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While the new E-filing portal comes with prefilled ITR-1 form, it's important to cross check these details nevertheless. Here's a look at 9 documents that must be collected before you start filing ITR for FY 2020-21.
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Form 16 is a TDS certificate issued by the employer to the employee. It provides details of the total salary paid to you and tax deducted on it. The PAN mentioned on this form must be yours. In case of any mistake, the employer must issue a revised form.
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The new ITR forms need a taxpayer's break-up of interest income received from sources like savings account, fixed deposits, etc. Make sure to collect interest certificates from respective banks and post office to know the total amount received by you during the FY.
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If you sold any property during FY 2020-21, don't forget to demand Form-16B from the buyer. It will show the TDS deducted on the amount paid to you.
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Landlords earning via rental income must fetch Form 16C from tenants while contractor/professional require Form 16D for payment received from individual/HUF.
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Form 26AS is the consolidated annual tax statement that must reflect all the taxes deducted against your PAN in FY 2020-21. It includes tax deducted by employer, banks, etc. Update Form 26AS on time to avoid any hassles during ITR filing.
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Keep all the tax saving investments and expenditure proof handy. All the documents should be at your disposal while filing the ITR to make it a seamless process.
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If you have earned capital gains from the sale of residential property and/or mutual funds, you must mention these while filing ITR. The official documents will allow you to cross check those details as well.
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As per Section 139AA of the Income-tax Act, every taxpaying individual is required to quote their Aadhaar number while filing ITR. If your Aadhaar application is still pending, you can give the enrolment ID in your ITR form.
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You must also disclose the details of any unlisted shares held by you in FY 2020-21 at the time of ITR filing. In this case, ITR-1 form won't suffice even if your income source is salary and interest earned on bank deposits. You will have to use ITR-2.
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