ITR work has started. First, the COVID 19 and then the Income Tax Website being fully refurbished and new launch. It is taking time to stabiles but yes – work resumed. The last day of filing ITR for FY 2020-21 is 30 Sept 2021 until extended again (which we think can be delayed further). Here is the ITR checklist – a list of things you should have before filing ITR it yourself or handing it over to a professional.

ITR filing is getting complex

So many changes in a short span of time have made the ITR process a bit complex compared to 3-4 years ago. But if you understand you may file it directly on the Income Tax Website or using a help of a professional.

You don’t need a CA to file an ITR

Many investors think that ONLY Chartered Accountants can file ITR. No this is a myth. Any person who is a tax consultant can be trusted to file ITR.

In India, the process followed is self-assessment – means you assess your tax liability and file. So people look for an expert in case they do not understand.

Important thing is to file income Tax Returns correctly to avoid hassles related to notices that may be served if the filling is not proper.

So here is the checklist to help:

Most important documents to keep handy while filing ITR

PAN & Aadhar Card

A copy will ok to have. It will be needed by the filer. One also needs to check and recheck the PAN & Aadhar linkage this year.

Form 16

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This is a document issued by HR of the salaried class, containing sections that tell what is the income, tax rebates, deductions claimed by the applicant. This is for the financial year. It is a certified document. In case you are not having one or given one ask for it. In case you are unable to locate the best way is to collect your 12 monthly salary slips and provide it.

Many times, a filer changes jobs with is an FY. One needs to get Form 16 for both companies.

Income Tax Website Password

Most important. If you have already made/registered it will be easy otherwise regenerate using various options present on the IT website.

Other documents needed to file ITR

Form 26AS – In case you have IT Website password you do not need to print it. It can be downloaded. Form 26 AS is also available through your net banking option. It is a record of income paid and TDS deducted on a PAN.

Section 80 Deductions

You should keep this handy. Most of the things will be there is form 16. But it is good to have it so that nothing is missed.

There are new sections related to NPS Sec 80CCD. Do not forget to include those.

Home Loan EMI deduction certificate with Principle & Interest payment mentioned separately.
Details of Education Loan repayment.
Demat Statement or Capital Gain Tax Statement
Rental Agreements.
Property Tax Receipts.
Details of any property bought or sold in the financial year.
Details of any expenses above Rs 2 L in cash.

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Cost of Filling ITR & Our Offer

Vanguard – the largest MF of the world suggest that

“One should be vigilant on Fees, Taxes, Costs & Expenses of investments made. In long-run returns compete with these too”

Annual Filing of Income Tax returns is a yearly process. One must look at the cost. As written above it can be filled by a person himself. But in case you need help, ITR filing is available from Rs 200 to Rs 10000. Beware of people who charge fees on a percentage of refund.

WealthWisher Financial Planners & Advisors charge INR 199 of all individual (Resident & NRI) ITR filling. We do not file corporate ITRs.