Income Tax


Arrange these 5 important documents before filing income tax return

Income tax returns have begun to be filed amid the Corona crisis. If you are also preparing to file your return, then gather the necessary documents first. This will help you in filing returns and there is no possibility of mistake. The Income Tax Department has also made several changes this time. If in doubt anywhere, do not forget to consult the tax expert. We are giving information about your necessary documents here.
 

1. Form-16

If you are employed, then this is the most important document for filing returns. This form verifies TDS (tax deducted at source) deducted from the salary of the employee. This also shows that the institute has deducted TDS and submitted it to the government.

 

2. Certificate of income from interest

This year, in the return form, taxpayers also have to disclose the source of their interest income such as giving them information of interest income earned from savings account, fixed deposit or any other source. Under Section 80 TTA, interest income up to Rs 10 thousand can be deducted.


3. Proof of exemption from income tax

You can get tax exemption from all investments and expenses incurred under Section 80C, 80CC, and 80CDC (1) during FY 2019-20. Under these, you can get a maximum discount of Rs 1.5 lakh.

4. Aadhaar Card

Aadhaar statement is necessary for the successful filing of income tax returns. According to Section 139AA of the Income Tax Act, it is necessary to provide your Aadhaar details while filing the return of your income.


5. Information on bank accounts

When filing income tax, you also have to tell about all your bank accounts. Therefore, collect the details of all accounts beforehand.

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