ITR Filing Latest News: As the Central government has extended the deadline for filing income tax returns till December 31, many people are rushing to file their ITR this month. Otherwise they will have to pay a hefty fine. In this scenario, they are confused as to what documents are required for the purpose. Also Read – Filing Income Tax Return Must For All Taxable Individuals, Even For The Dead | Check Rules Here
Moreover, filing income tax return (ITR), especially for first-time filers can be confusing as it involves a lot of documents related to a taxpayer’s finances. However, the Centre in general gives four months window period to compile all the documents. Take a look at the required documents for filing ITR. Also Read – ITR: Income Tax Return Filing Deadline For FY 2019-20 Extended To Dec 31, Check Details
Form 16: For every salaried employee, Form 16 is the most important document for filing the ITR. This document is generally issued by the employer to the employees and it is needed while filing the ITR. And every employee must get Form 16 from the employers. It is a tax deducted at source (TDS) certificate and carries the details of the salary paid to the employee and their TDS. Also Read – Deadline For Filling Income Tax Return For FY 2019 -20 Extended: Here’s The New Date
This Form 16 consists of two parts – Part A and B. Part A in F-16 is the portion that consists of the income tax deducted by the employer in the financial year. Part B of Form 16 includes the break-up information of the employee’s gross salary.
Apart from this, Form-16 also has Permanent Account Number (PAN) and the details of the employee and the Tax Deduction Account Number (TAN) of the employer.
Form 26AS: This is another crucial document required for filing ITR. Income Tax Department generates an annual consolidated tax statement which is known as ‘Form 26AS’. Using PAN, all taxpayers can easily access it from the income-tax website. This document contains the amount of the TDS of the salaried class and taxes paid during the financial year (in case of self-employed or businessmen).
Certificates of interest: If you have fixed deposit or mutual fund, you need to present an interest certificate to show that how much interest you got from these sources. Apart from salary, an individual gets income from various interest investments such as savings account deposits and fixed deposits from banks and post office. At the end of the financial year, these institutions provide interest certificates/bank statements to their depositors for the same.
Tax Saving Investments: In case individuals could not submit their tax-saving investments to their employers during the stated period in the previous financial year will now have to submit the proof of the same directly to the Income Tax (I-T) Department for claiming tax deductions. These tax savinf documents include receipt of life insurance (LIC) premium paid, receipt of medical insurance, Public Provident Fund (PPF) passbook, 5-year FD receipts, mutual funds investment (ELSS), home loan repayment certificate/statement, donation paid receipt, tuition fee paid receipt, etc.
Medical insurance: People also need to present medical insurance certificate while filing ITR. Under Section 80D for payment of health insurance premiums, they can claim up to Rs 25,000.
