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  • Category: Tax Planning

    Which forms needs to gather before filing Income Tax Return?


    Want to know the forms to be filled before filing IT return? Looking out for the list of all necessary forms? Here, on this page you can read the advice provided by experts.

    Individual ITR filing is very simple with ITR 1 ( Sahaj). There are lot of forms helps to submit information while filing ITR like Form 16, Form 16A and Form 26AS. Form 16 helps for salary TDS deduction while Form 16A helps for TDS cut in bank saving interest. Form 26AS shows overall TDS deduction in form 16 and Form 16A.
    Apart from these forms any more form any salaried employee should look after while filinf ITR 1?
  • #151959
    If you are a salaried employee, gather these documents to e-file your income tax returns in India.
    PAN number
    Form-16 issued by your employer
    Bank statement/passbook for interest on savings account.
    Interest income statement for fixed deposits.
    TDS certificate issued by banks and others.
    Form 26AS
    Your contribution to Provident Fund
    Your children's school tuition fees
    Life insurance premium payment
    Stamp-duty and registration charges
    Principal repayment on your home loan
    Equity Linked Savings Scheme/Mutual funds investment
    Education loan interest payments.
    Stock trading statement

    drrao
    always confident

  • #151966
    First timer for submitting IT returns have to ensure some preliminary things (for online filing of IT returns)
    1.Obtaining PAN card ,Aadhar card
    2. Registering with incometaxefiling
    3.Linking Aadhar to the IT site account
    For efiling of IT return taxpayer need to have some basic and essential details
    1. Get your bank passbook updated or have the full statement of accounts for the full financial year with you. This is for cross verifying the incomes credited to your bank account from various sources including salary.
    2. Get Form 16 from employer
    3. Get TDS certificate (Form 16A) from bank-now this can also be downloaded online by us
    4. If there is any housing loan or education loan get the interest and instalment certificates from the concerned bank.
    5. Visit income tax e-filing site and download 26 AS; Compare and ensure that the income from all sources have been reported and all the TDS recovered from you are shown credited there .
    6. In case of difference locate and be ready with the data to incorporate correct data in ITR filing time.
    7. If you have received any salary arrears for previous years, and by reducing that amount from the current years income if you feel that your tax will be reduced, then you need to fill form 10E online, before filing ITR.
    8. From Form 16 or form your on records separately group and categorise your investments and exemptions under different sections and chapters like VIA, chapter 16, sections 80C, to 80E whatever us applicable to you.
    9. If some amounts are eligible to be exempted from income like conveyance etc that come under section 10 and subsections, fill the income net of this eligible exemption and report it under relevant section in ITR.
    10. Now you are almost ready to file ITR. Select the form ( ITR1 for most salaried people) depending on sources of income, and quantum of total income.
    11. Log in to income tax e-filing site, select appropriate AY, etc and proceed to fill relevant details from the data you have already kept with you.
    12. At first itself you may find some choices which can automatically capture certain details. Tick the choice if you are sure of that. Then some or much of your labour can be saved.
    13. The ITR forms are mostly self explanatory and can be filled by self provided you do not hurry unnecessarily, save draft periodically, verify thoroughly before final submission.

    14. Now because of Aadhaar linking one can e verify with Aadhaar and there is no necessity to send any paper physically to IT office. Everything can be done online.

  • #151983
    Before filing the I T return one has to keep data ready for inputting in the respective ITR form in online mode.

    The most important input data forms are Form -16 which one gets from ones emloyer and Form 26AS which can be downloaded from IT site and contains details of TDS deducted at various sources.

    If you have invested in share market or mutual funds then if any transaction is done in the relevant year, the details are to be given. You can download it from your demat account or get from your broker.

    You can get the interest certificates from your banks which will be handy while cross checking the Form-26AS data.

    Thoughts exchanged is knowledge gained.

  • #151990
    Only ten days ago, I submitted a thread on this particular subject. I request the author to read the following Forum post to know about the documents required to fill up the ITR-I form. I don't feel the need of any amendment (addition/deletion):-

    Please note: Documents required at the time of preparing IT return

    If the author needs additional information, he may ask further questions. I will try to answer with my limited knowledge.

    Beware! I question everything and everybody.

  • #151991
    When you are going to fill the Income Tax return you have to do a lot of home work otherwise you will be stuck at various places while filling and submitting it.

    The main forms or documents or informations or data which is required during this process are as under -

    (1) The details of your salary and TDS as per the form 16 issued by your employer. This is a crucial document and their will be various elements mentioned therein which are to be understood properly. You have to link it with the figures shown in your form 26AS which you have to download from the Income Tax site. If there is any mismatch you have to check with your employer. In any case the tax computing software will take cognisance of figures only as mentioned in form 26AS.

    (2) If you have some bank FDs in your name then the interest on them is taxable and you can ask your bank to give certificate of tax paid and accrued to you in the concerned financial year and of course those figures will also reflect in form 26AS. As told earlier the tax computing will be as per form 26AS so if any mismatch is there check with the bank whether they have deposited all the TDS amounts in the stipulated time to the tax department or not. The interest on Saving Bank account is also taxable for any interest amount above Rs 10000 in a year. So this data will also be required.

