Owing to the technological advancements, income tax e-filing online has become significantly easier for individuals lately. Since it is an essential aspect to aid you accurately make your income tax payment, filing it online has eased the hassle it involved earlier.
Essential checklist before filing income tax returns
Here is a list of documents you need to have before income tax e-filing –
• Identity proof: PAN card.
• Income proof: Salary slips.
• Tax saving investment documents.
• Bank statements.
• Form 16 (A/B/C).
• Form 26AS.
• TDS certificate.
• Certificates from saving and deposit accounts.
Other than these, you may have to produce other proof of income if there are any while you file income tax returns.
The income tax slabs are different based on the income level of individuals and one needs to look through the same before filing returns.
Tax benefits under home loan
Also, for first time home buyers, there is an additional claim of Rs. 1.5 lakh per annum on the interest paid under Section 80EEA.
Therefore, as mandated by the government, income tax filing is an essential step in assessing if your income is taxable or not. Subsequently, it is crucial to know about the related benefits and prerequisites of filing of income tax returns to ensure you are a responsible citizen and paying your taxes on time.
