Taxation is a tough point and has regular amendments in its laws, formats, and policies and can irritate any person. A taxpayer obtains four months to prepare for furnishing the tax returns. In this a tax preparation checklist:
26AS Form and AIS (Annual Information System)
Form 26AS would be the consolidated statement that consists of all the details of the assessee like TDS, information of tax obtained from you, advance tax payments incurred, and others. It makes the claim of the tax simpler. The mismatch in form 26AS and the ITR results in the inquiry through the tax council.
AIS stands as a comprehensive statement of the financial transactions in a fiscal year furnishing the information of the obtained income via several sources no matter whatever the concern that the tax deducted at source. Post electronically centralized processing of the AIS form the taxpayer would check the mentioned information: TDS/TCS, SFT, payment of taxes, and demand and refund.
For downloading Form 26AS and AIS, you are required to log in to your tax filing account on https://eportal.incometax.gov.in/, click on ‘e-file’ and the ‘services’ tab to see the corresponding documents.
For Salaried and Other Types of Income
A salaried employee would come into action post obtaining Form 16 via his employer. But the same would be advisable to maintain some documents like monthly salary receipts and details towards the allowances and the tax exemptions. You should have the bank statement towards the interest on the savings account to claim the advantage if you have the interest income beneath section 80TTA, an interest income statement for the FDs, and a TDS certificate from the bank.
PAN Aadhaar Link
The same should be performed prior to furnishing the tax returns. If you do not do that by the date 31st March 2023 then the last date would lead to PAN inactivation.
Documents Required for Income Tax Section 80C
The tax saving schemes that are entitled to the same are PPF, NSC, ULIPS, ELSS, and LIC policy. The receipts for the investment incurred in these must be maintained.
Complete Document from House Property
The income incurred through the house property is a complex case as various kinds of house property poses distinct calculations. Taxability might not be on the actual rent obtained. If the property would not let out the tax would be levied on the income which comes from the property. When your property is given on rent then you are permitted to deduct the municipal taxes, the standard deduction will be 30% of the rent including the home loan interest from the yearly rental income.
Take the interest certificate from the lender with the breakup of the interest filed and the principal filed for the year. You could avail the advantage u/s 24B and 80C.
