Priyanaka Rao
Quick Summary
Income Tax is a direct tax that Indian residents are required to pay to the government based on their tax liability for each financial year. Filing the Income Tax Return (ITR) is not only a legal requirement but also serves as documented proof of income. To proceed with the task of filing, there are
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FAQ :
General documents required include your PAN number, Aadhaar number (linked to PAN), details of all bank accounts (account numbers and IFSC codes), TDS certificates like Form 16 and Form 16A, Form 26AS, any tax payment challans, and investment proofs for claiming deductions.
For salary income, you'll need Form 16 or your Salary Certificate from your employer, a Pension Certificate if applicable, details of salary arrears (Form 10E), full and final settlement from previous employers if you changed jobs, rent receipts/agreement for HRA claims, and records of withdrawn PF, gratuity, or leave encashment.
To claim deductions under sections like 80C, 80D, 80E, and 80TTA, you need to provide proof of investments and expenses, such as insurance premium receipts, home loan interest certificates, medical bills, and other relevant documents.
If you have earned income abroad, you need to provide details of your foreign salary slips and file Form 67 along with foreign tax returns to claim foreign tax relief.
You need documents related to the sale of assets like shares or mutual funds to declare both short-term and long-term capital gains, even if these assets are tax-exempt.
Form 26AS, which is available from the Income Tax Department's records, reflects all TDS details. Additionally, TDS certificates like Form 16 (for salary) and Form 16A (for other income) are provided by the deductor.
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