Self-filing income tax returns is an important responsibility for every earning individual in India. Before initiating the filing process, it is crucial to gather the necessary documents and information.
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Permanent Account Number (PAN) Card
Ensure that you possess a valid PAN card before starting the self-filing process. If you do not have a PAN card, apply for one well in advance to avoid any delays or complications.
Aadhaar Card
For income tax filing, linking your PAN card and Aadhaar card is absolutely necessary. Ensure that your Aadhaar card is active and updated with correct details. The Aadhaar card is also required for identity verification and electronic verification during the filing process.
Form 16
If you are employed, ensure you have your Form 16, which is provided by your employer. Form 16 summarizes your salary details, tax deductions, and TDS (Tax Deducted at Source) information. It helps in accurately reporting your income and claiming deductions. If you have changed jobs during the financial year, make sure to collect Form 16 from all your employers.
Bank Statements and Interest Certificates
Collect your bank statements for the financial year to accurately report your income from interest on savings accounts or fixed deposits. Also, gather interest certificates provided by banks or financial institutions for any income earned from fixed deposits or recurring deposits.
Details of Investments and Expenses
Compile information about your investments, such as life insurance premiums, tax-saving investments, provident fund contributions, and National Pension Scheme (NPS) contributions. Additionally, gather details of expenses eligible for deductions, such as home loan interest, medical insurance premiums, and donations made to eligible charitable organisations.
Other Income Documents
If you have additional sources of income, such as rental income, freelance earnings, or capital gains from the sale of assets, gather the relevant documents, including rental agreements, invoices, or sale deeds. These documents will be required to accurately report your total income from all sources.
Being well-prepared with the required documents and information will enable you to accurately report your income and claim applicable deductions while filing your income tax returns.
