Documents needed while filing Income Tax Returns

Typically, as a salaried tax payer you'll need to have the following items at hand for filing your Income Tax Return. This might vary on a case by case basis.

Here’s a quick guide to the documents you will need for the Assessment Year 2012-13 that will help you prepare and file your Income Tax Return.

PAN number

Verify your PAN number online with the Income Tax Department before filing your Income Tax Return by going to this link: https://incometaxindiaefiling.gov.in/portal/knowpan.do

Form-16 issued by your employer

A Form-16 is a statement issued by your employer which has details of your Salary, the taxable salary amount after various perks and allowances, the TDS deducted by your employer, the deductions you have claimed and the overall tax due. TDS is Tax Deducted at Source. Your employer will have already deducted some portion of your salary and deposited it with the Income Tax Department.

This is a good starting point to start preparing your tax return.

Bank statements / passbook for Interest Income on bank deposits.

Note that you have to declare all Interest Income earned in the Financial Year 2011-12 in your Income Tax Return. A lot of people forget to do this, so please go through your bank statements and find out the Interest received.

Statements of Interest Income besides Bank deposits

Sometimes you may have fixed deposits which may have matured, debentures which yield interest. Take a look and make sure to declare this income on your Tax Return.

TDS certificates issued to you by your bank and others

TDS may have been deducted on your Interest Income by your bank. Check whether any TDS was deducted. You can ask the Bank to issue you a TDS statement. Declare these TDS entries in your Tax Return to reduce your tax liability.

Form 26AS

This is one of the most important documents that you should look at while preparing and filing your Income Tax Return.

Form 26AS reflects all the Income Tax received by the Income Tax Department with respect to you. This is a tax credit statement which shows TDS payments, voluntary tax payments made by you.

 Link to Indian Government site to view Form 26AS

This Form-26AS should match all your TDS certificates issued to you by your employer, your bank etc.

If there is a mismatch you may have a tough time getting your tax refund. In case there is a mismatch between your TDS certificates and Form-26AS, you should contact your employer or your bank. They might have to inform the Income Tax Department of the TDS they have deducted.

Proof of investment under Section 80C

Investments done under LIC, NSC, PPF, school fees of your children qualify for Section 80C deductions.

Payment towards the principal of your Housing Loan also qualifies for deductions under Section 80C. The maximum limit for claim under section 80C is Rs. 1 Lakh.

Charitable donation statements

Donations that can be claimed for tax deductions under Section 80G.

Typically the receipt issued by the charitable organization you donate to mentions the eligibility under Section 80G.

For making sure you can avail of your tax deduction, make sure you quote the PAN number of the charitable organization.

Interest paid on housing loan.

If you pay EMI towards housing loan for a house that you live in: The Interest paid on housing loan is eligible for tax saving. The upper limit for tax saving is Rs 1,50,000.

If you pay EMI towards housing loan for a property that you rent out to others: The Interest paid on housing loan is eligible for tax saving. There is no upper limit for Interest paid exemption on rental property.

Other (less common) documents:

Proof of investment under Section80CCF:

Investments in Infrastructure bonds upto Rs. 20,000 can be claimed as tax deduction under section 80CCF.

Proof of investment under Section 80E:

Interest Paid on Education loan is tax deductible and can be claimed under Section 80E.

Proof of investment under Section 80D:

Medical Insurance payments for your family and your parents can be claimed here.

Proof of Disabilities

If you have disabilities, you might want to check up on Section 80U. If you have dependents with disabilities then check on Section 80DD.

Stock trading statement:

If you have sold any stock in the Financial year 2011-12, then you might have had Capital Gain or Capital Loss. This has to be declared in your Income Tax Return. Take a look at your brokerage account and then declare your Capital Gain.

Capital gain on sale of property

In case you sold any property or house or land or anything of value, you may have had a Capital Gain or Capital Loss. You have to declare this in your Income Tax Return.

Overall the key take away is - Look at your Form-26AS to ensure that your records match those of the Income Tax Department.

ClearTax helps Individuals prepare and file their Income Tax Returns online in India.  www.cleartax.in

Latest News

  • Boeing mulls larger engine for biggest 737 MAX - sources
    Boeing mulls larger engine for biggest 737 MAX - sources

    PARIS/NEW YORK (Reuters) - Boeing is considering a plan to put a larger engine on its biggest narrowbody airliner in an effort to blunt the runaway success of a rival Airbus jet that outsells it by four to one, industry sources said. The U.S. planemaker would substitute a modified version of the larger and more powerful LEAP-1A engine used on Airbus's A321neo rather than the LEAP-1B used on the 737 MAX 9, they said. Boeing disputes its rival's claims about the strength of demand in this …

