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There are some documents that you should keep ready while filing the IT Returns. These documents help in preparation of the tax return while calculating the tax liability:
Form No. 16 (received from the employer): Form 16 is the Annual Salary Statement issued by your employer and provides details about the income earned during the year.
Form No. 16A (a form that is received from all the payers who have of their tax deducted). This form needs to be collected from the parties who have deducted the tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits and so on).
Summary of account: It is important to have a summary of all bank accounts that you operated in the last fiscal year. The bank statements have details of the interest income earned and the expenditures incurred during the year.
Details of property owned: If you own some property or bought a new one during the last fiscal year, keep receipts of property tax paid during the year and rent received (if any).
Details of sale & purchase with respect to investments or assets sold during the year.
Details of any other tax payments made during the year.
How to File Returns
Once the filling of the form is over, the next big thing is submitting it. The forms can be submitted at the concerned Income Tax Office or specially set up counters. Furthermore, the Income tax department has also designated some post offices which are authorised to receive Income Tax Returns.
Further, to put you at ease the Income tax department has specially trained 3700 Tax Return Preparers (TRPs) under a special scheme who will not only guide you how to file in your returns, but will also submit your all form and documents for a nominal amount. To contact a Tax Return Preparer in your area and to know more about the scheme, visit http://www.trpscheme.com
With the power of e-governance, Income Tax Return can also be filed online. Income Tax Department has launched the Electronic Furnishing of Return of Income Scheme, under which eligible assessees can file their returns of income electronically through persons authorized to act as e-return intermediaries.
The intermediaries will digitize the data of such returns, and transmit the same electronically to the e-filing server of Income Tax Department under their digital signatures. An eligible person opting to file his return of income under this Scheme shall approach and give his consent to any one of the e-intermediaries to act as his agent for the purpose of furnishing his e-return for the relevant assessment year.
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