10 Jul 2018: #FinancialBytes: 10 Documents you need while filing your I-T Return
The deadline for filing of Income Tax Return for the FY 2017-18, i.e. July 31, 2018, is approaching fast.
The process of filing the income tax return becomes way easier when you have all the necessary documents handy with you.
So, here we bring to you the list of all documents you will need while e-filing your returns.
Let's have a look.
PAN Card: The first document you need is your PAN card
The first document which you need while filing your Income Tax Return is your Permanent Account Number (PAN) card which carries a unique ten-digit alphanumeric number.
If you don't have one, you can get it done in 15-days time either offline by submitting form 49A to the I-T department or online by applying for it on the website of National Securities Depository Limited (NSDL).
Aadhaar Card: Besides PAN, make sure you have your Aadhaar card ready
Another document that you require while filing income tax returns is your Aadhaar card as it has been made mandatory with effect from July 1, 2017. Further, your Aadhaar must be linked to your PAN.
You can get Aadhaar card by visiting your nearby Aadhaar card centers and filing up enrollment form.
It takes a maximum of 3-5 weeks to get an Aadhaar card.
Home Loan Certificate: If you took a home loan, collect home loan certificate
If you took a home loan from a bank or any other financial institution during the financial year, you must collect your loan certificate showing the break-up of principal amount and interest repaid by you, both of which help to claim tax deductions.
While Principal repayment is eligible for tax deduction under Section 80C, home loan interest can be claimed under Section 24.
Interest Certificates: Interest Certificates from banks, post offices
All the interest income earned by you either on bank or post office deposits are subject to tax. Thus, you must get the interest certificates from these institutions to know the amount of total interest earned.
Alternatively, you can get your bank passbook updated with all the details related to the interest credited to your account.
Form 16: If you're a salaried person, remember to collect Form 16
If you're a salaried person, you need to have your Form 16 while filing the I-T returns.
It basically serves as a certificate issued by your employer that your Tax Deducted at Source (TDS) has been accounted for from your salary and deposited with income tax authorities.
It also carries all the details related to your salary.
You can collect it from your employer.
TDS Certificates: Other TDS certificates namely Form 16A, Form 16B, Form 16C
Form 16A- If you have made bank deposits, collect it from your bank certifying TDS deduction on your interest income.
Form 16B- If you have sold any property, then collect Form-16B from the buyer certifying TDS deduction on the amount received by you.
Form 16C- If you've given a property on rent, collect it from your tenant certifying TDS deduction on your rental income.
Investments: Investment proofs for tax-saving Investments
Keep the investment proofs for all the tax-saving investment instruments, in which you have pooled in your money, handy with you.
These proofs include Public Provident Fund passbook, National Savings Certificates documents, statements of tax-saving mutual funds, receipts of pension plans, documents related to investments made in infrastructure bonds, etc.
Tax-deductible expenses: Documents related to tax-deductible expenses
Apart from tax-saving investments, also keep payment receipts of tax-deductible expenses made by you ready with yourself, while filing income tax return.
Tax-deductible expenses include health insurance premium, tuition fees paid for a maximum of two children, stamp duty, registration charges and other expenses incurred on the purchase of a house, premium payments made on life insurance policies, etc.
Capital Gains: Documents related to your capital gains
If you have earned any capital gains during a financial year, you are required to report such income in your income tax return.
For instance, if you have gained from a sale of a house property, you will need the sale deed of that property.
Similarly, if gains have resulted from sale of mutual funds/shares, you would need statements from mutual fund houses/ brokers.
Form 26AS: Last but not the least, remember to have Form 26AS
Last but definitely not the least important document that you must have while filing your income tax return is Form 26AS.
Form 26AS is nothing but your consolidated annual tax statement. It contains the following details:
TDS deducted by your employer, banks or any other organisation
Total tax and advance taxes paid by you
You can download it from the TRACES website.