  • Georg Fischer has several internal candidates for CEO - SonntagsZeitun …

    Machinery, pipes and car-parts maker Georg Fischer (FIN.S) is grooming several internal candidates to replace Chief Executive Yves Serra when he turns 65 in two years, the Swiss company's chairman, Andreas Koopmann, told the weekly SonntagsZeitung. Serra, also interviewed for the article published on Sunday, told the newspaper the Schaffhausen-based company is considering broadening its range of products to include parts for aircraft. "We can't start from scratch by developing everything …

  • Most economists say Brexit will harm economy - poll
    Most economists say Brexit will harm economy - poll

    Nine out of 10 of Britain's top economists working in London's City financial district, small business and academia believe the economy will be harmed if Britain leaves the European Union, a poll said on Sunday. The poll, which the Observer newspaper said was the biggest of its kind drawing responses from more than 600 economists, is a boost for Prime Minister David Cameron, who is leading the campaign for Britain to stay in the 28-member bloc at a referendum on June 23 despite opposition from …

  • Coal India net profit up marginally in Q4

    Kolkata, May 29 (IANS) Coal India Ltd. (CIL) on Sunday reported a marginal rise of 0.22 percent in its consolidated net profit at Rs. 4,247.93 crore for the fourth quarter that ended on March 31 as compared to Rs.4,238.55 crore in the year before. The revision is applicable to all its subsidiaries for regulated and non-regulated sectors, the CIL said on Sunday. "Due to this revision, CIL will earn approx. additional revenue of Rs.3,234 crore for the balance period of financial year 2016-17," …

  • Key macro-economic data to guide the equity markets

    Mumbai, May 29 (IANS) Key macro-economic data, along with the next batch of quarterly results and trends in global markets, are expected to guide the Indian equity indices during the upcoming week. Further, cues on future direction of key lending rates in India and the US will have a major bearing on investors' sentiments. "Next week should greet the markets with a slew of economic data, including PMI (purchasing managers index), eight core activity, fiscal deficit and GDP (gross domestic …

  • Lufthansa suspends Caracas flights as Venezuelan economy struggles
    Lufthansa suspends Caracas flights as Venezuelan economy struggles

    German airline Deutsche Lufthansa AG (LHAG.DE) said on Saturday it will temporarily suspend flights to Venezuela as of next month due to economic difficulties in the South American nation and problems converting local currency into dollars. "We deeply regret that for these reasons, we will be forced to suspend our service between Caracas and Frankfurt as of June 18," the company wrote in a statement, noting that demand for international flights to Caracas dropped in 2015 and the first quarter …

  • Sun Pharma gets U.S. subpoena over generic drugs pricing
    Sun Pharma gets U.S. subpoena over generic drugs pricing

    The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. The DoJ's antitrust division has also asked Sun Pharma's U.S. unit for documents related to employee and corporate records and communications with competitors. The subpoena comes amid a wider probe by U.S. regulators into steep increases in the prices …

  • Yellen says Fed rate hike likely appropriate in coming months

    The Federal Reserve should raise interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July. "It's appropriate ... for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate," Yellen said during an appearance at Harvard University. Although …

DON'T MISS

  • The Rs 80,000 crore milk business is on a tear

    If you thought that all the action in business was concentrated around the e-commerce sector, you could not be more wrong. The unlikely category of milk and dairy products has been seeing some of the most ... …

  • Charged up

    Reliance Jio's battle with other cellular operators over spectrum usage charges is set to escalate. …

  • Cracking the Code

    HackerRank is helping companies recruit coding champions through online tests. …

  • Poor Prediction

    A Niti Aayog presentation says poverty in India could be wiped out by 2032. Is it possible? …

  • Missing in Action

    Villages adopted by Gandhis make little progress. …

  • The VillageEconomy

    Inside: Model villages 68 / How India failed its poor 76 …

  • Hardly Adarsh

    Saansad Adarsh Gram Yojana, PM's pet project, has the potential to kick-start the rural economy, but is going nowhere if we go by the results so far. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    195.55+11.80+6.42%
    SBIN.BO
    16.20+0.85+5.54%
    SUZLON.BO
    66.50-1.45-2.13%
    SPICEJET.BO
    103.35+4.55+4.61%
    IBREALEST.BO
    49.00+1.35+2.83%
    RCOM.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    100.90+16.75+19.90%
    CHEMFALKAL.BO
    72.95+12.15+19.90%
    SAMPRE.BO
    99.50+16.50+19.88%
    ICNX100.BO
    35.55+4.30+17.92%
    BRAHMINFRA.BO
    129.15+19.15+17.41%
    TEJNAKSH.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    568.80-138.80-19.62%
    GMBREW.BO
    8.30-1.94-18.16%
    LAHOTIOV.BO
    630.00-123.80-16.54%
    LOYALTEX.BO
    78.95-13.20-14.32%
    AMARJOTHI.BO
    14.20-1.80-13.13%
    SRSFIN.BO

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Yahoo Cricket