    (3) If you have other income like income from house given on rent then you have to show this amount in your tax return and system will calculate the admissible deductions on that before determining the part which will be added to your taxable income. At present a flat 30% deduction is admissible for annual repairs and maintenance etc.

    (4) If you have investments in stock market including mutual funds then the income from any transactions in this category is to be shown and system will calculate the tax if applicable as there are many deductions and exemptions available in this category. Only thing is you should have the data about the transactions handy. The system will ask you the selling date, acquisition date, selling consideration and acquisition time value and brokerage etc and calculate the short term or long term gain etc to calculate the tax. Please remember that we have to give correct details so that we get all the benefits allowed in this category.

    (5) If you have investments in KVP and NSc in Post Office, as presently there is no TDS, you have the responsibility of showing the accrued interests every year on these investments as per the interest rates of these instruments (generally they are in the range 7-8%). So it will be added to your taxable income.

    (6) Some people have invested in PPF and non taxable bonds of PSUs. The interest obtained in these investments is to fully tax free and so not taxable. There is a place in the return for them for record purposes only and you should not hesitate to present them there.

    (7) If you are the only earning member in your household and you have invested substantial amount in your wife's name then the income derived will be clubbed in your name. So keep those records also handy with you while filling a IT return.

    (8) The maturity of LIC policies where annual premium is deposited every year and it is less than 10% of the sum assured is also tax free but one should show it for record purposes. If someone has invested in LIC in single premium policy then at the time of maturity LIC will deduct some minor TDS on it and the responsibility of showing it in IT return will come on the head of the policy holder.

    So these are the basic things to understand and preparations to be made before one is going to fill the IT return.

    Knowledge is power.

  • #152041
    @All , All you have said I have done it already and if you read my question it clearly says except form 16 , 16A and 16AS I need details of other forms excluding 80C deductions. Anyways I am already knowledgeable with these information.
    If anyone knows equity relation form number and how to download from ICICI direct would be great. No other info needed.

    Avi
    Life Is Beautiful

  • #152062
    There are totally 7 ITR forms. Each forms filed for different purpose for different people to fill and file income tax.
    1. ITR 1(Sahaj) for individuals who are resident of India : This form is relate to salaried or pension holder, income from single house property, for agriculture income less than 5000, income from other sources and having total income upto Rs.50 lakhs.

    2. ITR 2 for individuals and HUF including non resident indian(NRI) not having income from business and profession : This form is relate to income from salary and pension, income from more than one house property, capital gains, agriculture income more than 5000, income from horse racing or lotteries and holding assets outside india. If your income is through business and profession then you should not fill this form.

    3. ITR 3 : This form is for individuals & HUF including NRI having income from any type of business and profession with no limit to income earned can fill and file this form. It can also be used by Taxpayer who is a partner in a firm but who do not conduct any business under the firm or who do not earn any income from the business conducted by the firm and whose taxable income earned from business is only in the form of following recieved as a partner :
    Bonus, Salary, Remuneration, Interest, Commission. Doctors, Designers, Contractors, Retailers, Shopkeepers, Agents including LIC can use this form to file ITR.

    4. ITR 4(Sugam) : This form is relate to income from any business, agriculture income less than 5000 and income from single house property but the income gained is based on presumptive method of calculation. It is used in any special circumstances. Income earned from brokerage or commision cannot use this form.

    5. ITR 5 : ITR 5 to ITR 7 are for companies. This form is form co-operative society, body of individuals, body of individuals, artifical judicial persons, local authorities, Firm, Limited liability partnership.

    6. ITR 6 : It can be used by companies or organisations to file ITR but their claim tax excemption is as per section 11. So an organisation who have charitable and religious trust cannot file this form. For that you to fill and file ITR 7.

    7. ITR 7 : There are different sections made and acc. to sections income tax return filed. *Section 139(4B) : Filed by Political parties total income earned is above the non taxable limit.
    *Section 139(4A) : If your income earned from property that is provided on rent for charity purpose or religion in a form of trust then you can file this form.

  • #152065
    Reading your first question and your reply, I will reply only regarding the ICICI direct equity question

    From ICICI direct, the tax related statements you can gather is as follows

    1.ECG: Equity capital gain. This gives you the capital gain that you have attracted (short and long term) will sales/transactions related to equity/shares.

    For this login with your ID and password, go to icon on the red bar that has trade and invest. If you hover on this, it will show a white bar that has Portfolio first.
    Under this portfolio you have Equity capital gains in the second row, third column.

    2. MFCG: Mutual fund capital gains, this is again same as above (short and long term) gains but on the mutual funds that you have traded in that financial year. MFCG can be got by the similar steps as in (1), just click on the MF capital gain in the third row, third column.

    3.Statement of holdings. This is useful when you file your returns because, if you have had bonus shares or splits etc that forgotten, this Consolidated portfolio statement is helpful.

    4. P&L statements: You can also download or export the profit and loss statement for the fininacial year and also for F&O future and options if you are dealing with it.YOu can do ti for Equity, Mutual fund and F&O. Just click on the icons that are in the last column.

    ICICI direct also has center's in the major cities and towns where in you can approach the staff to get the same statements (http://content.icicidirect.com/CenterLocator.asp).

    Most often, for individuals who have to declare their shares/Mutual fund related incomes we use the ITR 2 forms

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