All About Personal ITR

 Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.

The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.

It is important to have all the relevant documents handy before you start your e-filing process.

• Bank and post office savings account passbook, PPF account passbook
• Salary slips
• Aadhar Card, PAN card
• Form-16- TDS certificate issued to you by your employer to provide details of the salary paid to you and TDS deducted on it, if any

Interest certificates from banks and post office

• Form-16A, if TDS is deducted on payments other than salaries such as interest received from fixed deposits, recurring deposits etc. over the specified limits as per the current tax laws
• Form-16B  from the buyer if you have sold a property, showing the TDS deducted on the amount paid to you
• Form-16C from your tenant, for providing the details of TDS deducted on the rent received by you, if any
• Form 26AS - your consolidated annual tax statement. It has all the information about the taxes deposited against your PAN
• a) TDS deducted by your employer
• b) TDS deducted by banks
• c) TDS deducted by any other organisations from payments made to you
• d) Advance taxes deposited by you
• e) Self-assessment taxes paid by you
• Tax saving investment proofs
• Proofs to claim deductions under section 80D to 80U (health insurance premium for self and family, interest on education loan)
• Home loan statement from bank