On the off chance that you are a salaried person, this is one of the most vital documents for you to file your ITR. Xyz employee of an organization, says “Structure 16 is a TDS certificate issued to you by your employer to provide details of the payment paid to you and TDS deducted on it, assuming any. It is required for your employer to issue Form-16 if your employer has deducted TDS from your pay. In the event that no TDS is deducted from your pay, then you can request your employer to provide you the same.
This year, ITR structure 1 requires salaried taxpayers to provide the pay break-up, having Form-16 makes it easier to get that data.
Structure 16 comprises of two sections: Part-An and Part-B. Section A comprises of the considerable number of details of the tax deducted by your employer amid the year. Aside from details of the tax deducted from your pay, it likewise comprises of the details of your Permanent Account Number (PAN), PAN and TAN of your employer whereas Part-B of the structure comprises of your gross pay.
While receiving Form-16, one must check that the PAN mentioned on it is yours. In the event that there is any discrepancy, then you should convey this to your employer’s notice. Your employer will rectify the mistakes in Form-16 and issue you a revised structure.
2. Interest certificates from banks and mail station
Interest received from funds financial balance, post office bank account, fixed deposits and recurring deposits are taxable. Therefore, one should either get the interest certificates from the bank/s as well as mail station branch to realize the complete interest earned, in case no TDS has been deducted.
On the off chance that you don’t get interest certificates, make sure your account passbook is updated and demonstrates details regarding the interest credited to your account till March 31, 2019 “Individuals can claim deduction under section 80TTA on the interest received up to Rs 10,000out of a FY from the investment funds financial balance and mail station bank account. Any interest received above Rs 10,000 will be chargeable to tax.”
3. Structure 16A/Form-16B/Form-16C
In the event that TDS deducted on the payments other than salaries, for example, interest received from fixed deposits, recurring deposits etc. over as far as possible as per the current tax laws, your bank (in this case) will issue you Form-16A providing you the details of the measure of TDS deducted.
Then again, in the event that you have sold your property, then the buyer will issue you Form-16B demonstrating the TDS deducted on the sum paid to you.
4. Form 26AS
Structure 26AS is your consolidated yearly tax statement. This is like your tax passbook which has data of all the taxes that has been deposited against your PAN. These include:
a) TDS deducted by your employer,
b) TDS deducted by banks if the interest income in FY 2018-19 exceeds Rs 10,000,
c) TDS deducted by some other association for the payments that have been made to you,
d) Advance taxes deposited independent from anyone else amid the FY 2018-18,
e) Self-assessment taxes paid by you.
One can download Form 26AS from the TRACES website. To download your Form-26AS, you can login to your account on the e-filing website, www.incometaxindiaefiling.gov.in. Once logged in, click on ‘View 26AS (Tax Credit)’ under the ‘My Account’ tab. The website will redirect you to the TRACES website to download the structure.
You ought to ensure that all the taxes deducted in FY 2018-19 are reflecting against your PAN in Form-26AS. In case of confuse you ought to ask the deductor to rectify the mistake. In the event that the crisscross isn’t corrected, you won’t be able to claim tax-credit for that TDS deduction.
5. Tax-sparing investment proofs
All the tax-sparing investments and expenditures incurred by you under section 80C, 80CCC and 80CCD(1) amid FY2018-19 can help you lower your tax risk. The greatest tax-you can claim under these three sections can’t exceed Rs 1.5 lakh in a money related year.
The most widely recognized available tax breaks under section 80C are as per the following:
an) Employees Provident Fund (EPF)
b) Public Provident Fund (PPF)
c) Investments in ELSS schemes of common assets
d) Life insurance premium paid
e) National Pension System (NPS) etc.
6. Deductions under section 80D to 80U
Aside from tax-sparing investments and expenditures under section 80C, there are certain expenses on which you can claim deductions under different sections of the Income-tax Act. For instance, health insurance premium paid in the FY 2018-19 is eligible for deduction under section 80D of the Act for most extreme up to Rs 25,000 of every a year.
“On the off chance that you have paid for the health insurance premium of your parents, then you can claim an extra deduction of Rs 25,000 or Rs 30,000 depending on your parents’ age.” If your parents’ age is below 60 years, you can claim extra deduction of Rs 25,000. In the event that age is 60 years or above, then you can claim extra deduction of Rs 30,000.
7. Home credit statement from bank/NBFC
In the event that you have taken a home advance from a bank or some other money-related organization, remember to collect the advance statement. It will provide you the break-up details of how much chief and interest has been repaid by you. file your income tax returns, with e-returns in Delhi.
8. Aadhaar card
Providing Aadhaar details is compulsory to successfully file your ITR. As indicated by section 139AA of the Income-tax Act, an individual is required to provide his/her Aadhaar details while filing the return of your income. On the off chance that you have not received your Aadhaar card yet but rather have applied for it, then you would be required to provide an enrolment ID in your tax return. e-Filing in Delhi.