Account Number (PAN) particulars of the worker and the Tax Deduction Account Number (TAN) of the employer. Part B of Form 16 consists of the break-up data of worker’s gross wage.
2. Interest earnings certificates
Apart from the wage earnings, a person generates earnings from numerous curiosity investments corresponding to financial savings account deposits and stuck deposits (FDs) from banks and submit places of work. These monetary establishments present curiosity certificates/financial institution statements to their depositors for a similar. An particular person can declare deduction beneath part 80TTA of the Income Tax Act on the curiosity earned from their financial savings account held with a financial institution/submit workplace.
3. Investment proofs for tax saving
For people who’re couldn’t submit their precise tax-saving funding proofs to their HR/Accounts division through the given time interval within the earlier monetary 12 months, they need to declare and submit the identical on to the I-T Department for claiming tax deductions.
These embrace receipt of life insurance coverage (LIC) premium paid, receipt of medical insurance coverage, receipt for funding in Public Provident Fund (PPF), 5-year FD receipts, mutual funds funding (ELSS), ULIPs, NSC, house mortgage compensation certificates/assertion, donation paid receipt, tuition payment paid receipt and many others.
The most quantity that may be claimed beneath Section 80C is Rs 1.5 lakhs whereas a person can declare a deduction of Rs 25,000 beneath part 80D on insurance coverage for self, partner and dependent kids. An further deduction for insurance coverage of oldsters is accessible as much as Rs 25,000, if they’re lower than 60 years of age. If the mother and father are aged above 60, the deduction quantity is Rs 50,000.
4. Form 26AS
The Form 26AS is an annual consolidated tax assertion generated by the I-T Department. It can simply be accessed from the income-tax web site by all taxpayers utilizing their PAN. It accommodates the quantity of the TDS of the salaried class and taxes paid through the monetary 12 months (in case of self-employed or businessmen).
While submitting the ITR, taxpayers can seek advice from their Form 26AS and tally it with their Form 16 for the quantity of taxes they paid to the treasury of the central authorities.