Description
Documents Required:
1. Form 16 (Part A & B) and Form 12BA
What it is: These forms, provided by your employer, detail your salary, tax deducted at source (TDS), and any perquisites received.
Purpose: Confirms your income from salary and TDS for the financial year.
2. Salary Computation Sheet
What it is: A summary sheet from your employer showing your salary breakup (basic, allowances, bonuses) and any TDS deductions.
Purpose: Helps with accurate reporting of salary components and any tax already deducted.
3. Professional Tax Paid
What it is: Receipt or proof showing professional tax deducted by your employer.
Purpose: Documents state-level tax paid through your salary.
4. Bank Statements for the Financial Year
What it is: Statements from all your bank accounts covering the financial year.
Purpose: Helps you identify income sources like interest, dividends, or capital gains, which need to be reported in the ITR.
5. Interest Certificate(s) from Banks
What it is: Issued by banks for interest earned on savings accounts and fixed deposits.
Purpose: Summarizes interest income earned, which is taxable.
6. Dividend Income Details
What it is: Summary of dividends received from stocks or mutual funds.
Purpose: Ensures you report all dividend income, which is subject to tax.
7. Agricultural Income Details (if applicable)
What it is: Records or statements showing income from agricultural activities.
Purpose: Agricultural income is generally exempt but required for accurate total income calculation.
8. Proof of 80C Deductions
What it is: Documents for investments and expenditures eligible for deductions under Section 80C, like life insurance premiums, mutual fund (ELSS) investments, and pension scheme contributions.
Purpose: Claim deductions up to ₹1.5 lakh for eligible investments, reducing taxable income.
9. Proof of 80D Deductions
What it is: Receipts for medical insurance, preventive health check-ups, or medical expenses (if applicable to senior citizens) for self or family.
Purpose: Medical insurance payments qualify for deductions under Section 80D, helping reduce your tax liability.
10. Proof of 80G Deductions (Donation Receipts)
What it is: Receipts for donations made to charitable organizations.
Purpose: Eligible donations qualify for deductions under Section 80G.
11. Other Deduction Supporting Documents
What it is: Any additional documents supporting deductions or exemptions (e.g., interest on an education loan for Section 80E).
Purpose: Ensure you accurately claim all deductions you are eligible for.
Organizing These Documents:
Organize these documents based on the type of income and deductions to make the ITR filing process smooth. Ensure they are clear, readable, and recent. Upload these documents as required by your chosen ITR filing portal to complete your tax return accurately and avoid potential audit issues.
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