BackFiling I-T returns? Here’s a checklist
These are the key documents that you need to start collecting before filing ITR
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Mumbai-based Sharad D. Kalyanpur, accounts head for J.T. Enterprises, a recruitment firm, got his Form 16 on 19 June. “I will be filing my income-tax returns (ITR) next week. Like always I will be doing it on my own," says Kalyanpur. Like him, many must have got their Form 16 from their employers considering that it is that time when you file for ITR. Remember that the due date for filing ITR is 31 July. Form 16 is one of the many documents that you need to have handy before filing for your income tax (I-T) returns. Mint Money lists out the key documents that you need to start collecting before filing ITR.
TDS from salary
Form 16: It is a document that your employer issues. It is a certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source (TDS) from income chargeable under the head “salaries". Simply put, it certifies the tax deducted by the employer. In case you have not received your Form 16, the I-T department provides a worksheet where you can calculate and declare numbers.
TDS for income other than salary
Form 16A: If you have an income other than salary, then the details will be available in Form 16A. The income from other sources includes rental income, income from fixed deposits and securities. You can get this form from each source where the income is generated.
Form 26AS: This form will help you prepare your income tax returns as it helps you verify details of TDS. Through Form 26AS, you can cross-examine if your company or bank has paid the tax and is correctly reported to the I-T department.
Declaration of deductions
Considering you will have to declare the amount that is eligible for deduction, you will have to keep all your investment documents ready. Though the deductions will be mentioned in Form 16, you must cross-check. Documents such as contribution to life insurance, Public Provident Fund, pension fund, provident fund and medical insurance premium should be kept handy so that you ensure to include all these information in the ITR form.
Other details
To file an ITR, you will have to furnish your Permanent Account Number (PAN) and your bank details. Fill in your correct bank details as in case of refund, if any, if you opt for direct deposit into your bank account, the refund will go to the account that you mention in the form.
What should you do?
Says Homi Mistry, partner, Deloitte Haskin and Sells, “You don’t have to attach any of these documents with your ITR form. However, having it handy will help the process of tax filing easier." So can you file ITR by yourself? Says Rakesh Nangia, managing partner, Nangia Co., a chartered firm that provides tax-related services, “You don’t need professional help to file ITR if your income is only from salary or interest income from banks. However, if you have income from other sources such as a property transaction or have got any capital gains in the financial year, you may need professional advice." There are various ITR filing portals that will help you file returns. Says Amol Mishra, senior tax adviser, Myitreturns.com, “You can get assistance on I-T portals for filing returns if you are not very sure about doing it on your own."
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