Many individual wait till last date for filing return and approach their Consultant / Chartered Accountant in last week of July thinking one week is sufficient to compute and file return for myself. However many times it is not practical to get all the documents / Bank statement / Share transaction statement and other important documents to collate and provide at last moment. There are many interaction and clarification and details required in ITR forms which has to be compulsory filled up. In case of incorrect information or giving partial information chances are there that the ITR filed will be rejected as defective return. Also in last minute filing department site works slow so there are chances of you missing the upload the income tax return. To avoid all such circumstances it is advisable to file your Income Tax Return much before the dead line so you do not miss out any important information.

Following are the documents you should keep ready to hand over to your consultant for computation of your income.

Form 16 and Form 16A

Employers will start issuing Form 16 from 1 June onwards and by June end most of employees will receive Form 16. Form 16 is a basic document in case of salaried employee which is required at the time of Filing Income Tax Return. In case of Interest income from Fixed deposit from bank, you will receive Form 16A from Bank giving details of TDS deducted from Interest Income. You should keep both the forms ready. In case of Profession or Business if any TDS is deducted for example for commission received or professional fees received, you need to collect Form 16A from the deductor and keep ready.

Form 26AS

Form 26AS provide information of total TDS deducted for an assessee. All assessee should check Form 26AS and compare with Form 16 / Form 16A. if there is any mismatch the same need to highlight to deductor and correct before filing of returns. In case you file return and TDS do not reflect in Form 26AS then you may get demand notice.

Bank statements from all bank accounts

Income Tax department require all to provide details of all bank accounts both savings account and current account held by you at anytime during 1st April to 31st March. It is not compulsory to provide details of accounts which are dormant. For this purpose any accounts which have been in-operational for the past 3 years are considered as dormant. Further you need to keep bank summary ready and review all credit entries 

Gifts received details

Check if you have any gifts received during the period. Gifts received above Rs 50000/- are taxable.

Housing Loan / Education Loan interest certificates

If you have taken any Housing loan or education then collect their interest certificate from the lender to claim the deduction.

Investment proofs not submitted to employer

It is possible that some of the investments made by you during the financial year have not been included in the Form-16 For example, if you have paid rent and failed to claim HRA you can claim HRA at the time of filing returns. It is also applicable for investment in LIC, PPf, etcFor such investments, you need to have the proofs for reference while preparing your return.

Read Relevant Article Missed to Submit HRA declaration to Employer? You can claim HRA at the time of Filing Returns and get Refund from Income Tax

Read Relevant Article Missed to Submit Investment / Deduction Proof to Employer? You can Still Claim Deduction while Filing your Tax Returns and get Refund

 

Mutual Fund and Share Transaction Statement

You can get your profit and loss and short term / long term gain in equity or mutual fund  through your depository participant in which you have your demat account

Advance / Self assessmentTax payment challan(s)

If you have paid advance tax and/or self assessment tax then you need to keep challan details ready like BSR code, Date and Mode of payment

Your Aadhar Card and Passport Number

Income Tax return require you to inform and disclose your Passport number and Aadhar card. With that you can E verify your account.

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CA Chirag Chauhan

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    I hope by reading this article you got enlighten on ,Do not wait till 31st July to file your Income Tax Return – Keep Ready 9 documents to file before due date9 documents required for filing income tax return, What are the documents required for filing income tax return, What is form 16/ 16A, further to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.