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:
#TaxFiling typically involves going through several documents – keep these handy just in case you need to revisit them at a later date!
— Adhil Shetty (@adhilshetty) July 27, 2017
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
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