Tax Gyan - The Makeyourtax Blog

5 documents to be kept ready for hassle free ITR Filing

The due date for filing of Income Tax Return in July 31st, 2016. It is that time of the year again when our inbox gets flooded with reminders and warnings. More often than not, in the last moment, we find ourselves utterly hassled at the last moment. The hassle being which document to use, which document to be saved, which document to furnish to tax consultants. It is often not possible to procure these documents at the last moment. There can be various reasons for this like some have to obtained from employers, some have to be downloaded. Some might even have got lost. In this procrastination, the due date gets missed.

5 documents to be kept ready for hassle free ITR Filing

All these can be avoided if we keep just the following documents handy with us:

5 documents to be kept ready for hassle free ITR Filing

Form 26 AS provides the details of tax deducted at source and income from all sources. This document is very important since the department tallies the information provided in the ITR return with this form. Hence it is very important to arrange for 26 AS as early as possible and and verify the details before filing. This can be download net banking account, directly from income-tax department’s website.

Form-16 & 16A

Form 16 provides the details of income earned and TDS from salary during the financial year. Form 16 has to be collected from employers. In case the assessee has worked for more than one company, then Form 16s have to be collected from all employers.

Form 16-A is Tax Deducted at Source (TDS) certificate. This is issued by banks for interest income, capital gains of NRIs, etc.

Bank statements 

Bank statements for all your bank accounts have to be kept ready for punching all entries. All these statements have to be verified. All monetary transactions carried out throughout the year to be disclosed under proper heads.

Loan interest certificates

Income Tax Act provides deductions for home loans and education loans.

Read to know more: How to plan for taxes on salary

In order to avail exemption for this loan, interest certificate from the lender is to be collected to claim the right deduction.

Tax payment challans

If you have made a payment of advance tax or self-assessment tax, then details of the same has to be punched into the return.

These are few of the very simple yet important documents that are to be kept ready for hassle free filing of returns.

For any assistance on Income Tax Return filing, please visit us at : MakeYourTax


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