Checklist for Filing Income-tax returns – Salaried Employees

The last date for filing Income-tax filing is fast approaching and you must be busy in compiling the details for filing the Income-tax returns. This checklist will be handy for you for compiling the details for your Income-tax returns.

PAN Card

Your PAN Card is the most important document required for filing your Income-tax returns. Quoting your/correct PAN number is the most important first step in filing your Income-tax returns.

Form 16

This document is the Tax Deduction (TDS) Certificate to be issued by the employer. From this year onwards, this TDS certificate needs to be downloaded from TRACES (Income tax Website) and to be certified by the employer using his digital signature (or) Manual Certification. The Form 16 will have two parts. Part A is the Tax deduction Certificate to be downloaded from TRACES website and Part B will give the detailed Salary break up and the Computation of tax thereon. Also ensure that your PAN number is correctly incoporated in the Form 16.

Form 16A

If you have income from Interest on Fixed Deposits from banks, financial institutions and the bank/financial institution has deducted tax there on, they must have issued a Tax Deduction Certificate (TDS Certificate) in Form 16A. This form should also be mandatorily downloaded from the TRACES (Income-tax) Website. Also ensure that your PAN number is correctly mentioned in the Form 16A.

Bank Account Details

Till last year, the Bank account number and MICR code of the branch was required to be mentioned in the return of Income. From this year, instead of MICR code, we need to provide IFSC code of the bank along with the bank account number. An easy place to find the same is the Cheque Book. In most of the banks, in the cheque leaves, these information will be present and the same is required for e filing.

Details of other Income

Details of other income which are chargeable to tax such as Savings Bank Interest, Interest on Fixed Deposits, Capital Gains, Rental Income, etc..


In case you have any income exempted from Income-tax, do not forget to declare the same in the exempted income field in the Income-tax returns. Also note if you have exempted income exceeding Rs. 5000/-, you cannot use ITR-1 form.

If you have paid any advance tax during the financial year, do not forget to claim the same by providing the Challan Identification Numbers in you return for claiming the same against your Income-tax Liaility.

Ensure that you provide your current/correct address, email id & Phone number in your return.

Form 26AS – Last but not the least

Before filing your Income-tax, please ensure that you check the following in Form 26-AS :-

–          Your Salary Income & TDS there on is appearing correctly and matching with the Form 16 available with you.

–          Form 26AS will display the Interest on Fixed Deposit & other payments on which tax has been deducted at source. Ensure both the income & TDS there on has been included in your return of Income.

–          Few banks and financial institutions follow the practice of filing details of Interest payments for which tax has not been deducted in view of submission of Form 15 G/15 H. Even-though tax is not deducted on the same do not forget that these income are chargeable to tax & include the same your return of income.

–          If you have got an Income-tax refund last year along with interest, ensure that the Interest on Income-tax refund is declared in the “Income from other sources” as the Interest on Income-tax refund is chargeable to tax.

–          Ensure that all the TDS, Advance tax payments are correctly matching as per the Form 16 / Form 16A / Advance Tax Challans available with you. If you find any missing figures in the Form 26AS, the tax credit will be given to you for the same and you may have to pay the tax not credited in your Form 26AS.

How to view the Form 26AS

1)      Form 26AS can be viewed by logging in to the Income-tax e filing website using your login credentials.

2)      Another easy way of viewing the Form 26AS is your online banking account. Most of the banks which are offering Online / Net Banking facility offers the facility to view your tax credits against your PAN. Log in to your net banking and click the Link “ View Tax Credit/26AS” which will give you the complete details with regard to Form 26AS.

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Income-tax return filing is a Statutory obligation to be carried out by the Income-tax assessees every year. There are many myths/misconceptions with regard to Income-tax return filing. This article lists top 10 myths & facts about the Income-tax return filing.

