The last day of filing returns, 31 July, isn’t far away and if you are one of those who wait until the last minute, you aren’t alone. According to a study conducted by Taxspanner.com, an online tax portal, last year nearly 42% of salaried individuals filed their income-tax returns after the third week of July. Which means, you probably rush into things at the last moment. However, if you keep some key documents handy, even filing at the last minute will be a breeze. Though you do not need to attach documents with your income-tax return form, but some of the information in these documents has to be mentioned in the form.
Here’s a list of the documents you need to keep by your side when filling the form, physically or online.
Documents related to income from salary
If you are a salaried employee and have income from no other sources, here is what you would need.
Form 16: Most of you would have received your Form 16 for FY12 from your employer already. This form basically contains the details of the income you earn, the total amount of deduction you have availed, such as Rs 1 lakh under section 80C of the Income-tax Act, and the total amount of tax paid by you between 1 April 2011 and 31 March 2012. If you’ve changed jobs during this period, you need to collect Form 16 from both present as well as earlier employer.
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. This form gives the details of perquisites, fringe benefits or amenities and profits you receive in lieu of salary.
Pension certificate: If you receive pension from your erstwhile employer, you would need to save the pension certificate that your bank gives or the bank account statement. However, for pensioners who have other sources of income, this may not be enough.
Documents related to investments in deductible instruments
You will need to fill in the details of the deductions you have availed through investments under various sections of the Income-tax Act. Here are the common ones.
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, among 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.
Under section 80D: Receipts of health insurance premiums paid for self and/or dependants, including parents.
Under section 80G: Receipts of donations made to approved charitable institutions. Such donation get 50-100% deduction depending on the organization.
Under section 80E: The certificate that your banks give as proof of interest paid for an education loan.
Documents related to capital gains
If you’ve made capital gains—long-term or short-term—on shares and property, among other assets, you need to mention the details of these too 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.
Documents related to details from house property
Home loan certificate: If you have a home loan running, your bank must have given you a certificate for the interest and principal repayment on your loan. This is true for home improvement loans as well. If you have a house property, which is vacant or rented out, then you better keep the receipts of municipal tax along with proof of rental income, if any.
Documents related to income from other sources
Form 16 A: This certificate mentions the income you have earned from sources apart from your salary, for instance the interest you earned on your fixed deposit. This also mentions the amount of tax deducted at source (TDS) on it and also the TDS paid to the income-tax department. Ensure that you have collected this certificate from all organizations that have deducted TDS on your income. For example, income from interest on securities, income from interest on bank deposits, income from interest on compensation, interest income form Kisan Vikas Patra, casual income and the like.
Documents related to advance tax paid
If you’ve paid any advance tax during the financial year, keep the chalans or receipts handy. You will need to fill in the date of credit into the government account and the serial number of challan along with the amount. The same applies to self-assessment tax challans.
Numbers you would need
Permanent Account Number: Undoubtedly the most important number to be filled in.
Bank account number: You would need to mention this number only if you have paid extra tax and are expecting a refund.
MICR code: If you want the I-T department to directly deposit the refund into you savings bank account, you will have to mention the 9-digit MICR number mentioned at the bottom of cheque leaves, next to the cheque number.
Illustrations by Jayachandran/Mint
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