5 income tax documents an individual should be aware of

When it comes to IT return preparation, there are certain relevant documents which everyone at the year end will be searching for. Even hiring experts to prepare your IT return require you to produce these documents. To do it right, we suggest you to collect all relevant documents before the due date of filling. Here is a quick guide to help you understand 5 tax documents that are required for filling your IT return. Understanding of these documents will help you in filling your IT return correctly and accurately. 

For5 tax documents an individual should be aware of m 16 – Certificate of TDS

Form 16 is a document issued by employer to the employee showing details of income tax that has been deducted and deposited with IT department on behalf of employee. This document is to be issued on or before 31st may of the following financial year to the current year for which tax has been deducted from employee’s salary. As a taxpayer you should collect this document from your employer as a certificate of TDS for your salary income.

Also Read: TDS certificate form 16

Form 16A – Certificate of TDS

Form 16A is a document for non salaried persons. Similar to form 16, this document is issued by the payer who deducts tax from your incomes while paying it to you. According to IT act, for certain incomes like consultancy fee, interest from bank deposits, rent and others, the payer has to deduct tax at a specified rate and deposit the same with IT department on your behalf. Every quarter, the payer will be issuing document “form 16A” as a certificate stating the amount that has been deducted and deposited with IT department.

Also Read: Cases where TDS has to be deducted from your income

Form 12B and 12BA – Documents for salary break up

5 tax documents an individual should be aware of Form 12B is to be submitted by the employee to employer if employee has joined the organization after leaving another organization during the financial year. This document will state your salary breakups of previous organization along with the tax that has been deducted from it. Based on these figures, your current employer will calculate tax that has to be deducted by taking together the current salary from present employer.

Form 12BA is another document which is issued by the employer to employee along with form 16. This document will have details about your salary, allowances, perquisite with breakups for the whole year. With the help of form 16 and 12BA you need to file your tax return.

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Form 26AS – Document showing TDS details

Recently IT department has started showing details of tax deducted and deposited against your PAN online in form 26AS. Anyone interested to know 5 tax documents an individual should be aware of their tax amount that has been deducted and deposited for the current or previous years can refer this document online by selecting Form 26AS from tax e-filling website. This document will show you all the details that are in form 16 and in addition to that it will also show you other taxes that are deducted from your income like interest from bank deposits.

Also Read: How to view your IT credit – Form 26AS

ITR – Income tax return form

With all these documents as discussed above you have to file your tax return at the end of the year before the due date of filling. Based on your income and status you need to select the correct ITR forms as published by IT department. ITR forms are the only forms through which you should file your tax return. Forms in other formats will not be accepted by IT departments.

Also read: How to know the correct ITR form applicable to you

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.

One thought on “5 income tax documents an individual should be aware of”

  1. Regarding PHD fee paid by an assesse can be claim a deduction u/s 80 c of the I T Act of 1961?

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