TaxDrive (TaxCommunityForIndia):


A digital locker to keep your tax related documents safe which can be accessed anywhere, anytime
If you are not organizing your tax-documents and tax claim proof you will miss saving on taxes when it is time to file.

Also, this document trail will come in handy in case you receive a letter from the tax authorities to submit proof of income, deductions and taxes paid at later years.

The tax authorities can ask for these documents at a later stage (for last 6 years) if you are tax-audited. So, maintaining documentation is as important as filing the tax return within the due date.

“TaxDrive” is the fastest way to turn a pile of tax documents like - Form-16, medical, telephone, LTA expenses and receipts, insurance policy details etc and convert them into digital data to save you time, money and hassle.

This app saves the data on your phone locally.

Storage of this data online using the best bank level security (using your “Gmail” username) and only you can access them anytime you want (Coming soon!)

• PAN number
• Form-16 issued by your employer
• Bank statements / passbook for Interest Income on bank deposits.
• Statements of Interest Income besides Bank deposits
• TDS certificates issued to you by your bank and others
• Form 26AS - The Income Tax department of the Indian government shows you the tax credit you have received for Tax deducted at source. This typically should match all your TDS certificates. Link to Indian Government site to view Form 26AS
• Section 80C investment statements. Investments done under LIC, NSC, PPF qualify for Section 80C deductions.
• Charitable donation statements. Donations that can be claimed for tax deductions under Section 80G. Typically the receipt issued by the institute you donate to mentions the eligibility under Section 80G.
• Interest paid on housing loan. Interest on housing loan is eligible for tax saving upto Rs 1,50,000. This is for a self-occupied house.
• The following documents may also be needed for income tax return filing
• Stock trading statement. The stock trades that were made during the year may be taxed under Capital Gain.
• Section80CCF investments. Upto Rs. 20,000 can be claimed as tax deduction under this section
• Education loan interest payments

Tags: free for indian income tax form 16

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