e-Filing Income Tax Returns in India
- Form 16:
It is the TDS certificate that is issued by an employer to you when TDS is subtracted by them. When TDS is deducted on salaries by an employer, then a certificate must be issued by the employer, where the details of tax deducted and deposits are certified. Employer provides affirming details about the tax paid on your side after taking into account your salary, deductions, and allowances.
Components of Part A are:
- Name and address of the employer
- PAN of the employee
- Report on tax deducted & deposited quarterly, which is certified by the employer
Part B of the Form from both the employers or from the last employer. Some of the components of Part B are:
- A detailed breakup of salary
- Deductions allowed under the income tax act (under chapter VIA)
- Relief under section 89
2. 26AS:
From the website of the department of income tax 26AS statement can be downloaded. It reveals details of taxes deduction from your income by an employer, a bank, or even a tenant. It is advisable to always download your 26AS statement from the website and reconcile whatever TDS has been deducted with 26AS. In case of any mismatch pay the required tax so that no trouble arises at the later stage.
3. Capital Gain Tax:
A capital gains tax is a tax put on capital gains or profits from the sale of specific types of assets. This tax is determined on the profits or a positive difference between the sale price and the original purchase price of the asset. Capital gains taxes are only triggered when an asset is accomplished, not while it is held by an investor. That means he can own capital shares.
4. Home loan statement:
It will help you to know how much deduction needs to be claimed for principal and interest. The home loan statement or certificate can be obtained via any of the following methods: You can recognize the statement or certificate online. Both the statement or certificate can be printed The documents can also be downloaded in the form of a pdf file.
5. Aadhaar and PAN Number:
It is advisable to keep it handy as you need to mention it in ITR form along with PAN. Aadhaar is also useful while e-verifying, as you just need to key in OTP that comes at your registered phone number. It is not mandatory to link your Aadhaar with PAN until the judgement of the Supreme Court is pending.
6. Details of Savings Bank Account:
You need to provide details of your savings bank account in your ITR form. So be ready with all account information before you sit down to fill your ITR form
7. IT Login Details:
Do not forget to keep login details handy for the website- www.incometaxindiaefiling.gov.in.
If you keep these things available, you will be all set to file your income tax return much before July 31st.
