Industry Odisha Bureau, July 28: With only a few days left before the Income Tax Return (ITR) filing deadline, taxpayers should be ready with their documents. This will help them to avoid errors, delayed refunds or notices from the Income Tax Department. Tax experts recommend verifying information from multiple sources instead of relying only on Form 16.
ITR Filing: 7 Key Documents:
- Form 16: Salaried employees should start with Form 16, which contains salary details and tax deducted at source (TDS). However, experts advise cross-checking it with other tax records.
- Form 26AS, AIS and TIS: These documents help verify income, TDS and other financial transactions. Taxpayers should fix any mismatch before filing their ITR.
- Bank Statements and Interest Certificates: Interest earned on savings accounts and fixed deposits may not appear in Form 16. Reviewing bank records helps ensure all taxable income is reported.
- Capital gains documents: Payers who have sold shares, mutual funds or property should keep their broker statements, contract notes and capital gains reports ready for accurate tax calculation.
- Proof of deductions: Keep receipts and certificates for tax saving investments under Section 80C, health insurance under Section 80D, education loan interest, donations and other eligible deductions.
- Home loan and rental documents: Homeowners should retain their home loan interest certificate. Meanwhile, taxpayers earning rental income should keep rental agreements, rent receipts and municipal tax records.
- PAN Aadhaar and Bank details: Ensure PAN and Aadhaar are correctly linked and verify the bank account where any tax refund should be credited.
Experts further advise employees who changed jobs during the financial year to collect Form 16 from every employer. They should match every income with Form 26AS, AIS and TIS before filing ITR to minimise the risk of future tax notices.
