Checklist For Filing Income Tax Return

Checklist for filing Income Tax Return

Checklist For Filing Income Tax Returns

For the Purpose of filing the Income Tax Return the Assessee has to be provided the following documents:

1) Permanent Account Number (PAN)

It is unique alphanumeric combination issued to all entities under the Indian Income Tax Act. It is undoubtedly the most important number to be filled in.

2)Bank account number & MICR

You would need to mention this number only if you have paid extra tax and are expecting a refund.

3) Form 16

It is the documented proof given by an employer to all its employees with the complete details of income (salary), the amount deducted as income tax (TDS) for each month and the total tax payment.

4) Form 16 A

You will first have to get form 16 A collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given a loan, tenant to whom you have rented your property.This certificate also mentions the income you have earned from sources apart from your salary.

5) Form 12 BA

If your salary package includes benefits, such as holiday expenses, credit card expenses and the like, you would need details of this form, which too will be provided by your employer. Form 12 BA gives the details of perquisites, fringe benefits or amenities and profits you receive in lieu of salary. You will need to fill in the details of the deductions you have availed through investments under various sections of the Income-tax Act. Such as-

  • Under section 80C: Receipts of life insurance premiums, National Savings Certificates documents, Public Provident Fund passbook updated until 31 March 2012 that also mentions the interest received, statements of tax-saving mutual funds and receipts for tuition fees and others.
  • Under section 80CCC: Receipts for pension plans you have invested in.
  • Under section 80CCF: Receipt of investment made in infrastructure bonds in FY12.
  • Under section 80CCD: Receipts of payments in the National Pension System.

6) Documents related to capital gains

If you’ve made capital gains, either long-term or short-term on shares and property, you need to mention the details of these two in the tax return form. Though long-term capital gains are not taxable for equity mutual funds and shares, you would need to mention the details in any case.

7) Documents related to details from house property

If you have a home loan running, your bank must have given you a certificate of the interest and principal repayment on your loan.

8) Details of advance tax paid

If you’ve paid any advance tax during the financial year, keep the challans or receipts handy. You will need to fill in the date of credit into the government account and the serial number.

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