Income Tax Return filing procedure

The Income Tax Return filing procedure can be extremely tedious and time-taking, especially for first-time filers, but having all the documents ready before hand makes the job a tad bit easier. There are exactly ten documents you need for this purpose which are mentioned as follows.

  1.  Form-16– It is the certificate issued under section 203 of the Income tax Act for tax deducted at source (TDS) from income under the head ‘salary’. It is issued on deduction of tax by the employer from an employee’s salary and deposit of the same with the government. The certificate provides a detailed summary of the amount paid or credited to the employee and the TDS on the same.
  2. Salary Slips– A salary slip is a document issued by an employer to an employee. It contains a detailed description of the employee’s salary components like HRA, LTA, Bonus paid etc and deductions for a specified time period, usually a month. It may be issued on paper or mailed to the employee.
  3. Interest certificates from banks and post office– This is an annual summary of interest credited or debited, which we send out at the end of the tax year. Usually, the interest income received is taxable in the hands of an individual.
  4. Form-16A/Form-16B/Form-16C– An individual can have income from sources other than his/her salary, such as returns on investments on fixed deposits, mutual funds, gold bonds, and other capital gains, that is taxed under 16A. Form 16B certifies that the tax has been deducted at source on the income earned from the sale of immovable property.
  5. Form 26AS– This form is an annual consolidated tax statement that can be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN).
  6. Tax-saving investment proofs– All the tax-saving investments made by you and the expenditures incurred by you eligible for deduction under section 80C, 80CCC and 80CCD(1) during FY2018-19 can help you lower your tax liability.
  7. Deductions under section 80D to 80U– There are certain expenses on which you can claim deductions under different sections of the Income-tax Act. For instance, health insurance premium.
  8. Home loan statement from bank/NBFC– This statement is needed both as proof and as a source of information for filling your income tax return. Interest paid on the home loan can lower your tax liability under section 24.
  9. Capital Gains– If you have earned some capital gains from the sale of property and/ or mutual funds/ equity shares, then you will be required to report these gains in your ITR.
  10. Aadhar Card– Providing Aadhaar details is mandatory to successfully file your ITR.

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