Changed jobs and yet to file your ITR? Here's everything you should keep ready
Think one Form 16 is enough after switching jobs? Not always. Here's a simple checklist to help you file your ITR accurately and on time.
The July 31 Income Tax Return (ITR) filing deadline is just around the corner. If you've been putting off filing your return because you switched jobs during the financial year, now is the time to get your paperwork in order.
Changing jobs, earning rent from a property or selling shares, mutual funds or a house can make tax filing slightly more complicated. Missing a document or reporting incorrect income could lead to errors in your return. That's why tax experts recommend gathering all the necessary papers before you start filing.
CHANGED JOBS? COLLECT EVERY FORM 16
If you changed jobs during the financial year, you'll most likely have received a Form 16 from each employer. Using only the latest one could mean part of your salary income is left out.
According to Nishant Shanker, Tax & Investments Expert at Navraj Global Advisors, taxpayers should ensure they have salary records from every employer.
"Those who changed jobs should obtain Form 16 from each employer and consolidate salary income," he said.
Combining salary details from all employers helps ensure that your total income and tax liability are reported correctly.
KEEP THESE DOCUMENTS HANDY
Your paperwork doesn't end with Form 16.
If you earned rental income during the year, keep your lease agreement, municipal tax receipts and home loan interest certificate ready.
Those who sold shares, mutual funds or immovable property should also organise their broker statements, contract notes, capital gains reports, purchase and sale documents, and details of expenses incurred while transferring the asset. These records are necessary to calculate capital gains accurately.
Having these documents ready before you begin can make the filing process much smoother.
WHAT IF FORM 16, AIS AND FORM 26AS DON'T MATCH?
Many taxpayers become confused when the figures in Form 16, the Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS do not match.
Shanker says taxpayers should not assume that any one document is always correct.
"No single document should be treated as conclusive. Taxpayers should reconcile the information with their own records," he said.
If you find incorrect information in your AIS, don't ignore it.
"Where AIS contains incorrect information, they should submit online feedback through the AIS portal and retain documentary evidence. The return should ultimately reflect the correct income as supported by facts and records," he added.
DON'T WAIT UNTIL THE LAST MINUTE
With the July 31 deadline fast approaching, experts advise taxpayers not to rush through the filing process. Spending a little extra time collecting documents and verifying income details can help avoid mistakes, tax notices and unnecessary delays.
Before you click the 'Submit' button, make sure every source of income has been included and every figure is supported by the right documents. A carefully prepared return today can save you a lot of trouble later.
The July 31 Income Tax Return (ITR) filing deadline is just around the corner. If you've been putting off filing your return because you switched jobs during the financial year, now is the time to get your paperwork in order.
Changing jobs, earning rent from a property or selling shares, mutual funds or a house can make tax filing slightly more complicated. Missing a document or reporting incorrect income could lead to errors in your return. That's why tax experts recommend gathering all the necessary papers before you start filing.
CHANGED JOBS? COLLECT EVERY FORM 16
If you changed jobs during the financial year, you'll most likely have received a Form 16 from each employer. Using only the latest one could mean part of your salary income is left out.
According to Nishant Shanker, Tax & Investments Expert at Navraj Global Advisors, taxpayers should ensure they have salary records from every employer.
"Those who changed jobs should obtain Form 16 from each employer and consolidate salary income," he said.
Combining salary details from all employers helps ensure that your total income and tax liability are reported correctly.
KEEP THESE DOCUMENTS HANDY
Your paperwork doesn't end with Form 16.
If you earned rental income during the year, keep your lease agreement, municipal tax receipts and home loan interest certificate ready.
Those who sold shares, mutual funds or immovable property should also organise their broker statements, contract notes, capital gains reports, purchase and sale documents, and details of expenses incurred while transferring the asset. These records are necessary to calculate capital gains accurately.
Having these documents ready before you begin can make the filing process much smoother.
WHAT IF FORM 16, AIS AND FORM 26AS DON'T MATCH?
Many taxpayers become confused when the figures in Form 16, the Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS do not match.
Shanker says taxpayers should not assume that any one document is always correct.
"No single document should be treated as conclusive. Taxpayers should reconcile the information with their own records," he said.
If you find incorrect information in your AIS, don't ignore it.
"Where AIS contains incorrect information, they should submit online feedback through the AIS portal and retain documentary evidence. The return should ultimately reflect the correct income as supported by facts and records," he added.
DON'T WAIT UNTIL THE LAST MINUTE
With the July 31 deadline fast approaching, experts advise taxpayers not to rush through the filing process. Spending a little extra time collecting documents and verifying income details can help avoid mistakes, tax notices and unnecessary delays.
Before you click the 'Submit' button, make sure every source of income has been included and every figure is supported by the right documents. A carefully prepared return today can save you a lot of trouble later.
The July 31 Income Tax Return (ITR) filing deadline is just around the corner. If you've been putting off filing your return because you switched jobs during the financial year, now is the time to get your paperwork in order.
Changing jobs, earning rent from a property or selling shares, mutual funds or a house can make tax filing slightly more complicated. Missing a document or reporting incorrect income could lead to errors in your return. That's why tax experts recommend gathering all the necessary papers before you start filing.
CHANGED JOBS? COLLECT EVERY FORM 16
If you changed jobs during the financial year, you'll most likely have received a Form 16 from each employer. Using only the latest one could mean part of your salary income is left out.
According to Nishant Shanker, Tax & Investments Expert at Navraj Global Advisors, taxpayers should ensure they have salary records from every employer.
"Those who changed jobs should obtain Form 16 from each employer and consolidate salary income," he said.
Combining salary details from all employers helps ensure that your total income and tax liability are reported correctly.
KEEP THESE DOCUMENTS HANDY
Your paperwork doesn't end with Form 16.
If you earned rental income during the year, keep your lease agreement, municipal tax receipts and home loan interest certificate ready.
Those who sold shares, mutual funds or immovable property should also organise their broker statements, contract notes, capital gains reports, purchase and sale documents, and details of expenses incurred while transferring the asset. These records are necessary to calculate capital gains accurately.
Having these documents ready before you begin can make the filing process much smoother.
WHAT IF FORM 16, AIS AND FORM 26AS DON'T MATCH?
Many taxpayers become confused when the figures in Form 16, the Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS do not match.
Shanker says taxpayers should not assume that any one document is always correct.
"No single document should be treated as conclusive. Taxpayers should reconcile the information with their own records," he said.
If you find incorrect information in your AIS, don't ignore it.
"Where AIS contains incorrect information, they should submit online feedback through the AIS portal and retain documentary evidence. The return should ultimately reflect the correct income as supported by facts and records," he added.
DON'T WAIT UNTIL THE LAST MINUTE
With the July 31 deadline fast approaching, experts advise taxpayers not to rush through the filing process. Spending a little extra time collecting documents and verifying income details can help avoid mistakes, tax notices and unnecessary delays.
Before you click the 'Submit' button, make sure every source of income has been included and every figure is supported by the right documents. A carefully prepared return today can save you a lot of trouble later.
