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Income Tax Documents Required for Smooth ITR Filing - Complete Guide

Updated: Nov 30, 2023

Welcome back to taxbuddy.com, your ultimate destination for everything related to taxes. In this blog, we will be breaking down the most essential documents of tax filing. Every taxpayer must be familiar with these documents, to know what is going on while doing their taxes with their accountants.


At taxbuddy.com we will introduce to you every taxation-related topic in the most simplified way possible so that no matter what profession you are in or whatever you do for a living, your tax preparer’s language won’t sound foreign to you. So, let the learning begin!


Your Ultimate Guide to Form 16, Form 16-A, Form 26AS, AIS, and TIS:

This guide to basic Income tax return filing documents is helpful for every adult in the country. As every one of us is/will be liable to pay taxes ultimately. So, feel free to share with your friends and family and save for your future self as well, visit taxbuddy.com to experience assisted tax filing and get expert tips tailored to your situation!


1. What is Form 16?


Form 16 is a certificate issued by an employer to an employee that summarizes the salary paid to the employee and the tax deducted at source (TDS) on the same. It is a two-part document, with Part A containing the details of the salary and TDS deducted, and Part B containing the details of the employee's investments and deductions.


Form 16 is an important document for employees, as it is used to calculate their taxable income and file their income tax returns. It is also used by banks and other financial institutions to verify the income of borrowers and investors.


FORM 16
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Download PDF • 569KB


Here are some of the key details that are included in Form 16:


· Employee's name and address

· Employer's name and address

· Period of employment

· Salary details, including basic salary, allowances, and bonus

· TDS deducted on salary, including tax deducted under various sections of the Income Tax Act

· Details of the employee's investments and deductions, such as provident fund contributions, life insurance premiums, and medical expenses.

2. What is Form 16A:


Form 16A is a certificate issued by a person or entity who deducts tax at source (TDS) on income other than salary. This includes income such as interest income, dividend income, rental income, and capital gains.


Form 16A is similar to Form 16 but is only issued for income other than salary.


FORM 16A
.pdf
Download PDF • 18KB

Form 16A contains the following information:


· The name and address of the person or entity who deducted the TDS

· The name and address of the person who received the income

· The amount of TDS deducted

· The date on which the TDS was deducted

· The section of the Income Tax Act under which the TDS was deducted


Form 16A is an important document for taxpayers who receive income other than salary. It is used to calculate their taxable income and file their income tax returns. It is also used by banks and other financial institutions to verify the income of borrowers and investors.


3. What is Form 26AS?


Form 26AS is a statement issued by the Income Tax Department of India that shows all the tax deducted at source (TDS) and tax collected at source (TCS) transactions that have been made in your name during a financial year.

Form 26AS

It is a consolidated statement that brings together all the TDS and TCS transactions that have been reported to the Income Tax Department by various deductors and collectors.


Form 26AS is an important document for taxpayers, as it can be used to verify the TDS and TCS amounts that have been deducted or collected on their income. It can also be used to calculate taxable income and file income tax returns. Form 26AS can be downloaded from the Income Tax Department website https://www.incometax.gov.in/iec/foportal/ or from the website of the deductors or collector.


The following information is available in Form 26AS:

  • Name and PAN of the taxpayer

  • Details of TDS and TCS transactions, such as the deductors/collector's name, PAN, the amount of TDS/TCS deducted or collected, and the date of deduction/collection

  • The total amount of TDS and TCS deducted or collected during the financial year


4. What is AIS (Annual Information Statement)?


AIS stands for Annual Information Statement. It is a statement issued by the Income Tax Department of India that shows all the income, TDS, TCS, and other relevant information of a taxpayer for a financial year.


It is a consolidated statement that brings together all the information that has been reported to the Income Tax Department by various sources, such as employers, banks, mutual funds, and stock exchanges.


AIS is an important document for taxpayers, as it can be used to verify the income, TDS, TCS, and other relevant information that has been reported to the Income Tax Department. It can also be used to calculate the taxable income and file income tax returns.



AIS

The following information is available in AIS:


· Name and PAN of the taxpayer

· Details of income, such as salary, interest income, dividend income, rental income, and capital gains

· Details of TDS and TCS, such as the deductor/collector's name, PAN, the amount of TDS/TCS deducted or collected, and the date of deduction/collection

· Other relevant information, such as investments, expenses, and tax refunds

AIS is an important document that can be used by taxpayers to verify the income, TDS, TCS, and other relevant information that has been reported to the Income Tax Department. It can also be used to calculate the taxable income and file income tax returns.


5. What is TIS?


TIS stands for Taxpayer Information Summary. It is a summary of the information that is available in the AIS. It is a simplified version of the AIS that is designed to be easy to understand.


TIS is an important document for taxpayers, as it can be used to get a quick overview of their income, TDS, TCS, and other relevant information. It can also be used to verify the information that is available in the AIS.


TIS can be downloaded from the Income Tax Department website or from the website of the deductor or collector.


Taxpayer Information Summary

The following information is available in TIS:


· Name and PAN of the taxpayer

· Aggregated value of income earned for ease of filing returns

· Aggregated value of TDS deducted

· Aggregated value of TCS collected

· Other relevant information, such as investments, expenses, and tax refunds

TIS is an important document that can be used by taxpayers to get a quick overview of their income, TDS, TCS, and other relevant information. It can also be used to verify the information that is available in the AIS.


That is it for now. Stay organized, by keeping all these documents beforehand while doing taxes to make it hassle-free for yourself. And to avoid being overwhelmed by penalties and complexities of forms to claim deductions and selection of ITR forms and 50 other things that come with tax season, visit taxbuddy.com, get yourself an expert, and experience peace of mind with India’s most trusted assisted tax filing platform!


Frequently Asked Questions:


Q1: Can I download Form 16, Form 16-A, Form 26AS, AIS, and TIS online?

A: Yes, you can download these documents online. Form 16 and Form 16-A can be obtained from your employer or the respective deductor. Form 26AS can be downloaded from the official website of the Income Tax Department. AIS and TIS can also be accessed online through the Income Tax Department's portal.


Q2: What should I do if I find any discrepancies in these documents?

A: If you identify any discrepancies in Form 16, Form 16-A, Form 26AS, AIS, or TIS, you should contact the relevant authority or your employer/deductor to rectify the errors. It's important to resolve any discrepancies to avoid any issues during tax filing.


Q3: Can I use these documents for filing income tax returns for multiple years?

A: No, these documents are specific to a particular financial year. You should collect the updated versions of these documents for each financial year while filing your income tax returns


Q4: Do I need to attach these documents while filing my income tax return?

A: No, you generally do not need to attach physical copies of these documents while filing your income tax return. However, you should keep them safely as they may be required for verification or reference purposes in the future.


Q5: What is AIS (Annual Information Statement)?

A: AIS is a statement issued by the Income Tax Department of India. It provides taxpayers with information about high-value financial transactions carried out in their name, such as large cash deposits, property purchases, or investments, which helps in cross-verifying income declared during tax filing.



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