Frequently Asked Questions
1.What documents should I have handy while filing my Income Tax Return?
Typically you’ll need to have the following items at hand. This might vary on a case by case basis.
- PAN number
- Form-16 issued by your employer
- Bank statements / passbook for Interest Income on bank deposits.
- Statements of Interest Income besides Bank deposits
- TDS certificates issued to you by your bank and others
- Form 26AS – The Income Tax department of the Indian government shows you the tax credit you have received for Tax deducted at source. This typically should match all your TDS certificates. Link to Indian Government site to view Form 26AS
- Section 80C investment statements. Investments done under LIC, NSC, PPF qualify for Section 80C deductions.
- Charitable donation statements. Donations that can be claimed for tax deductions under Section 80G. Typically the receipt issued by the institute you donate to mentions the eligibility under Section 80G.
- Interest paid on housing loan. Interest on housing loan is eligible for tax saving upto Rs 1,50,000. This is for a self-occupied house.
The following documents may also be needed for tax filing
- Stock trading statement. The stock trades that were made during the year may be taxed under Capital Gain.
- Section80CCF investments. Upto Rs. 20,000 can be claimed as tax deduction under this section
- Education loan interest payments.
2.I am going to get an Income Tax Refund. What should I do?
Awesome. The best thing for you is to efile your Income Tax return as soon as possible. The earlier you submit, the sooner you’ll get the tax refund.
3.Can I save on taxes if I have a housing loan?
Interest paid on a housing loan is eligible for tax deduction for self occupied property. The loan amount should be spent on either acquisition or construction of the house property.
- If the loan is taken after April 1, 1999, then you may claim upto Rs. 1,50,000 as tax deduction on interest paid every year.
- If the loan is taken before April 1, 1999, then you may claim upto Rs. 30,000 as tax deduction on interest paid every year.