Delhi, Jun 03, 2019 : The process of filing income tax returns (ITR) for the assessment year 2019-20 has begun in India, with the last date being 31 July 2019.
Filing returns online is extremely simple if you have all the necessary documents handy since they help you with all the numbers and details that you will need while filling the ITR form. If you are filing your income tax return for the first time, or if you find the process confusing in general, we have compiled a list of documents that you should collect before starting the process to cut the hassles and file ITR online within minutes.
If you are a salaried person, this is one of the most important documents to file your ITR. Form 16 is a TDS (tax deducted at source) certificate issued by your employer to provide details of the salary paid to you and TDS deducted on it if any. It is mandatory for employers to issue Form 16 if your employer has deducted TDS from your salary. Apart from details of the tax deducted, Form 16 also has your Permanent Account Number (PAN), which is also required to file ITR online.
In case of a change in job in the mid of a financial year, you will need Form 16 from both the employers.
Monthly salary slips are needed to get information on different allowances such as house rent allowance (HRA), transport allowance etc. You can fill all the details in your ITR form on each allowance received during the year using those salary slips and then calculate the taxability portion of it. The tax treatment of each allowance is different -- some allowances are fully taxable, while some are partially taxed. You can find all this information in your salary slips.
Interest certificates from banks
This is a TDS certificate for the interest earned on your fixed despoits in the bank. If you do not get interest certificates, make sure your bank account statement is updated and shows details of the interest credited to your account till 31 March 2019.
It is a form which depicts the total tax that has been deducted from your various sources of income against your PAN and has been deposited to the government account. It will include details on TDS deducted by your employer, TDS deducted by banks if the interest income exceeds Rs 10,000, TDS deducted by any other organisation for the payments that have been made to you, any advance taxes that you deposited yourself during 2018-19, and self-assessment taxes paid by you.
To download your Form-26AS, you can login to your account on the e-filing website, www.incometaxindiaefiling.gov.in. Once logged in, click on ‘View 26AS (Tax Credit)’ under the ‘My Account’ tab. The website will redirect you to the TRACES website to download the form.
Form 16A, Form 16B, Form 16C
If TDS is deducted on any income other than salary over specified limit under income tax laws, the bank will issue a Form 16A form with exact details of amount of TDS deducted. Meanwhile, if you have recently sold any property belonging to you, the buyer has to issue a Form 16B. And, if you are earning income from rent, you should ask the tenant to give you a Form 16C for details related to TDS deducted on received rent.
Home loan statement
Taxpayers who have taken home loan from bank or any other non-banking financial company (NBFC) should collect the loan statement as it will provide break-up details of principal and interest repayment.
Tax payment Challan
If you have already paid any advance tax or self-assessment tax, you will need the tax payment Challan specifying details of the tax already submitted.
Aadhaar has become mandatory for filing ITR under Section 139AA of the Income Tax Act. It says that an individual has to provide his or her Aadhaar details while filing tax return. Those without an Aadhaar card will not be able to file ITR unless they have applied for it, in which case, people will be able to complete the process using an enrolment ID.