Close

	Receiver's Name:		*
	Receiver's Email:		*
	Your Name:		*
	Your Email:
	Your Message:

Tax documents and forms you must know about

Every individual needs to file a tax return if their taxable income during the year has exceeded the exemption limit of Rs 160,000 (Rs 190,000 in case of women and Rs 2,40,000 in case of senior citizens). With the tax filing deadline of July 31 just around the corner, here is a quick guide on what documents you need to for preparing your return, and which tax filing form is relevant for you.

Which documents do I need to prepare my return?

• PAN Number - Keep your PAN card handy, stating the wrong PAN in your ITR may attract penalty of Rs 10,000


• Form 16 - If your employer has not already done so, ask for your Form 16 which is proof of your salary received and the tax deducted at source by your employer


• Bank Statements - Keep your bank statements handy for calculating interest earned during the year on any savings and FD accounts


• Form 16A - If you have incomes other than salary, for example rental or interest income, you will need this statement of tax deducted at source from each deductor


• Demat Account Statement - If you have been buying and selling shares during the year, you will need your statements for the profits and losses during the year on share trading


• Tax Challans - If you have already paid any advance tax or self assessment you will need the challan number for proof of tax payments made during the year


• Tax Saving Documents - If you have taken certain tax deductions like under 80C (like ELSS, insurance premium or principal repayment of home loan among other choices) or 80D (health insurance) then you will need to have these proofs ready

Which tax form should I use?

Depending upon your tax status, your sources of income and the type of activity you are involved in, you will need to use the relevant tax form. The most commonly applicable forms are:

Comments

Thanks for your comment

    

Shikha said : 06/05/2011	this is too old information please update