Necessary Documents for Income Tax Return Submission
It's almost that time of the year again, my friend! The income tax filing season is here, and you know what that means - running around like a headless chicken trying to find all the necessary documents for that ITR form. But no worry, I've got your back! Here's a checklist of documents you'll need to make this process a breeze.
Get all these ITR Filling Required Documents Together
✔ Form 16:
Listen up! This important little certificate is issued by your employer and tells the taxman that they've already deducted tax from your salary and paid it to the department. Most employers will give you this by mid-June. So, keep your eyes peeled.
✔ Form 26AS:
Form 26AS is your "tax passbook." It's like a detailed report of every penny of tax deducted from your income and paid on your behalf. This little beauty can be found on the income tax department's website, and it'll help you ensure everything matches up nicely and claim any excess tax as a refund.
ITR 1 (SAHAJ)
✔ Salary slips:
Individuals
For salaried taxpayers, keeping a couple of salary slips handy is a must. This year, it's mandatory to specify the breakup of your salary while filing returns, so you'll need this info to get it right.
Income from salary, one house property, other sources (interest etc.). Total income should not exceed ₹ 50 Lakhs
✔ Capital Gain Tax Statement:
If you've invested in stocks or mutual funds, you'll need a capital gain statement. You can get this on the ETMONEY app immediately, and it'll save you the stress of tracking down all those individual statements. This bad boy is mandatory for filing your ITR.
ITR 2
Additionally, if you've sold a house or property in the last year, you'll need the purchase and sale deed to calculate and report capital gain.
Individuals and HUFs
✔ Tax Saving Proofs:
Income from salary, more than one house property, Capital Gains and income from other sources
If you've been planning to save on taxes, you'll need to declare your investments to claim deductions. So, don't forget to gather all your investment proofs like insurance premiums, ELSS fund investments, and so on.
If you've claimed a deduction for an education or home loan, you should also get the loan statement from the bank. These statements will give you a breakdown of the principal and interest you paid during the year.
ITR 3
✔ Interest Certificate from Banks and Post Office:
Individuals and HUFs
Any interest you earn from saving bank accounts, fixed deposits, recurring deposits, or post office deposits is considered "income from other sources." These interest incomes are taxable, so keep interest certificates handy to cover all your bases.
Income from salary, house property, income from business of profession, capital gain and income from other sources
After you've collected these documents for ITR filing, input the information in an income tax calculator to determine how much tax you need to shell out. It's a good idea to collect these documents ahead of time to avoid the stressful last-minute rush when filing your returns.
Some Things to Keep in Mind During Filing Returns
ITR 4 (SUGAM)
✔ ITR Form - Pick the Right One
Individuals, HUFs and Firms (Other than LLP)
The income tax department has made some changes to the ITR forms this year, so make sure you pick the right one and read up on the changes. If you use the wrong form, your return might get rejected, and you'll have to resubmit it.
Income from salary, one house property, other sources. Income from business or profession computed under section 44AD, 44ADA and 44 AE. The Total Income should not exceed ₹ 50 Lakhs
✔ Put All the Details Correctly
Once you've picked the form, make sure you enter all the details correctly. Besides the details already mentioned, you'll need to provide your bank details, PAN number, and email ID in the ITR form.
✔ Don't Miss the Deadline
Generally, the last date to file ITR is on 31st July of the assessment year, which may be extended based on the government's discretion. If you don't file your ITR for the current year by 31st July, you'll be hit with penalties.
- A penalty of Rs 5,000 if your return is submitted after the expiration date, but before 31st December of the relevant assessment year.
- A penalty of Rs 10,000 if submitted after 31st December of the relevant assessment year.
However, taxpayers whose annual income is below Rs 5 lakh will only need to pay a penalty of Rs 1,000 if they miss the deadline.
The Bottom Line
Tax filing is a fact of life, and procrastination will only lead to unnecessary stress. So, gather all the documents you need for ITR filing as soon as possible, and you'll be able to breeze through the process like a pro. Happy filing, dude!
- To ensure you get the maximum tax benefits, consider investing in mutual funds, fixed deposits, or tax-saving schemes like ELSS funds to collect relevant proof for the ITR filing.
- If you've earned capital gains from selling stocks or mutual funds during the year, remember to include the capital gains statement in your ITR filing to accurately report your taxable income.
- Lastly, don't overlook any personal-finance related documents like the interest earned on savings bank accounts, fixed deposits, or investments with banks and financial institutions when preparing your ITR documents for a complete tax filing process.
