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Income Tax Return Assesment year 2019-2020





Income Tax return filling is important and necessary for everyone having any means of salary. but it can be tricky at times as it can be accomplished in minutes if you have the necessary documents with you.
Since it is now necessary to provide a break-up of gross salary, income earned from house properties and income from other sources while filing ITR1 form, taxpayers should keep certain documents close to them during the process:

  • Form 16 
  •  Salary Slips
  •  Form 26AS 
  • Insurance deduction certificates

Form 16

All the form reflecting the tax deduction for that financial year must be considered containing the TAN number for tax deductions. If you are a salaried professional, this is one of the most important documents required while filing ITR. Form 16 is basically a TDS or tax deducted at source certificate issued by the employer, providing details of your gross remuneration and TDS deducted on it. Any employer who deducts TDS from salary has to provide a Form 16 to employers. Even if no tax is deducted at source on income, you can ask the employer to give Form 16 to you. Since you will be required to give a complete break up of your salary, having Form 16 will help significantly in filing an accurate tax return.
A regular Form 16 has two parts Part A and B. While Part A contains information pertaining to tax deductions by your employer, it also consists of a PAN, PAN, and TAN of employers. On the other hand, Part B consists of gross salary break-up details such as exempt allowances. It is important to not have any incorrect details of your Form 16.
If TDS is deducted on any income other than salary over specified limit under income tax laws, the bank will issue a Form 16A form with exact details of the number of TDS deducted. Meanwhile, if you have recently sold any property belonging to you, the buyer has to issue a Form 16B.
Last but not least, if you are earning income from rent, you should ask the tenant to give you a Form 16C for providing details related to TDS deducted on received rent.

Salary Slips

Another document that comes in extremely handy during ITR filing is a salary slip. Since all income has to be disclosed by taxpayers, it is necessary for them to provide information on allowances such as house rent and transport allowance,
You can find the breakup of all such allowances on your salary slips. You can sum up all the allowances you have received as House Rent Allowance (HRA) in the last financial year, following which you can calculate the tax on the amount.
Considering the fact that the tax treatment of each allowance received is taxed differently, it is key that you go through your salary slips to find out the exact type of allowances.

Form 26AS

Form 26AS is one of the most important documents that individuals should look at before filing returns. Form 26AS is basically a consolidated annual tax statement. It has information on taxes deposited against your PAN card. TDS deducted by the employer, banks (in some cases), advance tax deposits and any self-assessment taxes that you paid.
Individuals can download Form 26AS from TDS Reconciliation Analysis and Correction Enabling System (TRACES) website. Before filing the income tax return, you should crosscheck that all deducted taxes reflect against your PAN in Form 26AS. Any mismatch would disallow individuals from claiming the tax credit.
Insurance deduction certificates
There are various other sections under which tax deductions can be claimed apart from tax-saving investments under popular Section 80C of Income Tax Act. Buying a health insurance premium can also earn you deductions over Rs 25,000 under Section 80D of the act.
So, if you have purchased any health insurance, you should furnish details of the insurance certificate to claim the additional deduction.
Similarly, the deduction can also be claimed for any interest paid towards education loans under Section 80E.
Hope, it helps and feel free to write us...


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