Different Sections of ITR Returns, Document required to filing ITR07/09/2022
Income Tax Return (ITR) forms in India are structured to encompass various types of income and tax situations, catering to the diverse taxpayer base. Each section within an ITR form is designed to capture specific information related to the taxpayer’s income, deductions, and taxes paid. While the exact structure can vary depending on the form (e.g., ITR-1, ITR-2, etc.), there are common sections across these forms that cater to different aspects of a taxpayer’s financial information.
This section collects basic information about the taxpayer, including name, PAN (Permanent Account Number), address, date of birth (in the case of individuals), and contact details. It sets the foundation for the taxpayer’s identity for the Income Tax Department.
- Income Details
This comprehensive section captures details about the various sources of income of the taxpayer, which may include:
- Salary/Pension: Information on salary income, allowances not exempt, value of perquisites, and profits in lieu of salary.
- Income from House Property: Rental income from property owned, interest payable on borrowed capital for property acquisition/construction.
- Profits and Gains from Business or Profession: For those running a business or practicing a profession, this includes income or loss after expenses related to the business/profession.
- Capital Gains: Details of short-term and long-term capital gains from the sale of capital assets like shares, property, etc.
- Income from Other Sources: Interest income, dividend income, or any other income not covered under the above heads.
Under this section, taxpayers declare all the deductions they are eligible for under various sections of the Income Tax Act, like 80C (investments in PPF, NSC, Life Insurance Premiums, etc.), 80D (medical insurance premiums), 80G (donations to charitable organizations), and many others. This section effectively reduces the taxable income.
- Tax Computation
This section is where the taxpayer calculates the total tax liability based on the income and deductions reported. It also includes details of advance tax paid, TDS (Tax Deducted at Source), and self-assessment tax payments.
- Tax Status
After calculating the tax liability and accounting for the taxes already paid (TDS, advance tax, etc.), this section shows whether the taxpayer is due for a refund or has tax payable.
- Other Information
This may include various schedules and statements like:
- Details of Tax Saving Investments: For claiming deductions under various sections.
- Foreign Assets and Income: Details of foreign assets held and income from sources outside India.
- Details of Bank Accounts: All bank account details held by the taxpayer during the year, along with IFSC codes.
- Details of Advance Tax and Self-Assessment Tax Payments: BSR code, date of deposit, and amount of tax paid.
- Details of TDS/TCS: Information from Form 16/16A/16C provided by the deductor.
The final section is for the declaration by the taxpayer that the information provided is true and complete to the best of their knowledge. This part requires the taxpayer’s signature (physical or digital, if filing online).
Document required to filing ITR:
- PAN Card
Your Permanent Account Number (PAN) card is essential for filing your ITR as it serves as the primary identity proof for tax purposes.
- Aadhaar Card
Linking your Aadhaar with your PAN is mandatory for tax filing. You’ll need your Aadhaar number for verification when filing your return.
- Form 16
Issued by your employer, Form 16 contains details of the salary paid to you and the tax deducted at source (TDS) on it, along with other relevant information like allowances exempt under Section 10.
- Form 16A/16B/16C
These forms are TDS certificates for income other than salary. For instance, Form 16A is for TDS on interest income from fixed deposits, Form 16B is for TDS on the sale of property, and Form 16C is for TDS on rent.
- Form 26AS
This is your tax credit statement which you can download from the TRACES website. It summarises the taxes paid on your behalf (TDS, TCS) and taxes paid (such as advance tax or self-assessment tax) against your PAN. It helps in verifying the tax deducted/paid during the year.
- Bank Statements/Passbook
These are required to report the interest income earned from savings accounts, fixed deposits, etc., which is taxable under the head “Income from Other Sources”.
Interest Certificates from Banks and Post Office
These certificates provide details of interest income, which helps in reporting such income accurately in the ITR.
- Proof of Investments
Documents related to investments or expenditures eligible for deduction under various sections of Chapter VI-A (e.g., Section 80C, 80D) such as LIC receipts, tuition fees receipts, PPF, NSC, ELSS, medical insurance premium receipts, etc.
Home Loan Statement from Bank
If you have a home loan, the statement will provide details of the principal and interest paid, which can be claimed as a deduction under Section 80C and Section 24(b) respectively.
- Capital Gains
Documents related to the sale and purchase of assets (shares, property, mutual funds, etc.) are needed to compute capital gains or losses.
- Rent Receipts
For claiming House Rent Allowance (HRA), if applicable, or for showing rental income from owned property.
- Foreign Income Details
If applicable, details of foreign income and taxes paid on it, along with details of any assets held outside India.
- Details of Agricultural Income
If any, since it’s tax-free but needs to be reported if your total income exceeds the basic exemption limit.
Aadhaar-linked Bank Account Details
For receiving refunds directly into your bank account, if applicable.