ITR filing: From Form 16 to salary slips, list of documents required to file your Income Tax Return
The method for submitting a Income Tax Return differs depending on the amount of revenue produced every year and the source of income, such as salary, company profit, investment profit, and so on. Having all of your documentation ready is only one component of the process. Here's a list of it.
FollowThe deadline to file an income tax return for the fiscal year 2021-22 is July 31, 2022. The return filing deadline for other taxpayers subject to audit is October 31, 2022. The method for submitting a Income Tax Return differs depending on the amount of revenue produced every year and the source of income, such as salary, company profit, investment profit, and so on. Having all of your documentation ready is only one component of the process. The Income Tax Act of 1961 and the Income Tax Rules of 1962 require certain papers to be produced and kept as proof.
Form 16
Form 16 is also known as the TDS (Tax Deducted at Source) Certificate. The foundation for submitting income tax returns is Form 16. As a result, Form 16 should be the first form collected. Your company will supply you with the form after you have submitted information about the taxes paid on your behalf. This is done after accounting for your pay, allowances, and deductions.
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Salary slips
It is critical for salaried taxpayers to retain their pay stubs on hand. The salary slip contains all of an individual's fundamental salary information, such as basic salary, Dearness Allowance (DA), TDS amount, House Rent Allowances (HRA), Travel Allowances (TA), normal deductions, and so on. These particulars are required in order to prepare income tax returns.
PAN card
A PAN card is one of the most critical things you should always have on hand. Your Permanent Account Number (PAN) serves as identification and must be included in your Income Tax Returns.
Aadhaar card
It is necessary to provide Aadhaar data in order to correctly file your ITR. Individuals are required to disclose their Aadhaar data while filing their income tax return, according to Section 139AA of the Income-tax Act.
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Form 16A
TDS on interest income from fixed deposits is mentioned on Form 16A. For example, if your bank deducts TDS on your interest income from Fixed Deposits, TDS on rent receipts, TDS on insurance commissions, or any other revenue liable for such deduction, you would obtain a Form 16A. Form 16A specifies the revenue earned as well as the TDS deducted and deposited on that income. It also includes the deductor's and deductee's names and addresses, PAN information, TAN information, and TDS challan information.
Annual transaction details
The income tax agency will provide this statement in November 2021, detailing all financial transactions undertaken by a person in a given fiscal year. It contains extra information on interest, dividends, securities transactions, mutual fund transactions, international remittances, and so forth.
Form 26AS
Individuals must use the new income tax portal to get Form 26AS. It functions similarly to a tax passbook, containing information about the taxes deducted and submitted with the government against your PAN.
Tax saving investment proof
Taxpayers must also provide documentation of tax-saving investments and expenditures when completing their ITR. It should be noted that if an individual chooses the previous tax system while completing their ITR, they can claim tax-saving investments and expenditures.
Capital gain statement
If you have invested in stocks, mutual funds, or other securities, you must get a capital gain statement. Your brokerage firm will issue this statement. It provides information on all short-term capital gains that must be paid if you sell particular shares before the one-year period is up. Even if you do not have to pay taxes on long-term capital gains, you must include them in your statement.
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Individuals can submit their ITRs either online (without downloading any forms or utilities) or offline (by downloading forms and utilities and then uploading them to the new income tax system).
