Every year July comes with the responsibility and dread of filing Income Tax Return. And while responsible citizens try to get it done with on or before time, most people laze around and delay till every TV channel starts warning them about an extended deadline. It is only when the realization hits that there are documents needed for the IT Returns filing online and collecting them would require more time. Hence, the dread of missing the deadline and the risk of getting fined. This is where knowing the list of 8 most important documents needed for Income Tax filing online comes handy. It keeps the stress and panic at bay seeing the last date and makes things easy for online tax filing services.
Here are the documents that you should be ready with for ITR this year:
Every salaried person must provide Form 16. It is proof that the Employer has deducted TDS from the salary of his employees. In case, no TDS has been deducted by the Employer on the Employee’s salary, then the Employee can ask for the same with proof in Form 16. The form consists of two parts. While the first part or Part A shows all the deductions on the salary, Part B consists of the salary breakup. One of the most important things to notice on Form 16 is that the Pan Number mentioned on it is yours or not. If not bring it to the employer’s notice and ask them to change.
The salaried taxpayers are also required to submit their salary slips as it declares information about different allowances. For example, reimbursements, house rent allowances, travel allowances may not be mentioned under the salary break up but if given will be mentioned in the salary slips. While some of these allowances are partially taxable, few of them are fully taxed.
Interest received from any source on finances is taxable and thus submission of Interest Certificates from banks and/or post office becomes a requirement for online tax filing services. The certificate declares the complete summation of interests given to the person for fixed deposits, recurring deposits, or even savings. It can be issued by the Post Office or bank branch. In case you don’t get any, an updated passbook can be used as well.
While Interest Certificates are required by the bank or post office, when there is no TDS deduction, in case of deduction of the bank issues Form 16A. It consists of all the details of the deduction required for the income tax filing online. You will need Form 16B from the buyer, in case you sold off the property. And Form 16C is needed by landlords with the details of deduction on the rent you receive by your tenant.
The form is an annual tax statement that enlists all the tax deductions made against your Pan Card.
Tax Investment Proofs
The proofs of tax breaking investments are also required for exemptions. The most common forms of such investments are the Employees Provident Fund, Public Provident Fund, Life Insurance, Mutual Funds(ELSS Schemes), National Pension System, etc.
Proofs Of Investment For Deduction Under Section 80D to 80U
One can claim additional deductions on taxes based on sections 80D to 80U that include Health Insurances, Educational loans, deductions based on parents’ age. Again, to do so, proofs are required for every claim you make to get tax relaxations.
Aadhaar details are mandatory for IT returns filing online.
The list of needed documents may vary from person to person, for example, proof of Home loans, or statement of capital gains can be necessary for some, but not all. It is thus, that people take the help of Chartered Accountants for income tax filing online to save themselves from confusion and complications. However, with online tax filing services from Tax Wink, the entire process of IT returns filing online not only becomes effortless but also fast.