What are the key steps involved in filing income tax returns for individuals and what are the important documents and information required to complete the process?

Key Steps Involved in Filing Income Tax Returns for Individuals:

1. Gather Necessary Documents: Collect important documents like Form 16, investment proofs, bank statements, etc.
2. Choose the Right Form: Select the appropriate ITR form based on your income sources and eligibility.
3. Calculate Taxable Income: Calculate your total income and deductions eligible for tax benefits.
4. Fill in the Form: Provide accurate details in the ITR form including income, deductions, taxes paid, etc.
5. Verify and Submit: Verify the filled form and submit it online or physically at the designated locations.

Important Documents and Information Required for Income Tax Filing:

• Form 16: Issued by employers, it provides details of salary, taxes deducted, and other allowances.
• Investment Proofs: Documents related to investments in tax-saving instruments like PPF, LIC, etc.
• Bank Statements: Details of bank transactions, interest earned, and other financial activities.
• PAN Card: Permanent Account Number for tax identification purposes.
• Aadhaar Card: Aadhaar number for linking with PAN and bio-metric authentication.
• Details of Income: Income from salary, house property, capital gains, business, etc.

By following these key steps and ensuring you have the necessary documents and information in place, you can effectively file your income tax returns as an individual and stay compliant with tax regulations.