Deadline to file income tax return for the assessment year 2019-20 has been extended from July 31 to August 31. Tax professionals and salaried class were expecting the same as form-16 was issued very late this year. Being a tax payer every individual and firm has to disclose their income/ financials through filing ITR every year by the end of July. So many ITR forms are available to be filed as per nature of source of income. ITR-I popularly known as SAHAJ is most common form of them to be filed by those belongs to salaried class or pensioners subject to the following conditions.
- Income from salary/pension (not exceeding Rs. 50,00,000 during the financial year).
- Rental Income from one house property.
- Agriculture income (not exceeding Rs. 5,000 during the financial year).
- Income from other sources (income from lottery, race horses and gambling excluded).
Documents required to file ITR-I :
- Form-16 : Form-16 is the most important document specially for salaried class. Form- 16 is a statement of salary credited, tax deducted, TDS deposited and deductions claimed. Form-16 is issued by employer and is divided in two parts. Part-A of form-16 has a detail of the basic information about the tax payer and TDS deducted and deposited, whereas Part-B describe the total salary credited, taxable salary, deductions under various sections of income tax act, tax liability and refund. It is compulsory for every employer to issue form-16 in case TDS charged. One can make a complain if their employer deny to issue form-16. While filing ITR-I make sure that no mismatch is there between the information filled by you and details disclosed by form-16.
- Aadhar card and bank details: Before going to file ITR-I do remember to keep handy aadhar and bank details. Link your aadhar so that ITR-I can be verified online. If you have claimed for refund then give your bank account details such as account number and IFSC code , where you wish to receive your refund.
- Certificate of interest: Certificate of interest is required if there is a income sourced from interest on deposits during the financial year. Certificate of interest is issued by bankers/post office disclosing the income from interest, TDS deducted and deposited. No bank/post office can deny to issue interest certificate, if one has sourced taxable income from interest. However an individual can claim deduction on interest on deposits up to Rs. 10,000 during a financial year U/S 80TTA (Rs. 50,000 in case of senior citizen).
- Form 26AS: Form 26AS is just like a passbook disclosing all the details such as name of employer, employers TAN Number, income earned, TDS charged, TDS deposited, advance tax paid, tax refund. Do remember to keep it handy while filing return. It can be downloaded by login to income tax website or just follow the link View form-26AS.
- Investment Proof: As per income tax provisions one can claim a deduction up to Rs. 1,50,000 under various sections of income tax act. If you are one who is having such tax saving investments, can claim a deduction up to Rs. 1,50,000 during a financial year U/S 80C, 80CC and other sections subject to producing proof of investment. Most common tax saving investments U/S 80C are:
- Life Insurance Premium.
- Equity Linked Saving Schemes.
- Public Provident Fund.
- Tuition Fees.
- Tax saving Fixed Deposit.
- National Saving Certificate.