But, whenever any work is done in haste, then the chances of making mistakes in that work also increase. But by taking some precautions, we can reduce the chances of these mistakes happening.
To avoid mistakes in income tax return filing, we should collect some documents in advance , so that there is no scope for any mistake.
In today's article (itr meaning in English ), we will discuss about the mandatory documents in ITR filing.
Income before tax returns file you retained your PAN card and by cards, because these details you'll need in the income tax returns.
Also, link PAN card and Aadhar card with each other, so that you will not face any problem in getting the return verified.
It is very important for a salaried employee to keep Form 16 with him at the time of filing income tax return , as the employee has to give details of his salary and other allowances, deductions as per Form 16.
Although, nowadays, the details of Form 16 are automatically included in the income tax return, but to cross check these details, you need to have Form 16.
You can also check the details of TDS deducted on your salary in Form 16.
Apart from Form 16, other TDS certificates will also have to be kept with you at the time of ITR filing, so that you can check the entries of TDS deducted in these certificates.
Apart from Form 16, other TDS certificates include Form 16A, Form 16B, Form 16C, Form 16D etc.
It contains the details of all your financial transactions. Apart from this, details of TDS, GST turnover, dividend, interest income etc.
You can download Form 26AS online. Never make the mistake of filing Income Tax Return without looking at Form 26AS.
What is Form 26AS? Why Form 26as is necessary in filing Income Tax Return? form 26as in English
If you have sold shares or units of mutual funds, then definitely download the capital gains statement.
You can download the capital gains statement from the website of the broking house.
In this capital gains statement, the information about the capital gain or capital loss is kept.
In the income tax return, you have to give the details of all your bank accounts. Therefore, keep the details of the bank account with you in ITR filing.
Also, check the statements of all the banks and file ITR keeping all the entries in mind.
If you have deposited any kind of self-assessment tax or advance tax, then keep their challan with you during ITR filing.
Because, in the income tax return, you also have to give the details of the challan of self-assessment tax or advance tax.
If you have taken a home loan, then definitely get the home loan statement from the bank or finance company from which you have taken the home loan.
Because, this statement contains the details of the principal and interest part of the home loan, which will be useful to you in claiming the deduction of the home loan.
If you have invested in any tax saving scheme to save income tax , then definitely get the proof related to this investment.
So that, you can claim the correct amount of any deduction in ITR.
If you have got any kind of fixed deposit, recurring deposit in the bank or post office, then definitely get the interest certificate from these bank or post.
Since the interest on FD or RD is taxable under the head “income from other sources”, one must obtain this certificate to report the correct interest amount.
If you are claiming any deduction from section 80C to section 80U, keep the relevant proofs with you in your ITR filing.
For example, if you are claiming deduction of school fees of children, then receipt of school fees. Similarly, if you are claiming deduction of donation, then you should have the receipt of donation.
If any land or building is sold by you, then the documents related to its sale should also be with you.
Profit from sale of property is treated as capital gain income, so if you have sold a property in the financial year, keep the property registry or other documents with you for reporting the same in ITR.
Keep all these documents with you in the process of ITR filing, so that there is no unnecessary mistake in filing income tax return.
To avoid mistakes in income tax return filing, we should collect some documents in advance , so that there is no scope for any mistake.
In today's article (itr meaning in English ), we will discuss about the mandatory documents in ITR filing.
pan card and aadhar card
Income before tax returns file you retained your PAN card and by cards, because these details you'll need in the income tax returns.
Also, link PAN card and Aadhar card with each other, so that you will not face any problem in getting the return verified.
Form 16
It is very important for a salaried employee to keep Form 16 with him at the time of filing income tax return , as the employee has to give details of his salary and other allowances, deductions as per Form 16.
Although, nowadays, the details of Form 16 are automatically included in the income tax return, but to cross check these details, you need to have Form 16.
You can also check the details of TDS deducted on your salary in Form 16.
TDS certificate
Apart from Form 16, other TDS certificates will also have to be kept with you at the time of ITR filing, so that you can check the entries of TDS deducted in these certificates.
Apart from Form 16, other TDS certificates include Form 16A, Form 16B, Form 16C, Form 16D etc.
Form 26AS
It contains the details of all your financial transactions. Apart from this, details of TDS, GST turnover, dividend, interest income etc.
You can download Form 26AS online. Never make the mistake of filing Income Tax Return without looking at Form 26AS.
What is Form 26AS? Why Form 26as is necessary in filing Income Tax Return? form 26as in English
capital gains statement
You can download the capital gains statement from the website of the broking house.
In this capital gains statement, the information about the capital gain or capital loss is kept.
Bank statements-
In the income tax return, you have to give the details of all your bank accounts. Therefore, keep the details of the bank account with you in ITR filing.
Also, check the statements of all the banks and file ITR keeping all the entries in mind.
all tax invoices
If you have deposited any kind of self-assessment tax or advance tax, then keep their challan with you during ITR filing.
Because, in the income tax return, you also have to give the details of the challan of self-assessment tax or advance tax.
home loan payment statement
If you have taken a home loan, then definitely get the home loan statement from the bank or finance company from which you have taken the home loan.
Because, this statement contains the details of the principal and interest part of the home loan, which will be useful to you in claiming the deduction of the home loan.
Certificate of investment in tax saving scheme
If you have invested in any tax saving scheme to save income tax , then definitely get the proof related to this investment.
So that, you can claim the correct amount of any deduction in ITR.
Interest certificate from bank or post office
If you have got any kind of fixed deposit, recurring deposit in the bank or post office, then definitely get the interest certificate from these bank or post.
Since the interest on FD or RD is taxable under the head “income from other sources”, one must obtain this certificate to report the correct interest amount.
Deduction details of section 80C to section 80U
If you are claiming any deduction from section 80C to section 80U, keep the relevant proofs with you in your ITR filing.
For example, if you are claiming deduction of school fees of children, then receipt of school fees. Similarly, if you are claiming deduction of donation, then you should have the receipt of donation.
Property related documents
If any land or building is sold by you, then the documents related to its sale should also be with you.
Profit from sale of property is treated as capital gain income, so if you have sold a property in the financial year, keep the property registry or other documents with you for reporting the same in ITR.
Keep all these documents with you in the process of ITR filing, so that there is no unnecessary mistake in filing income tax return.
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