ITR Filing: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is July 31. Taxpayers should know that they can file ITR via online mode as well. As per the notification of the Income Tax Department, certain sections of ITR forms will be pre-filed this year. The pre-filed ITR-1, ITR-2, ITR-3 and ITR-4 forms have already been provided by the I-T department and you can download those in XML file format.
Are you still scratching your head just as the last date comes closer? Don't worry. Here is a quick checklist of essential documents that you would need before filing an ITR.
1. Form 16: If you are a salaried employee you will get the Form-16 from your office. It is a TDS certificate issued by the company which has all the details of your salary and tax deduction. It consists of two parts -- Part A and Part B.
Part A will have the details of the TDS cut from the salary by employer and PAN details along with your employer's PAN details. While Part B will have salary breakup. Other details like exempt allowances and perquisites could also be found on Part B of Form 16.
The ITR-1 form, this year, has been changed and it gives similar details as you will find on Form 16. In case of any confusion, the taxpayers can refer the ITR-1 form while filling the Form-16.
2. Form 26AS: Another important document is Form 26AS which has the TDS details. It is like a tax passbook which will have details of TDS cut on your salary tax deduction by the bank on the savings account, advance tax and other investments.
3. Interest certificates or proofs: If you have any interest income like Fixed Deposits (FDs) or savings account, you need to get the interest certificates for those from the bank or the post office. Providing these certificates will help you in tax saving. You should also provide tax saving proofs include investments and expenses that come under section 80C of the income tax act. With this, you can also claim deductions under various other ones like sections 80D to 80U.
4. Bank account details: These are the basic documents to be given while filing the ITR. These include bank name, account number, account type and IFSC code.
5. Loan proofs: If you have taken a loan you need to get a statement from your bank before you file ITR. Capital gains on sale of property and/ or mutual funds/ equity shares must also be mentioned with the required certificates while filing ITR.
6. Aadhaar and salary slip: Last but not least, keep your Aadhaar card and salary slip handy while filing ITR.
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