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  • Category: Miscellaneous

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

    This post is mainly for those who are preparing the IT return for the first/second time. Now, almost all of us are busy preparing the Income Tax return (although I have submitted my own yesterday). Please keep the following documents handy at the time of preparing and uploading the return:-

    (a) PAN Card: Do you remember your PAN number by heart? If not, keep it handy. You have to indicate PAN number in your return. There is no excuse of mentioning wrong PAN number.
    (b) AADHAR Card: Same as above. You must mention the AADHAR number correctly.
    (c) Bank Account details: You have to indicate all of your bank account numbers and IFSC codes correctly.
    (d) Form No. 16: This is the most important document for filing returns. Please keep Form 16 with you. If you have received more than one Form 16 from more than one organizations, you require all of them.
    (e) Form 26AS: This indicates the total tax paid by you during the last financial year. This is a necessary document for preparation of the return.
    (f) Documents related to investment proof: You are required to keep all proofs handy relating to Section 80C and other investments/insurances for tax saving.
    (g) Rent Receipt: If you are living on rent, you must have the rent receipt. If you are getting rent, then the copy of the rent receipt or bank statement reflecting receipt of rent is necessary.
    (h) TDS certificates: In case of Fixed Deposits, the TDS certificates are required for preparing the return.

    Collect this certificates beforehand and prepare the return correctly. Upload it as early as possible and enjoy a stress-free life during the last two-three weeks of July!
  • #641801
    Wow, this was so very useful. Thanks a lot, Partha sir. I have pinned this post of yours and will take care of all the documents that are needed for filing the IT return as I am always confused in these things.
    Do what inspires you !!

  • #641805
    Yes our CA has given the message to file the returns by `15th of this month to avoid last minute delay. All the documents mentioned by the author is compulsory to file the returns.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #641814
    At first glance, this looks like a thorough list of things to keep handy while filing IT Returns. But, there is one important thing missing here. What about sundry earnings, for which there are no Form 16 or TDS etc. Can you please educate us on how those earnings are to be shown in our IT Returns?

    By sundry earnings, I mean the money that people earn through means other than regular employment. For instance, regular contributors at ISC are earning an extra income through their contributions and it is a well-known fact that any such earnings are not exempt from being taxed. Since you have already filed your IT Returns can you teach the others how to show the earnings made by ISC in the IT document? Under what head should these earnings be shown?

    Your proper guidance will really be helpful for members to file their IT Returns properly. Please edit your post to include relevant instructions on this aspect.

    "A love affair with knowledge will never end in heartbreak." -Michael Garrett Marino

  • #641817
    #641814: Sundry/Miscellaneous income should be shown against Column B3 (Income from Other Sources) of ITR-1 form (applicable for persons with annual income of less than Rs. 50 lakh and have rental income from only one property).
    Beware! I question everything and everybody.

  • #641818
    As far as my knowledge goes such income which comes without Form 16 or Form 16A has to be shown as other income. I have submitted my returns through an auditor here. I told him the income I got form ISC which is about somewhere around Rs.20,000/-. He has told me to show that as other income. Similarly, if any other income is there we can show that in this other income. But we should show the source of income.
    Every year from the last 30 years I am submitting my IT returns. But I do it through my auditor who will advise me to make a correct assessment and pay the tax as per the rules without any problem.

    always confident

  • #641868
    Good information for salaried class assessee. Most of the documents and income has been covered here but one income which we never pay heed to is the savings bank interest.
    Even income from ISC is discussed but income from savings bank interest is also required to be disclosed compulsory, but many assessee me as the same. Also to be noted is that if the savings bank interest exceeds Rs. 10,000 then the excess interest over Rs. 10,000 is taxable as per the tax slab rate applicable to individual assessees. Interest from savings bank is exempt upto Rs. 10,000 under section 80TTA.

    One more thing to do is to verify your form 16 and 16A with Form 26AS at the time of preparation of return. In case of any difference, immediately contact your employer for any revision of TDS return at their end.

  • #641869
    I raised this thread to discuss the list of essential documents which are readily required to prepare the return. The issues regarding different sources of income, tallying Form 16 with Form 26AS, etc. can be discussed in a separate thread.
    Beware! I question everything and everybody.

  • #641876

    A nice thread reminding us for this important activity.

    The tax consultant will tell us under which category we have to file it but the details are to be provided by us either through form 16 or through form 26AS or through entries in bank pass books like for saving bank interest etc.

    Many people have a notion that we should only show in our return the income which is taxable. It is not like that. There are places in the return form where one can provide details of those income which are tax free like interest received in PPF account, maturity amount of some LIC policy, interest on non taxable bonds etc. It is a good practice to disclose all these for record purposes.

    As already explained any other income which does not fall categorically under form 16 or 26AS is to be shown as income from other source. It is important as many times people omit it and do not show but it is reflecting in our bank account and should be included before it is pointed out by external agencies.

    Sometimes, the earning member invests significant amount in the name of spouse and spouse is not earning anything. In such cases, the income from those investments are added in the income of the earning member. We should be clear in this matter as many people do this mistake of ignoring those returns and land up in queries and interrogations.

    Knowledge is power.

  • #645063
    Good guidelines for the IT payers mostly they forget all these, by giving step by step much helpful for all.Form 16 importance showed, and now IT date extended.

  • #645064
    Keerthi, having been around for some time now, please do not pull up old threads.
    'Any fool can know. The point is to understand."- Albert Einstein

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