Important Documents That Make Income Tax e-Filing Easier

Keep These Documents for Accurate ITR e-Filing

Filing the ITR shows a final chance to file your due taxes and review your financial situation from the former year and make plans for the subsequent year. For easing the filing procedure, the Income tax department furnishes Form 26AS, Annual Information Statement (AIS), and also pre-fills specific information like tenant information, employer details, etc., through your former year's tax return. But the same would be essential to maintain the following documents handy at the time of preparing the tax return to reconcile and confirm the preciseness of the details furnished.

Reporting Salary Details in Form 16

For reporting the salary information in your ITR, Form 16 would be important. The same furnishes the complete breakdown of your salary, exemptions, deductions, and TDS deductions.

Statement of House Loan

Under section 24 for interest on the house loans and section 80C for the principal component the deductions for the home loans would be available. You may make the proper deductions by providing the lender with a house loan statement that clearly breaks down the interest and amount paid throughout the fiscal year.

Your Bank Statements

Bank statements provide a complete picture of all financial transactions for the whole year and are essential for filing your ITR. Income may not be recorded in Form 26AS or AIS in some circumstances due to non-reporting by relevant parties or the absence of TDS deductions. However, such earnings are immediately discernible from your bank statements.

The amounts shown on bank statements indicate net income, or income received post-deducting TDS. As a result, at the time of ITR filing, it is critical to gross up the amounts by including the TDS in order to appropriately declare your income.

Calculation of Amount Using Interest Certificates

Term deposits are a common kind of investment in India. The sum of a term deposit is only received at maturity, although interest is compounded yearly. An interest certificate enables you to report the interest on an accrual basis and aids in calculating the amount of interest that has accumulated over the course of the year.

Statement of Securities

A full record of all transactions involving securities, such as stocks, funds, bonds, and debentures, during the financial year, is provided by a securities statement or holding statement. This statement contains details such as the dates of the purchase and sale as well as the associated sums. The calculation of capital gains for the year requires this information.

Form 26AS and AIS include details of your gross income and tax credits offered by the I-T department, it is the duty of the taxpayer to make sure that the ITR has accurate and full information. Having these records on hand can help you complete your ITR correctly and determine your tax due.

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