· For Salaried Employees
Being a salaried employee, you need to collect the following documents for online income tax return filing in India:
· PAN number;
· Form-16 issued by the employer.
· Documents associated with interest income
· Either passbook or bank statement for interest on a savings account;
· Interest income statement required for fixed deposits;
· TDS certificate issued by banks and other organizations.
· Section 80C Investments
Section 80C investment is one of the most preferred options for tax-saving, and the majority of people claim tax deduction under this section. Investments made under PPF (Public Provident Fund), LIC (Life Insurance Corporation), ULIPS, ELSS, and NSC (National Saving Certificate Scheme) qualify for deductions under Section 80C.
The maximum amount one can claim under Section 80C investment is Rs. 15 lakhs.
· Necessary documents for claiming the certain expenses as deductions
To claim the expenses as deductions under Section 80C, you need to gather the following documents:
a. Mutual Funds Investment or Equity Linked Savings Scheme;
b. The life insurance premium payment;
c. The copy of your contribution to Provident Fund;
d. Principal repayment on your home loan if any;
e. Detail of your children’s school tuition fees
· Form 26AS
The Form 26AS is the annual statement which consists of all tax-related information such as TDS, TCS, refund, etc. In simple words, it’s an abstract of taxes deducted on your behalf and paid by you. You can get the form from the Income Tax Department.
· Documents for other investments
a. Details of education loan interest payments;
b. The stock trading statement which includes the details of stock trades made during the year may be taxed under Capital gain;
c. Details of interest paid on housing loan.
Consequences of not filing Income Tax Return within a stipulated time
In any financial year, the last day to file your Income Tax Returns is 31st July. If you file returns after the prescribed date, then it will be considered as late filing.
If you don't file income tax returns on time, then you will have to pay heavy penalties for the same. The Income Tax Department charges the fine for late income tax return filing. Recently, the government has increased the penalty for late return filing.
The penalties for delayed income tax return filing are as follows:
· Rs. 5000 for filing an income tax return between 1st August to 31st December;
· Rs. 10,000 for filing after 31st December;
· In case the taxable income is less than Rs. 5 lakhs, then there is a penalty of Rs. 1000/- only.
We hope this blog was helpful to you. If you have any concern regarding the Income Tax Return Filing in India, then you can contact Enterslice. We are one of India’s no. 1 consultant offering services on filing Income Tax Returns. Do give us a chance to lend our helping hands to you.
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