Document Checklist To Help You File Your Taxes On Your Own

By | July 31, 2017

Document Checklist To Help You File Your Taxes On Your Own

The period of time right after the end of a financial year is important for taxpayers. If you plan on filing your taxes on your own, here’s a document checklist to help ease the process:

Documents Required

You only need four sets of documents to file your taxes. Yes, only four.

  • Income Proof

Get your proof of income sorted. Salary pay slips, your bank account statements, investment statements and any other documents that show income earned during a financial year.

  • Proof Of Taxes Paid

Ever heard of Form 26AS? Well, this form lists all the tax payments made by the taxpayer to the Income Tax department. Individuals earning a salary will need to submit Form 16 while others will be required to submit Form 16A which shows any tax deducted on the taxpayer’s behalf.

Paid advance tax? Submit the advance tax receipts too.

Additional Reading: How To File Tax Returns Online!

  • Proof Of Deductible Expenses

You need to submit proof of deductible expenses that you may have incurred for business. You also need to submit receipts of Life Insurance or Medical Insurance premiums that were paid.

Additional Reading: Start Your Tax Saving Plans Early

  • Investment Proof

Made investments during the year? Submit proof of investments that are permitted under Section 80C of the Income Tax Act. These could include Public Provident Fund account statements, National Pension Scheme statements or receipts of premium payments made for Life Insurance policies, among others.

Filing your taxes on your own is a really simple process. Give it a shot.

Additional Reading: Tax Saving Investment Options Under Section 80C

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