Documents Required to file ITR for Salary Employed
1. Form-16 : Please check your PAN and other details on Form 16 and this Form should be downloaded from IT Deptt. If there is any mistake please tell your Employer to file Revised TDS Return.
2. Please give Salary Slips issued by Employer.
3. HRA benefit please send copy of rent paid receipt from April 2018 to March 2019. Pls confirm whether Dearness Allowance (DA if it forms a part of retirement benefits.
4. for Reimbursement of Medical expenses or mediclaim then pls provide copy of actual bills.
5. Children Education Allowance:Pls provide the copy of receipts issued by the School
6. For Transport Allowance Pls note that this is Allowable up to Rs 1600 per month or Rs 19,200 per annum as exempt from tax. For Blind, deaf and handicapped employees the exemption limit is Rs 3200 per month (If one is claiming Rs. 3200 please send the certificate from Medical Board regarding above handicap). Please note that if free conveyances provided by the employer then no deduction is available. So please inform if free conveyance is available.
7. Please provide Interest certificates from banks and post office. Saving Bank Interest and interest of FDR. 80TTA deduction allowable Rs. 10000
8. Please provide the copy of the pass book / bank statements for calculating any other income.
9. Please provide TDS certificate 16A(for interest etc/Form-16B (For any property sold) /Form-16C (for Rent receipts) from banks, post office or other issuing above certificates.
10. We need to download Form 26AS so pls provide the password of IT Website – TRACES website www.incometaxindiaefiling.gov.in.
11. Please provide all the tax-saving investments and expenditures incurred by you under section 80C, 80CCC and 80CCD(1), 80D, 80E during FY2018-19 for example :
a) Employees Provident Fund (EPF) 80C Section
b) Public Provident Fund (PPF) Section 80C
c) Investments in ELSS schemes of mutual funds Section 80C
d) Life insurance premium paid Section 80C
e) National Pension System (NPS) etc. Section 80C
f) Mediclaim upto Rs. 25000 additional 25000 / 30000 for senior citizen. Section 80D
g) interest paid by you on education loan. No limit. Section 80E
h) Interest paid to bank / NBFC Rs 2 lakh. Please collect certificate from bank / NBFC Section Section 2
i) If you have sold any property then please give copy of the sale deed showing value determined by the registering authority and also all evidences of cost of purcahase (Registry) / cost of construction.
j) If you have shares purchase, sale or allotment then pls collect Global report from stock broker and also ledger, contract notes and demat Account relating to this financial year.
k) If you have mutual fund purchase, sale or allotment then pls collect ledger relating to this financial year.
l) If you have Gold, silver or any assets purchase, sale or allotment then pls collect ledger, bills of purchase and sales relating to this financial year.
m) One should remember that equity shares and equity-oriented mutual funds sold on or before 31 March, 2018, after holding them for more than a year, will remain exempt from tax. From April 1, 2018, sale of equity shares and equity-oriented mutual funds, held for at least a year, will be chargeable at the rate of flat 10 percent if gain amount exceeds Rs 1 lakh. However, capital gains accrued till January 31, 2018 will be grandfathered as per the new rules.
n) Please give Aadhaar number
12. For HRA and other allowance please note down following points
12.1. The exemption for HRA benefit is the minimum of:
i) Actual HRA received
ii) 50% of salary if living in metro cities, or 40% for non-metro cities; and
iii)Excess of rent paid annually over 10% of annual salary
12.2. For calculation purpose, the salary considered is basic salary plus Dearness Allowance (DA if it forms a part of retirement benefits
12.3. The tax benefit is available to the person only for the period in which the rented house is occupied.
12.4. If you are paying rent more than 1 Lakh annually then you have to give PAN of the Landlord to the Employer
12.5. You can pay Rent to Parents also but in that case it should be paid monthly by A/c payee cheque and there must be duly executed rent agreement otherwise the AO may not allowed. Also allowing of rent to spouse is a disputed and therefore should be avoided.
12.6. If you own house then HRA can be allowed only when you work in another city. One can also claimed the benefit of deduction for Home Loan interest and Principal repayment of loan.
12.7. Other than Salary Employed can claimed deduction of rent paid u/s 80GG. One can not claim the benefit of deduction for Home Loan interest and Principal repayment of loan.
13. Leave Travel Allowance (LTA)
14. City Compensatory Allowance is taxable.
15. Overtime Allowance is taxable.
16. Children Education Allowance: The maximum amount exempted is Rs. 100 per month or Rs. 1200 per annum for maximum of up to 2 children. You can also claim deduction for fees paid for your children u/s 80C.
18. Hostel Expenditure Allowance: exemption up to Rs. 300 per month or Rs. 3600 per annum for maximum up to 2 children.