I am 24 years old and have savings deposit and demat accounts. I will file my returns for the first time. What all do I need to compile the returns?
We have presumed that during FY11, you have three sources of income. One, income from employment or salary income; two, interest income from savings account; three, investment income in the form of dividends and/or capital gains.
Accordingly, you will have to file your returns in form ITR-2. Please note that the due date of filing returns is 31 July 2011. You may choose to file your returns electronically for which you would need to register on income-tax department’s official site, Incometaxindiaefiling.gov.in. You could download the requisite e-filing Form ITR-2 for FY11 or assessment year 2011-12 (AY12).
Generally, you would need to compile following information/documents for filing returns:
• Obtain copy of form 16 (certificate for tax deducted at source or TDS) and form 12BA (statement of benefit and perquisites) from your employer.
•Obtain details of interest credited to your savings bank account during FY11 along with details of any tax deducted by the bank on interest income, if any, and deposited on your behalf. In this case, the bank will issue you a TDS certificate in form 16A based on which you will be able to claim credit while filing your tax return.
•Details of dividend income earned during FY11. Though dividend income earned from a domestic company is exempt from tax, this information will be required for disclosure purposes.
•Details of capital gains income/loss during FY11 from the sale of investments in shares/mutual funds, if any, with a break-up into long-term gain/loss from sale of shares held for more than 12 months and short-term gain/loss from shares held for 12 months or less.
• Copy of self-assessment tax challan. If after adjusting the TDS credit against your overall tax liability, there is any tax remaining payable by you, the same needs to be deposited (along with prescribed interest) before filing returns. Such payment/deposit of balance tax liability is known as self-assessment tax. You will need details from this challan to fill up the returns form.
You must also read through the instructions in ITR-2 before formalizing the returns form. All details appearing in the form 16, 16A, payment of advance tax/self-assessment tax need to be inserted in the returns form. Also, all necessary sources from which income has been generated should be kept as a back-up for verification purposes in case the return is picked up for scrutiny.
You would also need general details, such as your bank account details, permanent account number, email account details and phone number.
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