Filling up a tax return form can be child’s play and can be done in 25-30 minutes—provided you have the required information at hand. For a salaried person with no other source of income, Form 16 contains all the information that he needs. But most taxpayers have more than one source of income and are often not aware of it. Money Today asked KPMG to list out the documents and information that different types of taxpayers need to fill up their return forms.
1. Name, address and TAN of the employer
2. Form 16 from the employer showing:
• Income during the year
• Deductions claimed
• Tax deducted and deposited by employer
• Allowances and perquisites
3. Details of investments under Section 80C including:
• PF, PPF and NSCs
• Premium for insurance and pension plan
• Tax-saving mutual funds
• Repayment of principal amount of a housing loan
• Tuition fees of up to two children
4. Medical insurance premium paid for self and dependents under Section 80D
5. Details of interest income and TDS of:
• Savings bank accounts
• Fixed deposits
• Bonds, NSCs
Beginning last year, taxpayers also need to declare certain expenses and investment details in what is called the Annual Information Return. For this, you need: 1. Bank account statement(s) 2. Credit card statement(s) 3. Mutual fund statement(s) 4. Fixed deposit/bond receipts 5. Details of purchase of immovable property |
6. Pension certificate
7. Details of rent payment (for HRA exemption)
8. Receipts of self-assessment tax (advance tax)
9. Statement of housing loan
1. Details of income
2. Bank statement(s)
3. Receipts of rent paid
4. Electricity, phone and water bills
5. Details of payments to staff
6. Fuel and transport bills
7. Bills for maintenance of office equipment, car
8. Receipts of car, machinery and furniture insurance
9. Purchase details of assets (for claiming depreciation)
10. Details of travelling expenses
11. Entertainment expenses bills
12. Details of interest paid on loans for business
1. Details of rent received
2. Municipal taxes paid
3. Details of expenses incurred on the house
4. Market rental value of the locality
5. Statement of housing loan
6. Name and PAN of tenant
1. House property
• Details of purchase of property
• Details of money spent to improve/construct the property
• Details of sale
• Bills for expenditure incurred on sale (ads, brokerage)
2. Shares, mutual funds
• Statement of share trading account
• Mutual fund statement
3. Other assets
• Similar details as in case of house property
ITR 1: If you have income from: Salary, pension, interest
ITR 2: If you also have income from: Capital gains, rent, dividends, royalty
ITR 3: If you are: A partner in a firm
ITR 4: If you have income from: Business, consultancy, self-empl oyment, professional activity
Know your tax slab | |||
| Male | Female | Sr. Citizen | Tax Rate |
| Up to Rs 1.10 lakh | Up to Rs 1.45 lakh | Up to Rs 1.95 lakh | Nil |
| Next Rs 40,000 | Next Rs 5,000 | — | 10% |
| Next Rs 1 lakh | Next Rs 1 lakh | Next Rs 55,000 | 20% |
| Above Rs 2.5 lakh | Above Rs 2.5 lakh | Above Rs 2.5 lakh | 30% |
| There is also a 3% education cess on the tax payable and 10% surcharge if income exceeds Rs 10 lakh; Senior citizens are those above 65 years | |||
