The time to file Income Tax Return (ITR) has come close. The government has notified the ITR forms for the financial year 2018-19. Now you can start gathering the necessary documents to fill it. The last date to file the return is 31 July. The process becomes easy by collecting the necessary documents in advance. Here we are telling you about those documents. It should be remembered here that salaries usually use ITR-1 or ITR-2 form to file returns. These are available on the e-filing website. Let us know which documents you have to collect.
This form is very important for people getting salary. Says Abhishek Soni, CEO, “The form is received from the company to the employee. It contains details of salary payment and TDS deducted from it (tax deducted at source). It is mandatory for companies to issue Form-16 to the employee. If TDS is not deducted from salary, you can request to give it. ” This form is required to file ITR.
two parts of this form. Part A and Part B. Part A contain complete details of the tax deducted by the company during the year. Apart from the tax deducted from salary, it also contains details of the PAN of the employee and the PAN and TAN of the company. Gross salary is given back-up in Part B. You will also see a standard deduction of Rs 40,000 in this year’s Form 16.
2. Interest Certificate of Bank and Post Office
This year’s ITR form asks the taxpayers to also tell the source of their interest income. Such sources include savings account, fixed deposit or other income.
3. Form-16A / Form-16B / Form-
This year’s ITR form asks the taxpayers to also tell the source of their interest income. Such sources include savings account, fixed deposit or other income. 16C Form-16A is issued by banks. It contains the details of the cut TDS. Banks deduct TDS if interest income exceeds a specified limit. At the same time, Form-16B is required when you sell a property. This form is issued by the property buyer. It contains details of TDS deducted on the amount given. Soni says that if you have a rental income, then as a landlord, you should ask the tenant to give Form 16C. It contains details of TDS deducted on the rent given. According to the current laws, in this situation tax is required to be deducted when the monthly rent is more than Rs 50,000.
26AS Form 26AS is an annual tax statement. You can consider it as a tax passbook. It contains details of all taxes. These taxes include: 1-TDS deducted from the company
2- TDS deducted from the bank 3- TDS deducted from the payment made to you from any other institution 4-Advance tax collected during FY 2018-19 5-Self-assessment tax which you have given that you can download form 26AS the website of TRACES. To download your Form-
, you can log in on the e-filing website www.incometaxindiaefiling.gov.in . After logging in, click on ‘View 26AS (Tax Credit)’ under ‘My Account’ tab. The website will take you to the TRACES website to download the form.
5. Proof of tax-saving investment
Investments made under section 80C, 80CCC and 80CCD (1) are exempt from tax. They help in reducing tax liability. Under these three sections, you can save tax up to Rs 1.5 lakh.
6. Deduction under section 80D to 80U can be deducted.
Apart from tax-saving investment and expenditure under section 80C, there are some such expenses on which deduction can be claimed under various sections. For example, the health insurance premium paid for self, spouse, and child is eligible for deduction under section 80D. Tax savings up to a maximum of Rs 25,000 can be made on this.
7. Home Loan Statement of Bank / NBFC
If you have taken a home loan from a bank or any other financial institution, do not forget to collect the loan statement of the previous financial year. This break-up will give details of how much interest and principal you have paid.
8. Capital Gains
If you have made capital gains from the sale of a property, mutual funds or equity shares, then you have to show these gains in your ITR.
9. Pre-verification of bank account for ECS refund
Income Tax Department has announced that from March 1, 2019, it will issue only e-refunds. These refunds will be credited to those bank accounts which are linked to PAN. So get the bank account verified in advance. Also, link bank account with PAN to get a refund.
10. Aadhaar Card
It is mandatory to provide Aadhaar to successfully file your ITR. As per section 139AA of the Income Tax Act, it is necessary to give the details of Aadhaar while filing your return.
11. Add details of investments in unlisted companies
It is mandatory to provide Aadhaar to successfully file your ITR. As per section 139AA of the Income Tax Act, it is necessary to give the details of Aadhaar while filing your return. If you have invested in shares of unlisted companies, then all the details are required to be given while filing ITR-2. Sony says, “Even if the source of your income is salary, you have to file ITR-2 and inform about the shares held by unlisted companies.” Like our Facebook page for regular updates on personal finance and stock market in Hindi. Click here to like this page .