Here is the list some documents you need to keep ready for preparing your tax returns
With hardly a week left for filing your income tax returns, it would be handy to find out which documents you need to keep ready. This will help in filling up the IT returns form without much delay and inconvenience - whether it is done by yourself or with the help of a tax consultant.
This is a general list of documents that should be readily available:
For salaried taxpayers
Salary and pension details Details of various allowances - HRA, LTA etc. Usually, these will be mentioned in the TDS certificate issued by the employer
For other taxpayers
Expenditure proofs: Rent receipts and agreements, tuition fees receipts for fees paid for children, copies of tickets to claim LTA deduction, medical bills to claim medical deductions
Proof of savings
Deposits in Public Provident Fund NSC certificates Receipts of premium paid towards LIC, ULIP, annuity plans, mediclaim, pension funds Proof of investments in five-year fixed deposit and tax-saving mutual funds Proof of purchase of infrastructure bonds (maximum limit is Rs 20,000) Details of other incomes, amounts received, sources, TDS deducted etc
For taxpayers with interest income
Interest statement or certificate from the bank
TDS certificate issued by the bank
Others documents to be kept ready:
Donation receipts from specified institutions
Details of capital gains or losses
Broker notes, details of securities bought and sold
Details of rent received and rent agreement in case of property income Interest and home loan repayment certificate from bank
Details of interest paid in the past towards an under-construction property. This is allowed to be deducted in five equal instalments after the completion of construction of the property
House tax receipts
In case of capital gains from sale of property, details of property sold, amount of consideration received, amount invested in specified capital gains bonds, amount invested in another property
Copy of last year's returns - this is required to check if there are any carried-forward losses and whether they can be set-off against the current year's income, or carried forward again. Different types of carried-forward losses have different treatments under the Income Tax Act.
Permanent Account Num-ber (PAN). The PAN needs to be quoted on all returns. So it is essential that the PAN number is readily available
Bank details - account and MICR numbers
Details of bank Account in which you want to receive your income tax refund if any. This includes bank's name, branch, account and MICR numbers
Details of any advance taxes or selfassessment taxes paid - the challans should be available for these payments
Collate documents
Keeping all these documents together expedites the process of preparing the tax returns. Apart from these, you need to keep any other documents relating to transactions that may have an implication on income tax ready. No documents need to be attached with the returns of income. So, you can keep photocopies of these for the purpose of preparing the returns. However, the originals must be kept in a safe place as they may be required at a later stage.
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