Keep them organized ahead of time to make your tax filing process easier
It’s July and it’s time to file your tax return. Whether you are a businessman, an employee or a professional, you will have to file your income tax return (RTI) before July 31.
If you are an employee, you would have already received your Form 16 from your employer. If you changed jobs along the way, you should also take Form 16 from your former employer.
But Form 16 is just one of the many documents you need to file your tax return.
Here is a list of all the other documents you should keep handy to make your tax return easier.
Note that you do not need to upload these documents when electronically filing your tax return. But you should keep them handy to gather and cross-check all the information you need to enter when filing your RTI.
Here is the list.
1]PAN card: To check and verify your permanent account number.
2]Monthly payslips: To check the amount that is credited to your bank account as salary. A payslip also mentions the amount deducted from your salary and deposited in your Employee Provident Fund (EPF) account.
3]Form 16: This denotes details related to your salary income.
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4]Information on taxable allowances: You can check Form 16 for this.
5]Bank statement: To check how much interest income you have earned in your savings account. This must be mentioned in your ITR when filing your return.
6]FD Statement: To check the amount of interest you have earned on your term deposits.
7]TDS certificate by banks and others: Tax withheld at source (TDS) by banks on your FD due date and from any other body if you have rendered any professional service to them.
8]Formula 26 AS: This shows the total amount of TDS that has been collected from you and deposited with the tax department on your behalf.
9]Details of Section 80C investments: This would include details of your investments in the EPF, public provident fund, premium towards life insurance policies, principal amount paid for home loan repayment, investments in savings schemes linked to shares (ELSS), National Savings Certificate (NSC), 5-year fixed tax savings deposits, and so on.
10]Declaration of payment of interest and principal for a home loan: The principal amount may be deducted under Section 80C. Interest on your home loan can be deducted up to Rs 2 lakh in a financial year under Section 24 of the Income Tax Act 1961.
In addition to these, you will also need your stock trading statement, proof of capital gains and other investments, your tax information summary and an annual information statement, among other things, to file your income tax return.