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Documents you need during Income Tax Payment

Courtesy-careermatch

If you end up going to the income tax department empty-handed to file your taxes, you for sure are looking to be sent back home. Here are the documents you need to carry along with you while filing your ITR.

  1. Salary slip or proof – While filing the Income Tax taxpayers are needed to give information on taxable allowance such as entertainment allowance, transportation allowance, house rent allowance which are stated in detail on the salary slip. 
  2. Forms–This is the most important piece of document to file whilst filing for the tax. It consists of multiple parts. The form contains details on the amount of tax deducted by the employer in a year and a break-down of your gross salary.
  3. Tax saving investment – Proof of tax breaks under the stated sections in your country’s tax law. Here are some easily available ones; National pension system, Public provident fund, Employee provident fund, and other investment schemes allowed by your country.  
  4. Home loan statement – In case you've taken a home loan, carry the payment receipts along too. Interest repaid on the home loan can decrease tax liability. Though the maximum amount is already set by the government.
  5. Income tax number or social security number –This is also mandatory as it provides evidence and verification of your identity.

It is a bit of a lengthy process and may take some time. Do you wish to avoid dealing with this? You can hire accountants in Upper Coomera to help you out.