1My Income is below Rs. 5 Lakhs, I need not pay any income tax & need not file my Income-tax return.The Exemption is given for asssessees whose Income from Salaries & Savings Bank Interest upto 10000/-. The exemption is only in respect of filing of Income-tax return when the necessary tax is deducted on the same. Hence the Income-tax on Rs. 5 Lakhs needs to be paid. Moreover, if you have income/loss from other sources such as House Property, Capital Gains, Business,etc., you have to file your income-tax returns.
2I am a salaried employee and my Income-tax is deducted at Source by my employer. Hence I need not separately file my return of Income.No. The employer deducts the taxes only in respect of Salaries paid by him. It is the obligation of all the assessees to declare their other sources of income (House Property, Capital Gains, Interest Income,etc.,) and pay necessary tax on the same and then file the Income-tax along with the complete details of the Assessee’s Income.
3Income-tax department does not know information about my high value transactions , only when I declare the same , the Income-tax Department will have access to the information.No. Due to the advent of the Information technology, the Income-tax department is in possession of all the high value transactions such as Cash Deposits, Shares Purchase/Sales, Purchase/Sale of Immovable Property, Forex Purchase, High Credit Card Spends, etc ., Hence it is better to declare , pay necessary taxes if any than evading the same and getting into bigger trouble.
4I lost my PAN card, so I can get another PAN Number (different from the earlier one) and start filing my Income-tax returns.No. Having more than one PAN by a same person is illegal. It is a punishable offence. You need to surrender one PAN and should continue to use only one PAN Card. A duplicate PAN Card with the earlier PAN Number shall be obtained if the original PAN Card is lost.
5Once I file return of Income and pay taxes, every year I need to pay Income-tax.No. When your Taxable Income is below taxable limits you need not pay income-tax on the same irrespective of the fact of paying income-tax in the previous year(s).
6The Surplus money in my account can be transferred to my Spouse account who does not have any income and I can invest in my spouse’s name and claim the income-tax Exemption on the Investment Income (Bank FD Interest , Bank Interest, etc.)No. When you transfer any asset (including cash) to your spouse without consideration, the Income from such assets will be clubbed to the Transferor’s Income and the tax shall be payable on the same by Transferor only.
7Once I miss the due date for filing the Income-tax return, I cannot file my Income-tax return after the due date.The due date (ie) 31st July (in respect of Salaried Assessees) is applicable to file the returns with out any Interest/Penalty. The Return of Income can be filed within 1 year from the end of the Assessment year. For Example, for the year ended 31st March 2012, the Return of Income can be filed upto 31st of March 2014. The only difference being, you need to pay penal Interest till the date of filing, on your Tax dues , if any. In case of Refund, your Interest on refund will be calculated only from the date of filing. When you file the returns within due date, you need not pay any Interest for late filing and you will earn Interest on your refund due from the day one till the refund is paid.
8I got a refund of my Income-tax along with Interest on the same. I need not declare the same in my return of Income.No. Interest on Income-tax Refund is chargeable to Income tax under “Income from other sources”. Hence you need to necessarily pay tax on the same.
9All PAN holders have to compulsorily file Income-tax return.No. Only when your income is above taxable limits, you are compulsorily required to file your Income-tax return. Optionally, for various other purposes such as continuity, Bank Loan documentation, etc., you can continue to file your income-tax returns even though your income is below taxable limits.
10I need digital signature to e-file my returns (electronic filing of returns).No. Obtaining Digital Signature is not Mandatory for e-filing. You can file your returns electronically , without the digital signatures also.

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ITR 1 & ITR 4-S e-filing utility for A.Y.2013-14 (Financial Year 2012-13) notified

The Income-tax Department has notified the e-filing utility for filing the Income-tax Returns for the Financial year 2012-13 (Assessment Year 2013-14). As of now ITR-1 & ITR-4S forms have been notified.

Click the Links below to download the efiling utilities

Form ITR-1 for A.Y.2013-14

Form ITR4-S for A.Y.2013-14