Filing your taxes accurately and efficiently requires gathering the necessary documents that support your income, deductions, and other relevant financial information. As a first-time tax filer in India, here are the essential documents you will need:
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Permanent Account Number (PAN)
Obtaining a PAN is a fundamental requirement for filing taxes in India. If you don't already have one, you can apply for a PAN online at the Income Tax Department's main website. Your PAN serves as a unique identification number for tax purposes.
Form 16
If you are a salaried employee, your employer will provide you with Form 16. It contains details of your salary, tax deducted at source (TDS), and other allowances. It helps you accurately report your income and claim deductions.
Form 16A
Form 16A is provided to you if you have received income from sources other than your salary, such as interest on fixed deposits, rental income, or freelance earnings. Form 16A includes details of TDS deducted by the payer.
Bank Statements
These statements will help you track your income, such as interest earned on savings accounts or fixed deposits, and ensure that you report all your income sources accurately.
Investment Proofs
If you have made investments or paid premiums for specified schemes or policies, gather the relevant investment proofs. It could be Equity Linked Saving Schemes (ELSS), National Savings Certificate (NSC), or Public Provident Fund (PPF).
Rent Receipts
If you are staying in a rented accommodation and want to claim House Rent Allowance (HRA) exemptions, make sure to collect rent receipts from your landlord.
Medical Bills and Health Insurance Premiums
If you have incurred medical expenses or paid health insurance premiums, keep the bills and receipts handy. These will help you claim deductions under Section 80D for medical insurance premiums.
Educational Expense Receipts
If you or your parents have paid for your education expenses, such as tuition fees, keep the receipts as they can be claimed as deductions under Section 80C.
By organizing these documents, you can accurately report your income, claim deductions, and fulfill your tax obligations with ease.
Look up more articles here for a smooth first time tax-filing process. All the best!
