To save time and avoid hassles, taxpayers should keep all the necessary documents in one place before filing ITR. This will make the process of filing returns very easy and there will be no hassle while filing ITR.

One thing that the taxpayer should take special care of is that he should fill all the information correctly in the ITR. If any mistake is made, the ITR is rejected by the Income Tax Department. Let us tell you which documents you should keep ready while filing income tax return.

Form 16

Form 16 is very important while filing returns. Although Form 16 is issued by the company. But, if the taxpayer has changed jobs in the financial year, then he should get Form 16 from the old company before filing the return. Form 16 contains all the information about the taxpayer’s income along with the details of Tax Deduction at Source (TDS).

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Before filing the return, the taxpayer must check whether all the information in Form-16 is correct or not.

Interest Certificate

We get interest on the amount deposited in the bank. If we have invested in FD or any other scheme, then we have to give information about the returns received on that to the Income Tax Department.

The best way to get all the details like interest and returns is through Interest Certificate. The Interest Certificate contains the details of the bank’s interest along with other interest rates.

If interest of up to Rs 10,000 is received annually on the saving account, then there is no tax on it.

Income Source

Many taxpayers earn income from many other sources along with their jobs. For income, they invest in many places like Mutual Funds or share market etc. Information about these investments also has to be given to the Income Tax Department.

While filing ITR, the taxpayer has to tell where he has invested and how much profit he has earned from there. If the taxpayer has received capital gain through investment, then its details also have to be given in ITR.

The post Income Tax Return 2024: Keep these documents ready before filing ITR, otherwise you will get IT Notice first appeared on Rightsofemployees.com.

This has also become the default tax regime for the financial year 2024. Most all banks offer the option to invest in tax saving FD. You can open your five year FD wherever you have a savings account.

HDFC Bank Tax-Saving FD: How to open

According to HDFC Bank, if you already have a bank account, you can open an FD by visiting the nearest branch or using your netbanking account. If you already have an account in HDFC Bank then you can open FD through your internet banking.

Go to your netbanking account. Click on FD option. Enter your branch, time period and amount and create a nominee. After this press the Continue button and verify. After this download the FD deposit receipt.

If you have an HDFC Bank account and want to open an FD in your nearest bank branch, download the FD application form before visiting the bank. Fill all the required information in the form and take a photocopy of the KYC document.

You will have to take all the original documents to your branch for KYC verification. HDFC Bank is offering up to 7.75% interest on its tax-saving FD. Tax saving FD has a lock-in period of 5 years.

Investors can claim tax exemption under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakh for investing in tax saving FDs. However, the interest received on FD will be taxable. Senior citizens can claim an additional tax exemption of Rs 50,000 under section 80TTB of Income Tax on the interest received on FD.

The post Income Tax Return 2024: Invest in HDFC Bank’s tax saving FD, this is the method first appeared on Rightsofemployees.com.