ITR Filing

Introduction

As the financial year is drawing to a close, we would like to remind you about the upcoming deadline for filing your Individual Tax Return (ITR). It is crucial that all employees fulfil their tax obligations by submitting their ITR forms before the designated due date.

To facilitate the process and ensure a smooth filing experience, we have compiled important information and guidelines to assist you. Please carefully review the following steps to complete your ITR filing:

1. Collect the Required Documents:
   • Form 16: This document contains details of your salary, deductions, and taxes withheld by the company. You should have received it already.
   • Other Income Documents: Gather any additional documents related to other sources of income, such as interest statements, rental income, or capital gains, if applicable.
   • Investment and Expense Proof: Organize supporting documents for deductions claimed under various sections, such as investments in tax-saving instruments (e.g., ELSS, PPF, NSC) and expenses eligible for exemptions (e.g., medical bills, house rent receipts, LIC receipts).
   • E-filing User ID & Password (PAN Card, Aadhar Card, Mobile Number, Mail Id (if filing for the first time)).
   • Bank Statement (April’23 – March’24).
   • Mutual Fund/ Shares Trading & P/L Statement.
   • Comprehensive details on assets, including Shares and Bank Accounts held abroad.
   • Documentation of transactions involving Virtual Digital Assets or non-fungible tokens.
2. Review the Latest Tax Slabs and Deductions:
   • Familiarize yourself with the current tax slabs, exemptions, and deductions provided by the tax authorities.
   • Ensure you are aware of any recent changes in tax regulations that may impact your filing.
3. Keep a Copy for Future Reference:
   • After filing your ITR, make sure to save a copy of the acknowledgment receipt for future reference.

Note: The deadline for filing ITR is approaching fast. We strongly urge you to prioritize this task and complete it within the specified timeline to avoid penalties or legal consequences.

We appreciate your cooperation in promptly fulfilling your tax obligations. After collecting the required documents / information, you can send it to taxation department.