ITR Filing : Know about these 8 forms before filing return, lack of knowledge will cause harm

Income Tax Return Filing: Only counting days are left before the last date for filing Income Tax Return. In this situation, more than 3 crore people have filed their income tax returns while many people are still going through the return filing process.

Many people have not yet started the ITR filing process. In such a situation the taxpayer may face huge losses after the date announced by the Income Tax Department. Form 12BB, Form 16, Form 16A, Form 67, Form 26AS, Form 15G, Form 15H, Form 10 are used while filing ITR. In this report we are giving information about where and why these forms are used.

Form 12BB

Form 12BB is used by employees to declare their investments and expenses. It is a type of document under which tax exemption is available. These are the details of the claim made by the employee for tax deduction under Section 192 of the Income Tax Act, 1961.

Form 16

Form 16 is issued by the employer every year after the end of the financial year. It includes the details of the salary paid to the employee by the employer and the tax deducted at source. This certificate is essential for filing income tax returns as it gives the details of TDS deducted during the financial year.

Form 16A

Form 16A is also a required document for filing income tax return. This is a TDS certificate, which contains details of tax deductions on sources of income other than salary. To make you understand, let us tell you the details of taxes deducted on rent, bank interest, insurance commission.

Form 67

Form 67 is required to be submitted if you want to claim credit of foreign tax paid outside India in another country or in a particular territory.

Form 26AS

Form 26AS is one of the most important documents for income tax payers. This form compiles all the financial activities done by you besides showing the dates and amount of tax paid in advance on your behalf.

Form 15G

Under Form 15G, it is filled by the taxpayer fixed deposit holder. Through this form it is ensured that no TDS has been deducted from their interest income in the financial year. Form 15G is available under Section 197A of the Income Tax Act, 1961. This form is filled by taxpayer below 60 years of age.

Form 15H

is a self-declaration used by senior citizens to avoid paying TDS on interest earned from Fixed Deposits (FD) and Recurring Deposits (RD).

Form 10

Income Tax Form 10 should be used by taxpayers who want to exit or re-enter the new tax regime. Also, if you have income under principal profit and business and benefit of business, you have to submit Form 10-IEA.