Filing income tax returns? Here’s a checklist
Many must have got their Form 16 from their employers considering that it is that time when you file for income-tax returns (ITR). Remember that the due date for filing ITR is July 31. Mint Money lists out the key documents that you need.
TDS FROM SALARY
Form 16: It is a document that your employer issues. It is a certificate under section 203 of the Income-Tax Act, 1961 for tax deducted at source (TDS) from income chargeable under the head “salaries”. Simply put, it certifies the tax deducted by the employer. In case you have not received your Form 16, the I-T department provides a worksheet where you can calculate and declare numbers.
TDS FOR OTHER INCOME
Form 16A: If you have an income other than salary, then the details will be available in Form 16A. The income from other sources includes rental income, income from fixed deposits and securities. You can get this form from each source.
Form 26AS: This form will help you prepare your income tax returns as it helps you verify details of TDS. Through Form 26AS, you can cross-examine if your company or bank has paid the tax and is correctly reported to the I-T department.
DECLARATION OF DEDUCTIONS Considering you will have to declare the amount that is eligible for deduction, you will have to keep all your investment documents ready. Though the deductions will be mentioned in Form 16, you must cross-check.
OTHER DETAILS To file an ITR, you will have to furnish your Permanent Account Number (PAN) and your bank details. Fill in your correct bank details as in case of refund, if any, if you opt for direct deposit into your bank account, the refund will go to the account that you mention in the form.
WHAT SHOULD YOU DO? “You don’t need professional help to file ITR if your income is only from salary or interest income from banks,” said Rakesh Nangia, managing partner, Nangia Co, a chartered firm that provides tax-related services. “However, if you have income from other sources, you may need professional advice.” There are various ITR filing portals that will help you file returns.