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The ITR process tends to be complex, therefore, one needs to be well-versed with all the required documents from which data is to be filled in the ITR form while filing the tax return. This will help avoid errors.
The first step in the ITR filing process is to determine the residential status based on several days of stay in India and other criteria such as citizenship and choose the correct tax return form based on sources of income etc.
Form 16 is an important document in the ITR filling process for salaried individuals. Other documents required are interest certificates, TDS certificates, capital gains statements from demat accounts, and documents for payments that are eligible for deductions.
One can also claim tax deductions while filling the ITR investment proofs, such as premiums paid for life insurance, contributions to the Public Provident Fund (PPF), etc. can be used for claiming deductions under Section 80C of the Income-tax Act.
After filing an ITR, one must ensure it is verified within 30 days of uploading. An unverified return is not considered valid and cannot be processed for issuing refunds.
It is essential to choose the correct ITR form based on the type and nature of income. Filing an ITR using the wrong form renders the return invalid.
Compiled by Syed Muskan