News By/Courtesy: ANSHIKA JAIN | 10 Sep 2020 9:51am IST

HIGHLIGHTS

  • ITR is an important document carrying information about the income earned by the taxpayer and the tax applicable on that income
  • The date for filing of ITR for 2019-20 is extended to 30 November 2020
  • Documents required for filing of the ITR

Some amount of preparation is needed for the filing of the Income Tax Returns (ITR). A four-month window period is given by the government to taxpayers to compile documents for filing of the ITR. The timeline for filing of ITR for FY 2019-20 has been extended to 30 November 2020. ITR is an important document for people seeking a car loan or a home loan. Collating all the documents before starting with the filing of ITR, would make the filing smooth and easy.

The following are the documents that are required for filing:

Form 16

For all salaried individuals, Form 16 is a very important document for filing the ITR. Form 16 is a certificate issued by an employer that carries the details of the salary paid to the employee and also details the tax deducted at source. Every employer is mandatorily required to issue Form 16 to the employee.

Form 26AS

The annual consolidated tax statement issued by the Income Tax Department is known as Form 26AS. Taxpayers can easily access the form from the income tax website using the PAN. Form 26AS contains details of taxes paid during the financial year (in case of businessmen or self-employed) and the amount of the tax deducted at source of the salaried class.

Tax Saving Investments

If an individual fails to submit his tax-saving investments to the employer during the stated period in the previous financial year, the individual is then required to submit the same for claiming tax deduction directly to the Income Tax Department. Tax saving investments include receipt of medical insurance, receipt of the life insurance premium paid, five year FD receipts, Public Provident Fund passbook, home loan repayment statement, tuition fee paid receipt, donation paid receipt, mutual funds investment, etc.

Certificates related to interest income

Income from various interest investments is earned by an individual such as fixed deposits from post offices and banks and savings account deposits, etc. Financial institutions provide interest certificates to the individual for the same.

Medical Insurance

Up to Rs. 25000 can be claimed by an individual under Section 80D for the payment of health insurance premium (Limit is Rs. 50000 in case of senior citizens). The insurance policy could be for oneself, for the spouse, or the children. The additional deduction can be claimed under the Section by an individual if an individual is paying a premium for the parents.

Other Investments

  • For a self-occupied house, interest paid on housing loan is eligible for tax saving.

  • Education loan interest payments.

This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 11 Sep 2020 14:49pm IST


Tags : #ITRfiling #DocumentsRequired #ITR2019-20 #FilingDueDate30November2020

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