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Rushing to file your tax returns? Keep these documents in hand

business Updated: Jul 03, 2012 22:03 IST
Bindisha Sarang

The last date of filing returns, July 31, isn’t far away and if you are one of those who wait until the last minute, you aren’t alone. According to a study conducted by online tax portal, last year nearly 42% of salaried individuals filed their income-tax returns after the third week of July. However, if you keep some key documents handy, even filing at the last minute will be a breeze. Though you do not need to attach documents with your I-T return form, some of the information has to be mentioned in the form. A laundry list of documents you need to keep by your side when filling the form, physically or online.

Income from salary

If you are a salaried employee and have income from no other sources, you need these.

Form 16: Most of you would have received your Form 16 for 2011-12 from your employer. This form basically contains details of the income you earn, the total amount of deduction you have availed and the total amount of tax paid by you between April 1 2011 and March 31 2012. If you’ve changed jobs during this period, you need to collect Form 16 from both current and previous employer.

Form 12 BA: If your salary package includes benefits such as holiday expenses, credit card expenses and the like, you would need this form, which too will be provided by your employer.

Pension certificate: If you receive pension from your erstwhile employer, you would need to save the pension certificate that your bank gives or the bank account statement.

House property

Home loan certificate: If you have a home loan running, your bank must have given you a certificate for the interest and principal repayment on your loan. This is true for home improvement loans as well. If you have a house property, which is vacant or rented out, you need to keep the receipts of municipal tax along with proof of rental income.

Other income

Form 16A: This certificate mentions the income you have earned from sources apart from your salary, for instance the interest earned on your fixed deposit. This also mentions the amount of tax deducted at source (TDS) on it and also the TDS paid to the tax department. Ensure that you have collected this certificate from all organisations that have deducted TDS on your income.

Investments in deductible instrument

You will need to fill in the details of the deductions you have availed through investments under various sections of the Income-tax Act. Some common ones.

Section 80C: Receipts of life insurance premiums, National Savings Certificates’ documents, PPF passbook updated until March 31 2012 mentioning the interest received, statements of tax-saving MFs and receipts for tuition fees, among others.

Section 80CCC: Receipts for pension plans invested in.

Section 80CCF: Receipt of investment made in infrastructure bonds in 2011-12.

Section 80CCD: Receipts of payments in the National Pension System (NPS).

Section 80D: Receipts of health insurance premiums paid for self and/or dependants.

Section 80G: Receipts of donations made to approved charitable institutions.

Section 80E: The certificate that your banks give as proof of interest paid for education loan.

Capital gains

If you’ve made capital gains — long-term or short-term — on shares and property, among other assets, you need to mention the details of these too in the tax-return form.

Advance tax paid

If you’ve paid any advance tax, keep the receipts handy. You will need to fill in the date of credit into the government account and the serial number of chalan along with the amount.

Numbers you need

Permanent Account Number: The most important number to be filled in.

Bank account number: You would need to mention this number only if you have paid extra tax and are expecting a refund.

MICR code: If you want the IT department to deposit the refund into you savings account, you will have to mention the 9-digit MICR number mentioned at the bottom of cheque leaves, next to the cheque number.