Document required to filing ITR

7th September 2022 1 By indiafreenotes
  1. PAN Card

This is the first and foremost prerequisite if you are filing an income tax return. Your name on the income tax PAN card must be the same as the one stated in ITR. PAN is also required for deduction of TDS and should be linked with your bank account for direct credit of income tax refund (if any). It is issued by the Income Tax Department and a salaried employee can find the PAN number either on a PAN card, Form 26AS, Form 16, Form 12BB etc. However, as per the recent amendment by the Govt, taxpayers can also file the ITR with the Aadhaar number instead of the PAN number.

  1. Aadhar Card

According to Section 139AA of the Income Tax Act, individuals need to provide his/her Aadhaar card details while filing the returns. If you do not have your Aadhaar card but have applied for the same, then you would be required to provide the enrolment ID in your IT returns. Linking of PAN and Aadhar helps in verifying your income tax return online through an OTP.

Aadhar card is issued by UIDAI. In case you have lost it or couldn’t find your Aadhar card then you can also download it online.

  1. Form 16

This form consists of the details of the salary of the employee and the amount of TDS deducted from the salary. Form 16 consists of two different parts, Part A and Part B. Part-A contains the details of the amount of tax deducted by the employer during the financial year along with the PAN and TAN details of the employer. The Part B of the form consists of TDS calculations like gross salary breakup, exempt allowances, perquisites etc. Remember this year, both Part-A and Part-B will bear the TRACES logo and unique ID as well.

The allowances which you have forgotten to disclose to your employer like HRA, will not reflect in Form 16 but can still be claimed at the time of filing ITR.

Please note that form 16 is issued by the employer. It is a vital document for filing ITR by a salaried individual. In case you do not have form16, know how to file your ITR without Form 16.

  1. Form-16A/ Form-16B/ Form- 16C

Form-16A is issued for TDS deducted on payments other than salaries such as income received from recurring deposits, fixed deposits etc. If a person sells his property, then Form-16B is issued. It has details pertaining to TDS deducted on the amount which is paid to the seller. Form 16C is a TDS certificate that reflects the TDS deducted on rent @5% by an individual or HUF under section 194IB.

Form 16A is issued by deductors like banks, contractors etc. Form 16B, on the other hand, is issued by the buyer. Further, a person deducting TDS on rent is required to furnish Form 16C to the payee within a period of 15 days from the date of furnishing the Challan cum statement in Form 26QC.

The details of TDS can alternatively be fetched from your Form 26AS.

  1. Bank Account details

Disclosures of all active bank accounts are mandatory in the ITR. Bank account details like your bank name, account number, IFSC, number of accounts you hold are necessary to be quoted in the return for income. Also, one account shall be selected as primary to assist the Income Tax Department in refunding your tax refund by electronic transfer to such account. Bank details are used to check your income disclosures, high volume transactions etc. These details can be easily found from bank passbook, cheque book, statement, net banking account etc.

  1. Form 26AS

It is an annual tax statement like a tax passbook that has details of all the taxes you have deposited against your PAN. These include:

  • TDS deducted by the bank
  • TDS deducted by the employer
  • TDS deducted by other organisations from the payments done by you
  • Advance taxes deposited by the individual
  • Self-assessment taxes paid by the individual

The individual should make sure that all the taxes which are deducted in the financial year are reflected against the PAN in Form-26AS. In case of a mismatch, you will not be able to claim the tax credit for the TDS deduction; therefore, the same should be rectified by getting in touch with the deductor.

You can view Form 26AS for the relevant Assessment Year by signing into your account on the Income Tax India e-filing website.

  1. Home Loan Statement

The individuals are provided with the details like principal and interest that are repaid by them in their loan statement. This breakup information is needed as proof and also for providing information while filing your income tax returns.

If the individual has taken a home loan from any of the financial institutions like banks etc, then he/she should collect the statement for the last financial year.

  1. Tax Saving Instruments

If you have invested in any of the tax-saving schemes like tax-saving FDs, ELSS, investment receipts, etc., then you should have the relevant documents ready when you file your taxes.

  1. Capital Gains Details

If you have sold shares, securities or property, it will result in capital gain or losses. For the same, you need to have documents like broker statements, property sale deeds etc.

  1. Rental Income

In case you are earning an income from your house or property, it should be reported while filing ITR. Also, in case you are paying rent; don’t forget to collect receipts from the landlord. Although these documents are not required to be given with the ITR but should be kept safe to be submitted to your employer or Income Tax Department in case required in future.

  1. Foreign Income

The documents for any income earned in or from a foreign country during a job deployment or otherwise for part of the year should be furnished with your tax consultant to help you claim the benefit of tax credits and DTAA. The documents for any foreign income needs to be arranged with the employer or contractor.

  1. Dividend Income

If you have invested in shares or mutual funds and have earned dividend income on the same, it should be reported while filing your income tax return.

Details of dividends earned during the financial year can be taken from your broker statement or Demat account summary.

Section 80 Investments

Section 80C investment documents. The investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C. Make sure you have the slips, receipts of all the investment made for tax saving purpose. Also, these documents should be preserved for a couple of years for the safe side.

Documents required to claim the Following Expenses as Deductions

Keep these documents at hand to claim the following expenses as deductions:

  • Your contribution to Provident Fund
  • Your children’s school tuition fees
  • Life insurance premium payment
  • Stamp-duty and registration charges
  • Principal repayment on your home loan
  • Equity Linked Savings Scheme/Mutual funds investment
  • The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.