Governance

Filing Income Tax Returns: 10 documents you need

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It’s that time of the year when we start filing our Income Tx Returns (ITR).

Here are 10 documents you will need while filing your ITR for FY 2017-18:

1. Form-16

This is the most important document of a salaried person. Form-16 is a Tax Deducted at Source (TDS) certificate issued by your employer which states how much tax was deducted from your salary.

2. Salary slips

If you are a salaried taxpayer, you will need salary slips from where you can add every taxable allowance like house rent and transport received during the year.

3. Interest certificates

The interest you get from savings bank account, post office savings account, fixed deposits and recurring deposits are taxable. If no TDS is deducted, you have to either get the interest certificates from your bank and/or post office, or get copy of your passbook updated till March 31, 2018.

4. Form-16A/Form-16B/Form-16C

The bank will issue Form-16A if TDS has been deducted for interests over specified limits.

Form-16B will be issued by a buyer if you have sold off your property.

Meanwhile, if you have rented out your property, your tenant will provide you with Form-16C with details of TDS deducted on the rent received by you.

5. Form 26AS

This is the consolidated annual tax statement, which includes TDS deducted by your employer, TDS deducted by banks, TDS deducted by any other organisation, advance taxes that you deposited and self-assessment taxes.

6. Receipts of tax-saving investments

You will need receipts or proof of all tax-saving investments and expenditures under sections 80C, 80CCC and 80CCD(1) during FY2017-18.

These include Employees Provident Fund (EPF), Public Provident Fund (PPF)  and Investments in ELSS scheme.

7. Deductions under section 80D to 80U

You are eligible for claiming deductions under a host of sections from 80D to 80U. For example, you can claim deductions for health insurance premium paid under section 80D. You may claim deduction for any interest paid on education loan under 80E.

8. Home loan statement

You can claim deduction for interest paid on home loan. So, don’t forget to collect your home loan statement from bank or Non-Banking Financial Company (NBFC).

9. Capital gains 

You need to report any capital gain like amount received by selling a property or earning from mutual funds in your ITR form.

10. Aadhaar card 

You have to provide your Aadhaar details during filing your ITR. It is mandatory under Section 139AA of the Income Tax Act to do so.

Sreya Basu

Sreya is based in Kolkata. She is a Senior Editor of Big Wire.

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