For Salaried Individuals

You can still file your tax return on Compliansia without a Form 16. You’re just going to need your payslips.

ITR-V is a 1-page document that you receive after e-filing your income tax return and where e-verification is pending. You can verify your income tax return through offline or online mode. There are various methods of online verification. However, to verify your return offline, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.

You can claim a refund of the excess tax paid by filing your Income-tax return. It will be refunded to you by crediting it to your bank account through ECS transfer. It is important to pre-validate your bank account details before filing your income tax return.

You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud. Also, you can always take assistance from CA to file IT returns. With Compliansia you can get an Expert to calculate your taxes and e-file your tax return. It is a totally safe and secured platform. See return filing plans here.

However, for small taxpayers, if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.

Interest penalty on outstanding tax liability
Under Section 234A of the Income Tax Act, a taxpayer with outstanding tax liability will have to pay monthly interest of 1% on the outstanding tax payable till the belated ITR is filed.

As you already know, PAN and Aadhaar are the most basic and essential documents to file an ITR.

Let’s look at the other documents you need to file your ITR.

1. Form 16: Form 16 issued by your employer is also known as the Tax Deducted at Source (TDS) certificate. Your employer provides this form after furnishing the information related to the taxes paid on your behalf. In this form, you can view your salary, allowances, and deductions
2. Payslips: It is essential to keep the salary slip ready for salaried taxpayers. Your salary slip consists of basic details such as your salary, House Rent Allowance (HRA), Dearness Allowance (DA), Traveling Allowances (TA), tax deducted, statutory deductions, etc. These details are essential to file income tax returns.
3. Form 26AS: Form 26AS contains tax-related information such as TDS, advance tax, self-assessment tax, and TCS collected on your PAN. Apart from this, Form 26AS reflects details from Annual Information Return (AIR), which is filed by different entities, if you have invested or spent, mostly high-value transactions.
4. Annual Information Statement (AIS): Annual information statement consist of comprehensive details of your financial information. It includes the transaction details even where TDS/TCS is not applicable. You can view your savings account interest details, mutual funds transactions, rental income, etc.
5. Form 16A/16B/16C: Form 16A consists of whether you have any TDS on interest on fixed deposits, TDS on rental income, TDS on insurance commission, or any other income liable for a tax deduction. Form 16B provides details of TDS if you purchased a property during the previous year. Form 16C consists of TDS deducted on income from renting your plant and machinery.
6. Interest certificates from banks or post offices: Interest income from a savings bank account, fixed deposit, recurring deposit and post office savings accounts are taxable. Even if your bank does not deduct any TDS as you are well within the TDS limits, you should get the interest certificates to know the total interest earned. If you cannot get interest certificates, make sure your passbook is updated with details of interest income.
7. House property details: If you live in a rental property, you’ve to collect the rental receipts and details of your house owner and PAN to claim HRA. If you are residing in your property, write down the property details, ownership %, etc. If you’ve taken a loan for the purchase/construction of the property, don’t forget to obtain the “loan repayment certificate” from your bank or NBFC. This certificate is essential in claiming interest paid under Section 24 and principal repayment under Section 80C.
8. Capital gains details: If you sell any property and earn profit from it, you must pay tax on that income. It is necessary to keep the sales deed in your hand if you have sold any property during the previous year. In case you have invested in shares, mutual funds, etc., and sold any during the previous year, you are required to collect a capital gain statement from your broking house. It contains the transaction-wise details of all the short-term capital gains and long-term capital gains.
9. Business PL and BS (with schedules): Your business income which is to be reported in your ITR, has to be determined based on the profit and loss account and balance sheet. Hence, if you are doing a business, you should keep the PL and BS in hand to file ITR.
10. Other income details: If you have any income, such as
    a. Dividend income
    b. Family pension
    c. Interest from loans
    d. Honorarium received
    e. Tuition fee
    f. Freelancer income
    g. Winnings from the lottery, game shows, puzzles etc.
    You should keep the related documents ready so that you don’t miss submitting these details while filing ITR.
11. Investment proofs: You have to keep the documents related to the following documents to claim deductions under chapter VI-A of the Income Tax Act. These proofs include
    a. Contribution to Employees Provident Fund (EPF)
    b. Contribution to Public Provident Fund (PPF)
    c. Investments in ELSS schemes
    d. Life insurance premium payments
    f. Contribution to National Pension System (NPS)
    g. Children education expenses
    h. Health insurance premium
    i. Interest paid on the educational loan, etc.
    Apart from the above deductions, if you are eligible for any deductions under sections 80D to 80U, you should keep those documents ready as well!