The deadline to file your tax returns for the financial year 2017-18 (assessment year 2018-19) is just a little more than a month away. In order to be prepared to file the returns on your own or otherwise, you should prepare yourself by keeping the necessary documents ready. Here is a checklist of all the documents that you will need to file ITR1.
Before we go to the checklist you need to be sure which ITR (income tax return) form you are meant to file because filing the wrong form will be considered defective by the income tax department and you will have to file the tax returns once again.
You are eligible to file ITR form-1, also known as Sahaj if you satisfy the following criteria:
- An ordinary resident of India
- Income for the FY 2017-18 should not exceed Rs 50 lakh.
- Your income comes from any or all of the following:
- One house property
- Other sources like interest earned on fixed deposits, savings bank accounts, etc
Checklist to prepare yourself for ITR-1 filing
- Income sources: Make a list of all the sources you have made income from for FY 2017-18. Know that the income tax department has access to your investment through your PAN, so if you miss out any income details, you will end up with a notice from the IT department and may have to pay additional tax. Not to forget, it will also dent your credit score.
- PAN: If you are a salaried person, you will surely hold a PAN card. Make sure you have the details with you, as it is needed to not just register yourself on the e-filing portal but to log into your account on the portal after registration. Make sure you have cancelled any extra PAN that you may hold from an error while applying or otherwise, as it illegal to have more than one PAN.
- Aadhaar: Linking your PAN to your Aadhaar is mandatory as per the law and the CBDT (central board of direct taxes) has extended the date to 30 June to do so. It will take less than 5 minutes to link if your mobile number is linked to Aadhaar.
- Form 16: Ask your employer (HR department) to provide you with your Form 16, which contains all the details regarding your salary that you are required to fill in the new ITR-1 Form.
- Active bank account passbooks: You will need to have updated passbooks of all your active bank accounts at least till 31 March 2018. Usually banks these days email the monthly statements to your email registered address instead of a physical passbook. Regardless, make sure you have all the details including IFSC codes and account numbers as these are required to be filled in the ITR-1 form to receive refunds if any.
- Interest certificates: You will need to get your passbook updated for fixed deposits, recurring deposits and even savings accounts on all the interest that you earned up to 31 March 2018. You can check the details on interest credited in your emailed monthly statements too or download it from your bank's net banking facility.
- Rent receipts: Gross rent received or receivable for the fiscal year 2017-18 for the house property that you have rented out are to be reported in the filing.
- TDS certificates/challan receipts: You will need to get TDS (tax deducted at source) certificates on all the tax deducted from your salary (mentioned in your payslips) or other income (like tax deducted by banks/financial institutions of interest income exceeds exemption limit). Challan receipts are also required if you have paid advance taxes.
- Form 26AS: This form summaries the tax deducted on your income sources by the deductor that was deposited with the IT department on your behalf against your PAN. You need to check this to find out if the tax deducted on your payslips match the actual tax paid to the IT department because if the number on your Form 16 and TDS certificates doesn't match Form 26AS, you will be in trouble. Also read: How to Check If Bank Is Deducting Correct TDS On FDs?
- Deductions under section 80C to 80U: Proof of all your tax saving instruments like life insurance premium receipts that fall under these sections should be keep handy, scanned with you.
So before you go ahead and file tax returns online, make sure you have kept all these documents ready to make e-filing easy. If you fail to file ITR for 2017-18 by 31 July 2018, you are liable for a penalty of a maximum of Rs 10,000.