The Income Tax filing season for Assessment Year 2018-19 & Financial Year 2017-18 has begun and citizens’ strains have begun rising! Income tax is a direct tax and is paid by a citizen specifically to the Government of India. It is obligatory to pay income tax for the individuals who have assessable income. Your tax obligation differs relying upon your duty chunk and the sources of salary. Filing of the ITR is an essential since it is the documented confirmation of your income. In any case, you can’t file your IT return without a few documents.
Listed underneath are 10 vital documents which you will require while filing your ITR:
1. PAN Card
PAN Card is issued by the Income Tax Department. It contains your essential details like Your Name, Father’s Name, Date of Birth and PAN Number. PAN Card is obligatory for the filing of ITR (Income Tax Return).
2. Aadhaar Card
Aadhaar is an unique ID document issued by the Government of India (GOI). This document comprises of your Name, Date of Birth, Address and a 12-digit number called the Aadhaar Number. Aadhaar Card details are required for filing of ITR (Income Tax Return).
3. Pay Slips
Pay Slip is an archive on which a citizen can discover his/her essential pay, TDS sum, Deductions, House Rent Allowance, Dearness Allowance, Travel Allowance, different stipends and so on, which are imperative to file Income Tax Return.
4. Form 16
Form 16, otherwise called TDS Certificate, is a document that is given to an employee by their manager. It contains all the details identified with a worker’s compensation separation and the TDS deducted on it. It is a vital document for salaried people to file Income Tax Return (ITR). Form 16 additionally contains the TAN & the PAN number of the employer.
5. Form 26AS
Form 26AS is an auto-produced annual tax statement. It contains the details of tax deducted against the salary credited for relevant financial year against your PAN. You can see and download your Form 26AS from the TRACES site.
6. Interest certificate from Banks & Post office
Interest got from any savings bank account, post office savings account, FDs or recurring deposits are taxable. Accordingly, you should get the interest certificates from the banks or post office to comprehend what is the aggregate interest amount earned, in the event that no TDS has been deducted from your pay.
7. Tax-saving proofs
Tax saving investments & expenditures caused under Section 80C, 80CCC, 80CCD (1) of the I-T Act amid the Financial Year 2017-18 can bring down your duty obligation. Following are a portion of the investments that can save taxes for you:
# Employees Provident Fund (EPF)
# Investments in ELSS plans of mutual funds
# Public Provident Fund (PPF)
# Life insurance premium paid
# National Pension System (NPS) and so on.
8. Deductions under Section 80D to 80U
Other than investments & expenditures under Section 80C, you can assert deduction under Section 80D to 80U for the different investments & expenditures you have made amid an important Financial Year. For example, health insurance premium paid in the FY 2017-18 is qualified for deduction under Section 80D.
9. Home Loan statement
On the off chance that you have taken a home Loan from an authentic financial organization, at that point all things considered you can assert deduction under Section 24 & Section 80C of the Income Tax Act, 1961. Be that as it may, you should give the home loan statement to the same.
10. Capital Gains
Any capital increases earned from the offer of property or shared assets must be documented and announced in your Income Tax Return (ITR).