Getting your income tax returns in order

Getting your income tax returns in order

For individual whose annual salary is Rs 5 lakh or more E-filing is mandatory.

Income getting from salary

The individuals who got income only from salary, then they need need followings:

FORM 16 – It gives out the details of taxes paying during the year and total income as a financial statement.
FORM 12BA – This is only for those employees whose salary package comes bundled with holiday and credit expenses.
If you are receiving pension from previous employer then you need to keep the pension certificate issued by your bank.

Income from House Property

Certificate of home loan – The bank gives a statement and certificate containing the details of principal and interest rate payments in case you have a home loan. Keep that bank statement handy along with the taxes municipal and other -paid on property.

Income as rental
Keep a statement of rental income who have rented out their property.

Other Income

FORM 16A – These statement gives details of income other than salary such as interest earned on bank fixed deposit or fees that may earned on some professional service. On these taxes have been deducted at source (TDS). You have to collect these statements from all the organizations from which you would have such TDS income.

Investments in deductible instrument
This give out the details of deduction claimed by investing various tax saving instruments under various section of the income tax act. Such as
Section 80CCC – pension scheme investment details.
Section 80CCD – Payment details in National Pension System (NPS).
Section 80D – Health insurance premiums details of self and/or dependents.
Section 80E – The certificate given by banks as proof of interest paid for education loan.
Section 80G – Receipts of donations made to approved charitable institution.

Capital Gains

You will need to give the details of the capital gains( on investments made in a class of assets such as company shares or property among others) no matter it is long term or short term.

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