Income tax
The last date for filing income tax returns (ITR) has been fixed on 15 September. If you have not yet filed returns, then it is very important to settle this work in time. Especially if you are going to file ITR for the first time, then knowing about the necessary documents will prove to be helpful for you. Without the right document, it can be difficult to fill the return and notice can also come on giving wrong information.
If you are employed, first keep Form 16
If you are a salary employee, Form 16 is the most important document for you. This gives you your company, which contains year -long salary, tax deduction and other important information. This form helps to accurately confirm your income and tax while filling ITR.
Form 26AS and AIS also keep ready
Form 26AS is a way an account of tax deposited in your name. It shows how much TDS has accumulated in your name. At the same time, AIS i.e. Annual Information Statement contains information like your bank deposit, stock market transaction and interest income. Both documents help to ensure that your declared income is correct.
Keep bank statement and interest certificate with
If you have deposited money in a bank account, FD or other schemes and have earned interest from it, then it is necessary to give information about it. For this, bank statement and interest certificate will be necessary for you, so that you can also enter the earnings from interest in ITR.
Exact information comes from salary slippers
Monthly salary slips contain that your salary contains which parts such as basic, HRA, bonus or other allowances. This gives you the correct picture of your total salary and taxable income, which reduces the chances of mistake in filling the form.
Keep the receipts of tax saving investments
If you have invested in tax saving schemes like PPF, LIC, ELSS, then their receipts will be useful during ITR filing. These documents are helpful in claiming your tax exemption and help in reducing tax liability.
Keep rent agreement if you stay on rent
If you live in a rented house and want to claim HRA, then you should have a receipt and rent agreement to pay rent. With this you can take advantage of HRA exemption legally.
If the document is correct then tax returns will also be correct
The accuracy of documents matters a lot when filing ITR. If you have all the necessary paper ready, then it will be easy and troublesome. Also, due to wrong information or omission, the possibility of notice will also be reduced.