It is mandatory for individuals to enter Income Tax Return
(ITR) whose annual income is Rs. 2.5 lakhs even if your annual income is less
than Rs. 2.5 lakhs, it is advisable to file your returns because it can be easy
during various financial transactions.
If you are among those who have joined
the job market in the last financial year, then it may be the first time you
have filed returns. As a first step, make yourself aware of the necessary
details when filing a tax return. Not only will it save time but also save you
from unnecessary hassles. The deadline for filing of ITR for FY 18 is July 31, 2018
and therefore it is important to keep the documents listed below easy forcing
free tax filing.
Aadhaar:
Unique 12
digit number or Unique Identification Number (UID) is mandatory for filing ITR.
If your base and pan are connected then you may not need it. In fact, after
filing your returns, e-verification can be done easily by using OTP generated
from the base, but make sure that your registered mobile number is connected to
your base.
PAN:
The most important document known as the Unique
Permanent Account Number issued by the Income Tax Department (IT) department or
usually the most important document known as a PAN card is necessary to keep
you easy before filing tax returns. This is your financial identity card
registered with the IT department.
Form 16 and Salary Slip:
This is a company generated TDS (source tax deduction)
certificate which you will get from your employer as an employee within a
quarter from the end of each financial year. Usually, by June, all employers
offer form 16 where your income, taxable income, tax saving investment,
deduction of tax deductions and depositing the government's treasures is
certified among others.
If you do not have income from any other source but your
employer, with PAN, basis and bank account with Form 16 you need to enter your
return.
Similarly, your pay slip will give details about the
breakdown of allowances including HRA, transport allowance and further.
Capital gains details:
Investment details:
To file an ITR, you need to keep all your investment details
in the last financial year. These include your insurance premium - life or
health, public provident fund (PPF), unit linked insurance plan (ULIP),
National Savings Certificates (NSCs) and tax saving mutual fund investments or
ELSS. You can generate online statements of many of these investments.
Home loan details:
If you have a home loan, you need to prepare a credit
certificate from your bank. It provides details of your loan details and yearly
interest payments. You can avail the benefit of the basic repayment of up to Rs
2 lakh for interest against your home loan under Section 24 and up to Rs 1.5
lakh under Section 80 (C).
Form 26AS
This is another important document when filing returns. It
gives details about the tax you paid. All TDS deductions associated with
investment and savings are reflected in Form 26AS. If you do not get Form 16
from your employer for some reason then it is also easy.
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