By Ashwini Kumar Sharma
Most us find filing of income tax returns (ITR) a complex task. So, we often postpone it till the last possible date. But having the paperwork organised can make the task much simpler. While income tax authorities don’t require you to furnish any document while filing your return, they are needed while filling up the ITR form. Besides, the legal proceedings under the Income Tax Act, 1961, can be initiated up to six years prior to the current financial year. So, it is necessary that you maintain the documents for so long.
You have to file a return by 31 July of each assessment year (AY) if your total income during the previous year exceeds the maximum amount not chargeable to income tax. We list the basic documents you need to keep while filing return.
Permanent Account Number (PAN). You don’t have to attach a copy, but just mention the PAN in the return.
Forms 16 and 12BA. Form 16 is the annual salary statement issued by an employer providing details of the income earned and tax deducted in a particular financial year. If an employer doesn’t issue you Form 16 by 31 May of the AY, send them a registered letter asking for the same and a copy to the assessing officer. Where you had more than one employer during the financial year (FY), seek Form 16 from each of them. Also, get Form 12BA if your pay package includes perks.
Form 16A. This certificate mentions the income earned from sources other than salary and tax deduction at source (TDS) on them, such as TDS on bank term deposits.
Form No. 26AS. You may view this form online by registering at the National Securities Depository (NSDL) website. It provides details and status of tax credit, which includes TDS, advance tax/self assessment tax/regular assessment tax deposited by you.
Summary of account. Have a summary of all bank accounts containing details of the interest earned and expenditures incurred in the year. Interest earned is mentioned under the head “income from other sources” while filing return. It is worthwhile to note that as per the Budget 2012 proposals, from next year, interest earned up to `10,000 from savings bank accounts will be tax-free.
Other documents. Collect medical and term-insurance premium receipts, documents supporting investments in Public Provident Fund (PPF), tax-saving mutual funds, payment of principal and interest on home loan, payment of interest on education loan, donations to charitable trusts, tuition fees, and rent receipts, among others. If you own a property or have bought a house, retain the municipal tax receipts and records of payment details and receipts of stamp duty and registration fee paid, respectively.
Capital gains. If you have made any capital gains, either short-term or long-term, while transacting in capital assets such as property, gold, or equity instruments. Bills, documents and contract notes for assets sold during the year are needed as are the corresponding purchase papers.
SUPPORTING DOCUMENTS
Here are a list of required documents you will need to make your tax filing process hassle-free
FORM 16
Annual salary statement issued by employer
FORM 16A
Collect it from institutions which have deducted tax while making payment to you during year such as banks and companies.
FORM 12BA
If your pay package includes perks.
FORM 26AS
Annual tax statement-view it on income tax website
SUMMARY OF ACCOUNTS
Statements of all bank accounts that you operated
ESSENTIAL DOCUMENTS
Home loan papers, property transaction (sale or purchase), receipts of property tax paid and rent received
MISCELLANEOUS
PAN, bank account number, and bank MICR code, among others
Most us find filing of income tax returns (ITR) a complex task. So, we often postpone it till the last possible date. But having the paperwork organised can make the task much simpler. While income tax authorities don’t require you to furnish any document while filing your return, they are needed while filling up the ITR form. Besides, the legal proceedings under the Income Tax Act, 1961, can be initiated up to six years prior to the current financial year. So, it is necessary that you maintain the documents for so long.
You have to file a return by 31 July of each assessment year (AY) if your total income during the previous year exceeds the maximum amount not chargeable to income tax. We list the basic documents you need to keep while filing return.
Permanent Account Number (PAN). You don’t have to attach a copy, but just mention the PAN in the return.
Forms 16 and 12BA. Form 16 is the annual salary statement issued by an employer providing details of the income earned and tax deducted in a particular financial year. If an employer doesn’t issue you Form 16 by 31 May of the AY, send them a registered letter asking for the same and a copy to the assessing officer. Where you had more than one employer during the financial year (FY), seek Form 16 from each of them. Also, get Form 12BA if your pay package includes perks.
Form 16A. This certificate mentions the income earned from sources other than salary and tax deduction at source (TDS) on them, such as TDS on bank term deposits.
Form No. 26AS. You may view this form online by registering at the National Securities Depository (NSDL) website. It provides details and status of tax credit, which includes TDS, advance tax/self assessment tax/regular assessment tax deposited by you.
Summary of account. Have a summary of all bank accounts containing details of the interest earned and expenditures incurred in the year. Interest earned is mentioned under the head “income from other sources” while filing return. It is worthwhile to note that as per the Budget 2012 proposals, from next year, interest earned up to `10,000 from savings bank accounts will be tax-free.
Other documents. Collect medical and term-insurance premium receipts, documents supporting investments in Public Provident Fund (PPF), tax-saving mutual funds, payment of principal and interest on home loan, payment of interest on education loan, donations to charitable trusts, tuition fees, and rent receipts, among others. If you own a property or have bought a house, retain the municipal tax receipts and records of payment details and receipts of stamp duty and registration fee paid, respectively.
Capital gains. If you have made any capital gains, either short-term or long-term, while transacting in capital assets such as property, gold, or equity instruments. Bills, documents and contract notes for assets sold during the year are needed as are the corresponding purchase papers.
SUPPORTING DOCUMENTS
Here are a list of required documents you will need to make your tax filing process hassle-free
FORM 16
Annual salary statement issued by employer
FORM 16A
Collect it from institutions which have deducted tax while making payment to you during year such as banks and companies.
FORM 12BA
If your pay package includes perks.
FORM 26AS
Annual tax statement-view it on income tax website
SUMMARY OF ACCOUNTS
Statements of all bank accounts that you operated
ESSENTIAL DOCUMENTS
Home loan papers, property transaction (sale or purchase), receipts of property tax paid and rent received
MISCELLANEOUS
PAN, bank account number, and bank MICR code, among others
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