Skip to main content

Documents you need to prepare IT returns

 

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.

 

-----------------------------------------------------------------

 

Also, know how to buy mutual funds online:

 

Invest in DSP BlackRock Mutual Funds Online

 

Invest in Reliance Mutual Funds Online

 

Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

 

Popular posts from this blog

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...
Read more

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
Read more

National Savings Certificate

National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...
Read more

Mutual Fund Review: HDFC Index Sensex Plus

  In terms of size, HDFC Index Sensex Plus may be one of the smallest offerings from the HDFC stable. But that has not dampened its show, which has beaten the Sensex by a mile in overall returns   HDFC Index Sensex Plus is a passively managed diversified equity scheme with Sensex as its benchmark index. The fund also invests a small proportion of its equity portfolio in non-Sensex scrips. The scheme cannot boast of an impressive size and is one of the smallest in the HDFC basket with assets under management (AUM) of less than 60 crore. PERFORMANCE: Being passively managed and portfolio aligned to that of the benchmark, the performance of the index fund is expected to follow that of the benchmark and in this respect, it has not disappointed investors. Since its launch in July 2002, the fund has outperformed Sensex in overall returns by good margins.    While every 1,000 invested in HDFC Index Sensex Plus in July 2002 is worth 6,130 now, a similar amount invested in Sensex then wo...
Read more

Different types of Mutual Funds

You may not be comfortable investing in the stock market. It might not seem like your cup of tea. But you can start by investing in Mutual Funds. Many first-time investors invest in Mutual Funds. This is because they do not know how to invest in individual securities. Basic information on Mutual Funds People invest their money in stocks, bonds, and other securities through Mutual Funds. Each Fund has different schemes with specific objectives. Professional Fund Managers look after these schemes. Your Fund Manager could help you invest in a scheme that suits your financial goal. Functioning of Mutual Funds You could make money through Mutual Funds in different ways. A single Mutual Fund could hold many different stocks, bonds, and debentures. This minimizes the risk by spreading out your investment. You could earn dividends from stocks and interest from bonds. You could also earn capital by selling securities when their price increases. Usually, you could choose to sell your share any t...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now