Have you filed your income tax return? If not, then do it as you have only a few days left. For filing an ITR for the financial year 2019-20, the last date to do so without bearing a penalty is December 31. The Income Tax Department has on multiple occasions extended the due date for filing ITR due to the coronavirus crisis. Normally, the due date for filing ITRs is July 31. The ITR filing requires some preparations, you need to collate all your documents.
Here are the documents that will be required for ITR filing:
Form 16 is a certificate issued by an employer. It has two components – Part A and Part B. Part A is the portion that consists of the income tax deducted by the employer in the financial year. It has the Permanent Account Number (PAN) details of the employee and the Tax Deduction Account Number (TAN) of the employer. Part B of Form 16 includes the break-up information of the employee’s gross salary.
Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. Using PAN, all taxpayers can easily access it from the income-tax website.
-Contribution to Provident Fund
-Children’s school tuition fees
-Life insurance premium payment
-Stamp-duty and registration charges
-Principal repayment on your home loan
-Equity Linked Savings Scheme/Mutual funds investment
-The maximum amount that can be claimed under Section 80C is Rs 1.5 lakh.
-Interest paid on housing loan
-Education loan interest payments.
Section 80 TTA of the Income Tax Act allows you to claim deductions of up to ₹10,000 every year on the interest earned on your savings bank account, bank FDs, recurring deposits and any other time deposit with the bank.
You can claim up to Rs 25,000 under Section 80D for payment of health insurance premiums. These insurance policies could be for yourself, your spouse or your children. In the case of senior citizens, the limit is Rs 50,000. You can claim an additional deduction under the Section if you are paying premiums for your parents. The limit is Rs 25,000 if your parents are less than 60 years of age. If your parents are over the age of 60, you can claim a maximum of Rs 50,000 per year.