Get Set Go... To File Your Taxes

Another financial year has just got over and it is now time to pay your dues to the government for all your earnings and fulfill your duties as an honest taxpayer. Be prepared with the given checklist to submit your e-filing by your own or even if you have someone to file your taxes, the list would be handy for all. Read the list and pass it on to your family, friends and colleagues. Don’t delay the process of filing taxes. Also don’t shy away and delay to collect the required documents.

The checklist of documents required to e-file your returns:

1. PAN CARD- Your identity for Income Tax authority is protected by the unique identification number provided in the PAN Card. It is necessary to use that number to file your returns. Also, if you are filing your own returns, the Pan Card number acts as your user name for login.
2. Form 16- It is applicable only to salaried people. It is a statement showing the details of TDS deducted by employer. It also shows the various deductions, exemptions and other calculations made by the employers.
3. Form 26AS – it gives information about the tax deducted and deposited against your PAN identity by your deductors. The same shows a summary of total tax paid under your PAN in the last financial year. It can be downloaded from IT website. Also, major banks provide a link to FOR 26AS.
4. Savings Bank Statements – the same is necessary to calculate the total income derived from your savings interest and Fixed Deposit interest income. The savings interest across all your accounts is claimable as deduction up to Rs 10000/- under Sec 80TTA. It is necessary to give details of all your savings accounts even if there are no transactions in the same. If you miss out on any of the account it can amount to tax evasion.
5. Property Details – if during the previous year, there has been any property dealing – you have to mention the same. Also in case of sale of property if there has been any profit on sale of property, it is necessary to calculate short or long term capital gains.
6. Home loan proofs – in case if you have any home in the last financial year, it is necessary to get the necessary interest certificate and principal repayment statement from the lending body. The principal repayment can get you benefit under Sec 80C and interest paid can be claimed under Sec 24 of Income Tax Act.
7. Investment proofs – keep ready all investment proofs ready as mentioned in Form 16 issued by employer and if otherwise, additionally invested under Chapter VI A. the list could include something like below:
   1. Life insurance premiums receipts
   2. Health insurance receipts paid for self, family, and parents
   3. ELSS (Mutual Fund) investments made
   4. Contributions to PPF/EPF
   5. Premiums paid for any annuity plans
   6. Receipt for school fees paid for children
   7. Bank statement for the principal of any home loan taken
   8. NSC bonds
   9. Tax saving bank FD or similar deposits receipts.
   10. Contribution to pension account and NPS
   11. Donations allowable under Sec 80G
   12. House Rent paid for amount beyond HRA received from the employer.
8. Business professional earnings – if you are a professional or any freelancer or running a proprietorship firm then it is necessary to collect the necessary proofs of your income receipts like bills – credits etc. Also, make a profit and loss adding to it all the office running expenses, utilities bills and even your travelling allowances.
9. Advance tax challans – keep handy all details regarding the payment of any advance tax or self assessment tax to be mentioned in the form.

Once, you have set across the required papers in place it is possible to simplify the process of filing your tax returns online.

Your tax Slabs For individual & HUFs

 

Thanks and Regards

Team

Saarthi Financial Planners

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