Keep these 5 documents ready before filing income tax return, otherwise…
You must have all documents before filing income tax return. This will help you in filing returns and there will be no possibility of mistake. Apart from this, if you do not have the necessary documents, then your ITR may get stuck. Therefore, before filing ITR, it is important for you to know which document you will need.
Before filing ITR, keep these 5 documents ready
- Form 16
If you are from salaried class then it is a very important document to file ITR. Form 16 is a certificate, which contains information about the TDS deducted from the salary of the employee. It also shows that the institution has deducted TDS and deposited it to the government.
2) Aadhaar Card
To file income tax return, you have to give information about Aadhaar. According to Section 139AA of the Income Tax Act, while filing the return of your income, your Aadhaar details are necessary. So keep your base out too.
3) Certificate of income from interest
This year, taxpayers will also have to give information about their interest income in the return form. For example, they have to provide income information from savings account, fixed deposit or interest from any other source. Under Section 80 TTA, exemption can be availed on interest income up to 10 thousand rupees.
4) Income tax rebate
You can avail tax exemption from all investments and expenses made under sections 80C, 80CC and 80CDC (1) during the financial year 2019-20. Under this, a maximum discount of one and a half lakh rupees can be given.
5) Submit bank account details
While filing ITR, you have to give information about all your bank accounts. While filing the return, you will have to provide the bank name, account number, account type and IFSC code.