Law Legends


Documents Check list For Income Tax Return (ITR) Filing In India

Topic Covers:

1. Important Documents Required for Filing ITR
2. Documents are Required to Claim a Deduction u/s 80C to 80U
3. Documents are Required for Income from House Property
4. Do I Need to Attach the Document with the Income Tax Return?

Important Documents Required for Filing ITR?

As per the source of the income of the taxpayer requirement of documents differs. But, there are some mandatory documents for every taxpayer, irrespective of income sources. Following is a list of common documents that are required to file a return of Income.

1. PAN Card

Basic and Mandatory document..

2. Aadhaar Card

Aadhaar card details are mandatory according to Section 139AA of the Income Tax Act, individuals need to provide his/her while filing the returns.

It helps to verify the income tax return through an OTP.

3. Form 16

Taxpayers having income from salary receives Form 16 from the employer. Form 16 consists of two parts, Part A and Part B. Part-A provides the details of

i. tax deducted by the employer during the financial year,
ii. PAN and
iii. TAN details of the employer.

Part B of the form consists breakup of income and TDS calculations like gross salary breakup, exempt allowances, perquisites, etc.

4. Bank Account details and bank statement

From this financial year, it is mandatory to disclose all active bank accounts are in the ITR form.

Bank account details like

i. bank name,
ii. account number,
iii. IFSC,

Out of all accounts, one account should be selected as primary to get a tax refund by electronic transfer to such account. This account must also be validated on the portal to receive the refund.

Information of the interest earned on a savings account, fixed deposits, etc, during a financial year are required to file an ITR. And Bank statements provides all such information.

5. Form 26AS and AIS/TIS

Form 26AS gives details of the taxes deposited against the PAN of the taxpayer. These provide the details of gross income and tax deducted or collected on it.

AIS: Annual Information Statement (AIS) is a comprehensive view on the information of income of taxpayers from the various sources.

TIS: Taxpayer Information Summary (TIS) is a category-wise aggregated information summary for a taxpayer. It shows information under various categories like Salary, Interest, Dividend, etc.

6. Tax Saving Investments

If the taxpayer invested in any tax-saving schemes like tax-saving FDs, ELSS, etc., He must have the relevant documents at the time of filing ITR.

7. Capital Gains Details

If a taxpayer has capital gain or loss by the sale of shares, mutual funds, securities, or property. This gain or loss must be disclosed in the ITR. The documents like share capital gain statements, property sale deeds, etc. can help to calculate the income.

8. Rental Income

Income from house or property, should be disclosed in the ITR.

9. Foreign Income

The documents for any income earned in or from a foreign country during a job deployment or 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 need to be arranged with the employer or contractor.

10. Dividend Income

Taxpayers receives dividend income on the investment of shares or mutual funds and this should be reported in the income tax return.

Documents are Required to Claim a Deduction u/s 80C to 80U

The following documents are important and should be compiled by the taxpayer to claim the deduction:

1. Home Loan Statement

Taxpayer who has taken a home loan from financial institutions like banks, NBFC etc., should collect the statement for the last financial year. To provide the information of repayment of the loan and take deduction in the appropriate clause.

2. School fee receipt for tuition fees

The tuition fee i.e. fee paid for education in India is allowed as a deduction under section 80C of the Income Tax Act. Taxpayer must have fees receipts to claim deduction under this section. The deduction is not allowed for bus fee, amount paid for food to the educational institute.

3. Contribution to PPF, Life Insurance Premium Receipts

Contributions to PPF, investments in LIC, tax saving FD, etc. are eligible for deduction under section 80C, aggregate deduction of Rs.1.5 lakhs can be claimed in this section.

4. Donation Receipts

Donations made to the trust or charitable institute which qualify for deduction @ 50% or 100% u/s 80G required donation receipts to claim the deduction.

5. Details of Medical Insurance

Premium paid for the health insurance policy can be claimed as deduction u/s Section 80D. This policy can be taken for self, spouse, children, and parents.

Deduction can be claimed for medical expenditures up to Rs 50,000 For senior citizens' parents that are not covered in medical policy.

6. Education loan

Taxpayer can claim a deduction under section 80E of interest paid on education loan. This loan can be taken for higher studies of self, spouse, or children.

Documents are Required for Income from House Property

The following details are required to disclose income from house property:

(a) Address of Property

(b) Ownership details Or Co-owner details

(c) Rent agreement, if any for Rental income details etc

(d) Interest certificate for home loan

(e) Pre-Construction Interest Details if any

(f) Municipal Tax Receipts

Do I Need to Attach the Document with the Income Tax Return?

Taxpayers must file income tax returns in online mode. And documents are not required to be attached with ITR. However, it is advisable to keep the documents safe for 7 years on the basis of which taxpayer has disclosed his income and claim deductions. This will be helpful if the return is taken for scrutiny by the income tax department.

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