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Things to prepare before filing the Tax returns
Being a responsible citizen of the country, it is important to pay taxes on time. The last day of filing the tax return for an individual is 31 July of the assessment year following the financial year. An assessor is given a four months period for getting ready with the necessary paperwork. Although, nowadays filing tax returns has become a straightforward online procedure due to the e-filing portal- “incometaxIndia efiling.gov.in”, we do not need to download basic forms for this. Let us understand in detail the documents required to file your returns whether you do it yourself or with the help of your chartered accountant.
Documents required For Filing ITR For The FY 2021-22
Categorize Yourself To The ITR Form Respectively The first step is to check out the applicability of the ITR Form to your case. The pre-filled ITR Forms are available online for the AY 2022-23.
Link Aadhar With Pan
Another essential move before filing a tax return case of failure to do so will lead to the inactivation of your Pan Card.
Documents Required For Tax Return For A Salaried Employee
A salaried employee needs to prepare the following documents before filing the tax return
- PAN
- Form 16 issued by the employer.
- The date he left the organisation.
- Monthly salary receipts.
- Information regarding all the taxable allowances received and exemptions claimed on them like House rent allowance, leave travel allowance etc.
Documents Related To Interest Income
If an assessee has an income from any investments then they need to show
- Bank statement of the assessee for the interest on the savings account
- Interest income statement for fixed deposits if applicable.
- TDS certificate issued by banks.
All these documents are required if there is income from interest to avail benefit of tax under Section 80 TTA.
Form 26AS
Form 26 AS is an annual statement of all your information regarding tax deducted at source, also details of tax collected by your collectors, advance tax payment done by you, self-assessment tax payments as well as refund received by you over a financial year. This form can be accessed through the e-filing portal.
Documents Required For Section 80 C Deductions
Documents Required For Section 80 C Deductions Section 80C of the Income Tax Act allows exemptions under various tax-saving investments. The tax-saving schemes which qualify for section 80 C are PPF, NSC, ULIPOS, ELSS, and LIC. These documents should be kept for a longer period for safekeeping. Receipts of all the investments made should be kept in hand for tax exemption.
Documents Required To Claim Refund
There are a few details that an employee has not provided to his employer before getting Form 16A, therefore to claim a refund these documents should be provided. The maximum deduction that can be claimed in this scheme is Rs. 1.5 lakhs.
- The amount is given in the Provident fund
- Child's school tuition fees.
- Life Insurance premium payment
- Registration charges and stamp duty
- Equity-linked saving schemes and Mutual Funds investments.
Some More Documents Required
- Any interest paid on a housing loan is subject to tax saving up to Rs. 2,00,000. Proof of documents is required to be processed for the same. The limit is for a self-occupied house no conditions of the limit of interest are applicable to let out or deemed let out property.
- Interest paid on education loan.
- ock trades made during the financial year are subject to capital gains.
Conclusion- Documents To Be Ready
The income tax filing procedure does not require you to attach documents while filing the Income-tax return. It is an annexure less procedure but in case of any enquiry by the assessing officer documents and certificates will be presented as proof to the assessing officer.
