The first step to e-filing your income tax return should begin with having all the necessary documents at hand. Doing so will also ensure stress free e-filing.
Here’s a quick rundown of the documents and information you need to fill in the income tax return. You may not need all the documents mentioned here as this may differ from one taxpayer to another.
What is the income tax return filing window for AY 2015-16?
E-filing for AY 2015-16 has begun, and the Income Tax Department has extended the deadline to August 31st this year.
Documents needed from salaried individuals
- Form 16
- Allowances claimed on Form 16
- Any other investment proofs not declared on Form 16
Documents needed to claim deductions under Section 80
- Tuition fee receipts for school children
- Your contribution to PF
- LIC premium payments, medical insurance premium payments, education loan repayments
- Donation receipts
Investments that can be claimed as a deduction in Section 80C
- Proof for investments made under PPF, NSC, ELSS.
I did not submit investment proofs to my employer at the beginning of the year. What can I do?
Higher taxes are deducted when you don’t submit investment proofs on time. But there’s good news: you can claim them on your income tax return and ask for a refund.
Income from other sources
- Bank statement/passbook for interest on savings account
- Interest income statement for fixed deposits
- TDS certificate issued by banks and others (Form 16A)
Information required for homeowners
- Rent received during the financial year (April to March)
- Property taxes payment challan
- Home loan interest certificate from your bank
- Percentage of share if property is co-owned
Documents needed for those who trade in shares and mutual funds
- For shares, statement of trading account/ demat account
Documents needed for capital gains through sale of house property
- Date and cost of acquisition including stamp duties, brokerage and registration
- Date and cost of improvement like interiors and whitewashing
- Date of sale and sale consideration
- Details of reinvestment of sale proceeds
- TDS certificates on sale of transaction
Documents needed for freelancers/professionals/consultants
- Bank account statement to claim expenses directly related to your work as business expense
- Form 16A
- Form 26AS
Other information you require:
- Bank account number with IFSC code to which refund money(if any) must be credited
- Other bank
- Challan 280 for taxes paid during the financial year