Why do you continue to keep track of your income tax returns?

If your total Indian income exceeds Rs 2.5 lakh, you must file an income tax return, regardless of whether you are a resident Indian or an NRI.

Even if you don’t hit this threshold, it’s a good idea to document or e-file your income tax return. An income tax return is an important record to keep at the time of profiting from home credit because it reflects your fiscal leverage and stability, as well as your willingness to repay a loan.

If you wish to study in another country or work outside of India, you’ll need at least three years of experience.

Information required for e-filing your income tax returns

• Produce essential data, for example, PAN, Aadhar Card, and current location.
  Details about all the bank accounts you’ve held in the given financial year is compulsory.
• Income verifications like current compensation details, income from ventures (like FDs, savings bank account) and so on.
• Information about all the deductions you have guaranteed under Section 80.
• Tax installment data, for example, TDS and advance tax payments.
  Is it possible to document Income Tax Returns for budgetary years before 2014 on the Internet?

No, it is not possible to document income tax returns on the web for years before 2014. From 2017-18 onwards, you can just e-file income tax returns for 1 year. For instance, you can e-file the income tax return for FY 2017-18 just up to 31 March, 2019. You cannot record any profits for quite a long time.

What is the subsequent stage after you have e-filed your income tax return?

When you have filed your tax return on the web, you will see a 15-digit acknowledgement number on the screen affirming your accommodation. You should then confirm your tax return, which you can do from your Netbanking accounts.