Even though we have said it umpteen number of times, we would keep saying it.
Yes! WHY SO SERIOUS.
It is that time of the year when everyone is a “little worried” about filing IT returns and paying tax as the date closes in. Well, Fintuned would like to help there. So, here is a quick 5 slide on how we can help.
This post has been contributed by our guest contributor Mohit Arya with help from the Fintuned Editorial team. “Most people fail to realize that in life, it’s not how much money you make. It is how much money you keep,” writes Robert Kiyosaki in the personal-finance classic, “Rich Dad Poor Dad.”
On this note, I am glad to share my first post on how a salaried people should aim at creating wealth. Let me clear it first. Putting money in savings account giving you 4% or 6% return does not count as an INVESTMENT, at least a smart investment. The interest you get is too nominal to make your dreams come true.
Continue reading “Because Wealth Is a Matter Of Choice, Not Chance.”
In our journey of associating with people to help them out with a myriad of money management queries, the frequent ones have been related to maintenance of documents and submission of same while dealing with regulatory requirements.
So, as a starter from our side we thought of compiling a quick list of documents that are required while filing your tax return. Take a stab at it:
||Verify it online with I.T department by going through this link : https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourPanLink.html
||Form 16 – for Salaried
|| A statement issued by your employer which has details of your Salary, the taxable salary amount after various perks and allowances, the TDS deducted by your employer, the deductions you have claimed and the overall tax due.
||Documents rcomeelated to Interest Income
- Bank statement/passbook for interest on savings account.
- Interest income statement for fixed deposits.
- Debentures yielding interest
- TDS certificate issued by banks and others, in case tax has been deducted on your interest income
||It reflects all the Income Tax received by the I.T. Department with respect to you. This is a tax credit statement which shows TDS payments, voluntary tax payments made by you. Form 26AS should match all tour TDS certificates. Link to view Form 26AS : https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?nextPage=taxCred
||Sec 80C investment documents
- Your contribution to PF, NSC, ELSS, ULIP, RGESS etc.
- Your children’s school fees
- Life insurance premium payment
- Stamp-duty and registration charges
- Principal repayment on your home loan
Maximum deduction can be claimed up to Rs. 1.5 lakh
||Sec 80D Medical Documents
||· Premium receipt for medical insurance premium paid for self, family and dependent parents.
||Sec 80G – Charitable donation statements
||· Receipt issue by the charitable organisation
· Pan number of the charitable organisation
||Interest paid on a housing loan
||Interest on housing loan is eligible for tax saving up to Rs 2.5 lakh. This is for a self-occupied house.
||Stock Trading Statement
||The stock trades that were made during the year may attract Capital Gain tax.
||If there is income residential property
||· Housing Loan repayment certificate
· Municipal Corporation Tax Receipt