The Income Tax Department is giving the option to file ITR both online as well as offline. However, the process becomes easier if the required documents are collected in advance at the time of ITR filing.
ITR Filing: The Income Tax Department is constantly making efforts to make the process of ITR filing easier. In this sequence, pre-filled ITR forms were introduced. There is an option to file ITR both online as well as offline. However, the process becomes easier if the required documents are collected in advance at the time of ITR filing. Here we are telling about 10 such important documents…
Form 16: Form 16A contains information about the tax deducted in addition to salary. The TAN and PAN number of the employer is also given in Form 16. The last date for issuance of Form 16 by the employer is currently June 15.
Form 16 has two parts – Part A and Part B. Both the parts should be downloaded from the TRACES portal of the Income Tax Department. This information is pre-filled in the ITR forms under the head ‘Income from Salary’. Therefore, it should be matched with the information available in Part B of Form 16.
Form 16A and other TDS certificates
Apart from Form 16, the taxpayer should also collect other TDS certificates related to himself. If the interest income on fixed deposits exceeds Rs 40,000/50,000 (Senior Citizens), the bank would have deducted the tax. The bank will have to issue Form 16A for this. Apart from this, mutual funds and companies will have to issue Form 16A for the financial year 2021-22 on dividend income above Rs 5,000.
People taking monthly rent of Rs 50,000 or more should take Form 16C (TDS certificate) from their tenant.
If you have sold your property during the financial year, then Form 16B should be sought from the buyer for tax deducted on the amount. TDS is mandatory for property sold for more than Rs 50 lakh.
Interest income and other interest certificates
If there is an FD in a bank or post office or money has been invested in any interest-bearing scheme, then it is necessary to keep a certificate of interest income or bank statement. Under Section 80TTA of the Income Tax Act, tax exemption can be availed on interest earned up to Rs 10,000. Therefore, interest certificate of the bank and interest certificate of home loan must be kept while filing ITR.
