Filing income tax returns (ITR) online is simple, quick and accurate. According to Section 139(1) of the Income Tax Act, individuals whose total income for the previous year is more than the maximum amount that is not chargeable to tax, can file ITR.
The below checklist would help you get started with the e-filing of tax returns.
- PAN number
- Bank account details
For salary income report
- Rent receipt to claim HRA
- Form 16
- Pay slips
Income on property
- Address of the house property
- Co-owner’s details (if any), like the share of the person or persons and PAN details
- Home loan interest certificate
- Date of completed construction/ if under construction, date of purchase
- In case of rented property, details like the tenant’s name and the rental income
Income on capital gains
- Stock trading statement with purchase details
- In case of the sale of house, sought purchase price, sale price, registration details as well as the details of capital gains
- Mutual fund statement details – purchase and sale of equity funds, ELSS, debt funds, and SIPs
Other Income Sources
- Details of income through interests accumulated from bank account statements, savings account, etc.
- Income earned from interest through tax savings bonds and corporate bonds
- Income earned through post office deposit
Points To Remember:
Do not file returns on the website with same mobile numbers or e-mail address for more than 4 taxpayers.
- Ensure that your name given in the bank documents as well as the official statements remain exactly the same, else the portal will consider you as a different individual.
- Both Indian number and foreign number are required to file income tax returns from a non-resident Indian.
In conclusion, it is important to carefully fill all the required details correctly for Income tax returns to achieve the purpose. Approach ArthaYantra to get expert advice on tax planning as well as holistic financial planning to do the right things with your money. We know the value of your money and importance of reaching your money goals. Get you plan today!