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Getting your income tax returns in order
July, 30th 2014

42% estimated proportion of salaried individuals who file their income tax returns after the third week of July. E-filing is mandatory for all individuals with income of Rs. 5 lakh or more. (see de-coded)

Income from salary
If you are a salaried employee and have income from no other sources, you need these:
Form 16: Most of you would have received or would soon get your Form 16 for 2012-13 from your employer. This is a financial statement that gives out the details of your income and taxes paid during the year. If you who have changed jobs, you will have multiple Form 16 given by your current and previous employers.

Form 12 BA: This statement is given only those employees whose salary packages come bundled with holiday and credit card expenses.
Pension certificate: There are many individuals who receive pension from their previous employers. If you are one such individual, then you need to keep the pension certificate issued by your bank.

House property
Home loan certificate: If you have home loan, your bank gives you a statement and certificate containing the details of principal and interest rate payments. Keep this handy along with the taxes—municipal and other—paid on your property.

Rental income: If you have rented out your property, then keep a statement of rental income ready

Other income
Form 16A: Some of you would be might be having additional income, for instance interest earned on your bank fixed deposits, or fees that you may have earned on some professional services. This statement details such income, other than your salaries, on which taxes have been deducted at source (TDS). Don’t forget to collect these statements from all the organisations from which you would have such TDS income.

Investments in deductible instrument
In your ITR form, you will need to give out details of deductions that you have claimed by investing in various tax saving instruments under various sections of the Income Tax Act. Some of these are:
Section 80C: Receipts of life insurance premiums, National Savings Certificates’ documents, public provident fund (PPF) passbook updated until March 31 2013 with details of interest received, statements of tax-saving MFs and receipts for tuition fees, among others.
Section 80CCC: Details of investments in pension schemes.
Section 80CCD: Details of payments in the National Pension System (NPS).
Section 80D: Details of health insurance premiums paid for self and/or dependents.
Section 80G: Receipts of donations made to approved charitable institutions.
Section 80E: The certificate that your banks give as proof of interest paid for education loan.

Capital gains
Many of you would have made made capital gains — long-term or short-term — on investments made in a class of assets such as company shares or property among others. You will need to give details of these in the ITR form.

Numbers you need
Permanent Account Number: The most important number to be filled in.
Bank account number: You would need to mention this number only if you are expecting a refund.
MICR code: You will have to mention the 9-digit MICR number mentioned at the bottom of cheque leaves, next to the cheque number to enable the IT department to credit your income-tax refund directly to your bank account.

Forms:
ITR 1 (SAHAJ) to 4S (SUGAM): Individual/ Hindu undivided Family (HUF) assessees.
ITR 5: Partnership firms, association of persons and body of individuals
ITR 6: Companies other than those claiming exemption
ITR 7: Trusts, political parties etc.

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