Let’s take a quick overview of important Documents To File Income Tax Return. We’ll list down the mandatory forms, clauses and other things to remember.
Many people may be earning Lakhs of Rupees but it’s very important to know how to spend it and how to save it. Money management is a hard task similarly filing Income tax returns.
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Many of us talk about income tax but it’s quite a process to file it and we might not know what all the documents required and sometimes don’t even understand the tax process.
So here are a few helpful things to keep in mind and a list of documents will be required at the time of filing.
Important Documents To File Income Tax Return:
Form 16 is only for salary employees issued by the employer mentioning the salary and TDS deductions if any. Form 16 is of two parts – PART A & PART B. Part A consists of TDS deductions by your employer and Part B consists of salary break-up. Know more about Form 16
Form 26AS is provided by the Income Tax Department which is consolidated annual taxes paid on behalf or by you. TDS by the employer, banks or any other company, advance taxes paid by you all will be included in 26AS.
All Bank account details
If you have multiple bank accounts all the details have to be entered even if it isn’t operational. Bank Account number, Name, IFSC Code, updated passbook or transaction statements for the whole financial year.
Interests earned through saving bank account, fixed deposits are taxable. Bank Passbooks, Saving Bank Transactions of the whole year, Interest Certificate and TDS certificate issued by the bank are required documents.
Investments under Section 80
Life & Health Insurance Premium, Employees & Public Provident Fund, Pension, Donations, the school tuition fee can all be claimed as tax-saving deduction expenses.
In Case of a Home Loan, the interest amount paid can be claimed in the form of reducing the tax liability. Home Loan and payment documents provided by the bank will state the clear amount of principal and interest.
Income by Capital Gains
Capital Gains can be short or long term gains such as equity shares, mutual funds, sale of a property. If there is a sale of the property then the required documents are sale & purchase deed. Equity shares and Mutual Fund documents/statements provided by the firm are also required.
Aadhar – PAN – Bank Link
Aadhar, PAN and the Bank Account have to be linked with each other; ITR cannot be filed otherwise as its mandatory.
Even if ITR is filed before 90 days it has to be e-verified through Aadhar OTP, validating bank accounts. Aadhar OTP which is a 6 digit numeric One Time Password will be sent to the Aadhar linked phone number. Validating Bank Account requires Bank Account Number, IFSC Code, Bank Account linked phone number.
Income from House Property
If you have multiple house properties, one has to be self-occupied and the rest can be let out properties. The rent received, the tenant details and GHMC Municipal/Property Tax amount will be needed. If any property is vacant then the property tax amount isn’t required.
I hope this was helpful and if you are going to pay for the income for the first time then make sure of the applicable ITR form.
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