What documents should I keep handy at the time of filing taxes?
Divya Karnani, Mumbai
Good to see your eagerness to file tax returns, and it definitely helps to have the documentation ready before actually getting down to filing tax returns. Depending on the kind of taxpayer you are, the documentation and process may vary, but you will need the following documents: PAN card, Aadhaar card and if need be, residential status related documents. If, you have spent in the past financial year working abroad, you will need tax residency certificate.
As a salaried individual you will need Form 16 (Part A, Part B and Form 12BA if applicable). If no tax was deducted at source then you may not get the Form 16. In such case you can either request a salary certificate from the employer or just keep your appointment letter and all your salary slip handy with you. Foreign salary slips and foreign tax returns filed will be required if you had worked outside India in the previous year. In case you have withdrawn from the PF, details of the same will be needed. You should also keep handy details of various sources of income: Salary, income from other sources (interest income in most cases), interest certificate and Form 16A (TDS certificate) for all your fixed deposits, details of other income earned such as dividend and commissions.
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Details of tax savings under Section 80C such as life insurance premium payment receipts, contribution to Public Provident Fund (PPF), contribution to NPS, stamp-duty and registration charges paid for the purchase of a house (if applicable) and home loan interest and principal repayment certificate (if applicable).
You will also need medical insurance premium receipts (Under Section 80D), interest certificate for you education loan (Under Section 80E), donation receipts for the year (Under Section 80G) and other tax saving investment/expenses, besides income from house property.
Housing loan interest certificates, details of pre-construction interest paid (if applicable), details of tax deduction/Form 16A on rent. There is also income from capital gains through sale of property, capital gain statement in case of sale of shares or mutual funds. Rent receipts and rental agreement, (PAN details of landlord in case rent exceeds Rs 1 lakh) and salary slips in case you missed to claim HRA exemption. Details of travel cost (travel tickets, boarding passes, etc.) for claiming LTA exemption.
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Most importantly, look up Form 26AS, which contains all information related to various income earned by you during the year and the taxes deducted on such income at source. You can download your Form 26AS from https://incometaxindiaefiling.gov.in/. You can find a step-by-step guide here to view/download Form 26AS. It is important and in your best interest to reconcile the details in your return with the details reflected in the Form 26AS to avoid delayed and short refund or tax notices and penalties from the department.
