Keep These 5 Documents Handy Before Filing For Your IT Return

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Filing your income tax returns is very important and paying it on time without missing the deadline to avoid any penalties is also necessary. If you want to make your task of income tax returns easier then you should keep all the necessary documentary proof ready. So, here in this article, 5 documents have been mentioned to avoid any difficulty while filling your income tax return.

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Form-16

This is the most important document if you are a salaried employee.Form-16 is issued to the employee by the employer. In this document, the details about the salary paid to the employee is present and the information related to the TDS deducted is also mentioned. The employer has to issue Form-16 if the TDS has been deducted from the employee’ salary.

The Form-16 consists of two parts that are Part-A and Part-B. Part-A has the details about tax deducted by the employer and it also has the details of the employee’s Permanent Account Number and TAN of the employer. Part-B has the details about total salary break-up like exempt allowances, perquisites etc.

Salary Slips

The salaried employees have to give the information of house rent allowance, transport allowance etc. With the help of salary slips, each allowance is taken into account after which the taxability portion is decided. According to the tax treatment of an allowance, it is decided whether the allowance is fully taxable or partially taxable.

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Interest certificates

The interest someone receives from the savings bank account, post office savings account, fixed deposits and recurring deposits are also taxable. Therefore, a person is asked to get interest certificates from the banks or post office branch to get the complete information about the total interest earned.

You need have updated account passbook if you are not able to get the interest certificates to show the details about the interest credited to your account.

Form-16A/Form-16B/Form-16C

If TDS has been deducted from the payments such as from the interest received from fixed deposits, recurring deposits etc. then you will be provided with Form-16A to fill the details about the number of TDS deducted. If you sold your property, then the buyer will issue Form-16B in which the amount of TDS deducted paid will be mentioned.

Form 26AS

This document is also the consolidated annual tax statement. It has all the information related to all the taxes that have been deposited against your PAN. The document includes TDS deducted by your employer, TDS deducted by banks, TDS deducted by any other organization for any payments made to you, advance taxes deposited by you and the self-assessment taxes.

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