Filing an Income Tax Return is a major financial responsibility for every taxpayer in India. Whether one is a salaried employee, a self-employed professional or a business owner, having the right documents in place can make the process smoother and error-free.
Here's a checklist of the important documents required for filing ITR.
PAN And Aadhaar Card
Permanent Account Number is a must for filing ITR, as it is a unique identifier in the tax system. In addition, linking PAN with one's Aadhaar card is mandatory.
Form 16
For salaried individuals, Form 16 is issued by employers and provides a summary of one's salary, tax deductions and Tax Deducted at Source. This form is necessary for salaried individuals as it helps in accurately reporting income and tax payments.
Form 26AS (Tax Credit Statement)
This is available on the Income Tax e-filing portal and provides details of all tax payments made on one's behalf, including TDS deducted by employers or banks. Cross-checking Form 26AS ensures that all deducted tax amounts have been correctly deposited with the government.
Salary Slips
In addition to Form 16, salary slips can help in verifying details of allowances, deductions and taxable income components for salaried individuals.
Bank Details
It is mandatory to provide information on all active bank accounts when filing ITR. This includes details such as one's bank name, account number, IFSC code, account type and the number of accounts held. The Income Tax Department uses these details to verify an individual's income sources and track high-value transactions.
Bank Statement Or Passbook
One's bank account statement or passbook helps in calculating interest earned from savings accounts, fixed deposits or other investments during the financial year. Keeping these statements handy ensures that all taxable income is accurately reported.
Interest Certificates From Banks, Post Offices
If an individual has a savings account, fixed deposit or recurring deposit, banks and post offices issue interest certificates that provide details of interest earned during the financial year. This helps in calculating taxable interest income.
Investment Proofs For Tax Deductions
To claim deductions under Sections 80C, 80D and 80G, one needs proof of various documents. These include life insurance premium receipts, public provident fund deposit proof, equity-linked savings scheme statements, home loan interest and principal repayment certificates, health insurance premium receipts (for deductions under Section 80D), donations receipts (if applicable, for Section 80G deductions) and capital gains statement, if applicable.
If one has sold stocks, mutual funds, property or any other capital assets, then a capital gains statements from brokers, mutual fund houses or real estate documents is needed, to compute capital gains tax.
Dividend Income Details
If an individual has investments in stocks or mutual funds, any dividend income received during the financial year must be disclosed while filing your tax return. These details can be obtained from your broker statement or Demat account summary to ensure accurate reporting.
Rental Income Details & HRA Documents
If one receives rental income, then they need to keep rental agreements handy. If one claims a house rent allowance, then rent receipts and the landlord's PAN details are needed, if rent exceeds Rs 1 lakh per year, which is Rs 8,333 per month.
Business Income Documents
Those who are self-employed, are freelancing or are business owners, need to maintain a few records. These records include profit and loss statements, balance sheets, GST returns (if applicable), invoices and receipts.
Foreign Income And Assets Details
If an individual has foreign bank accounts, assets or income from abroad, then they must disclose them while filing ITR as per Indian tax laws.
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