It is better to file the return ahead of time to avoid any last minute hassles.
Documents Needed for ITR Filing: The last date for filing Income Tax Return (ITR) is getting closer. It is better to file the return ahead of time to avoid any last minute hassles. It is important to keep in mind the deadline in filing it so that the penalty can be avoided. Penalty is levied after the deadline under section 234A of the provisions of the Income Tax Act, 1961. Before filing the return, some important documents must be collected so that the entire process can be completed easily. All the necessary documents are being told below.
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These documents are needed
- Copy of PAN card.
- If you are a salaried individual, then your salary is credited to the account after deducting tax. Your company provides you Form 16 at the end of the financial year which contains salary details, tax exemptions under various heads and your personal information based on the documents provided by you to the company. This form is required to file ITR.
- If you want to get a refund i.e. your tax has been deducted more, then a canceled check will also be applied so that the Income Tax Department can confirm your bank account.
- A copy of the bank statement for interest income from savings account or FD or RD or other items.
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- TDS (Tax Deducted at Source) certificate issued by bank or other financial institutions if you are not a salaried individual.
- Form 26AS issued by Income Tax Department. It is an annual statement containing details of all tax related activities through PAN. By comparing Form 16 and Form 26AS, you can see whether the tax deduction is same in both the places. It can be obtained by entering your PAN number on the website of Income Tax Department.
- If you have made advance tax payment or self assessment, then tax payment challan has to be shown.
- Eligible documents for deduction on investments, insurance premiums, pension plans, education loan repayment, home loan interest payments, expenditure on treatment of elderly or disabled and donations to charities, etc.
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Filing deadline varies
The filing deadline varies from taxpayer to taxpayer. The deadline for filing ITR for Individuals and Hindu Undivided Family (HUF) is July 31. This deadline is for such taxpayers whose accounts are not to be audited. At the same time, the deadline for the company or any firm whose accounts are to be audited is October 31. At the same time, the deadline for the taxpayer to file the report under section 92E is November 30. Report under section 92E is submitted when international transaction is carried out in any assessment year. However, in special circumstances, this deadline can be pushed further by the government.