Form 16B provides details of TDS if you purchased a property during the previous year. Form 16A/16B/16C: Form 16A consists of whether you have any TDS on interest on fixed deposits, TDS on rental income, TDS on insurance commission, or any other income liable for a tax deduction.You can view your savings account interest details, mutual funds transactions, rental income, etc. It includes the transaction details even where TDS/TCS is not applicable. Annual Information Statement: Annual information statement consist of comprehensive details of your financial information.Apart from this, Form 26AS reflects details from Annual Information Return (AIR), which is filed by different entities, if you have invested or spent, mostly high-value transactions. Form 26AS: Form 26AS contains tax-related information such as TDS, advance tax, self-assessment tax, and TCS collected on your PAN.These details are essential to file income tax returns. Your salary slip consists of basic details such as your salary, House Rent Allowance (HRA), Dearness Allowance (DA), Traveling Allowances (TA), tax deducted, statutory deductions, etc. Payslips: It is essential to keep the salary slip ready for salaried taxpayers.In this form, you can view your salary, allowances, and deductions Your employer provides this form after furnishing the information related to the taxes paid on your behalf. Form 16: Form 16 issued by your employer is also known as the Tax Deducted at Source (TDS) certificate.Let’s look at the other documents you need to file your ITR. This is because the ITR return serves as a proof of income statement for various purposes like loan approval, VISA applications, credit card applications, claim income tax refunds and set off and carry forward of losses, etc.Īs you already know, PAN and Aadhaar are the most basic and essential documents to file an ITR. It is always advisable to file ITR even if the person is not mandatorily required to file the ITR according to the Income Tax Act. If the total of TDS and TCS is Rs 25,000 or more(Rs 50,000 or more in case of senior citizens).If your total deposits in the savings bank account are Rs 50 lakh or more.
#TAX RETURNS PROFESSIONAL#
If your gross professional receipts are above Rs 10 lakh.If your total business turnover is above Rs 60 lakh.If you have beneficial interests or signing authority in foreign countries.If you have incurred electricity expenditure of Rs 1 lakh or more.If you have incurred expenditure on foreign travel of Rs 2 lakh or more.If you have deposited more than Rs1 crore in all of your current accounts.ITR filing becomes a must even if your income is below the basic exemption limit if the below-mentioned conditions are met: E-filing of income tax returns is mandatory if your income is above the basic exemption limit.
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