Income Tax Return documents: To make the process of filing ITR easy, the individual should keep all the necessary document. These documents may varies on the basis of source of income of an individual. Documents are also necessary for the breakup of gross income earned by an individual. Timely filling of Income Tax Return (ITR) is mandatory, otherwise individual may have to face penalty upto Rs 10,000 for late filling. Read more at Income Tax Return Late Fee and Interest
ITR Documents required under particular heads income
General Documents
1. PAN card (Permanent account number) and Aadhaar card is mandatory in every case.
2. Active Bank account details along bank branch and IFSC code (Indian Financial System Code).
Read More at Bank Account under Income Tax : Questions and Answers
3. Form 16– Form 16 is a certificate issued by an employer for tax deduction at source (TDS) from the salary of the employee’s.
4. Form 26AS- Form 26AS includes :
- Details of TDS deducted by individual’s employer;
- TDS deducted by banks;
- TDS deducted by any other organizations from payments made to individual;
- Advance taxes deposited by individual during the relevant financial year;
- Self-assessment taxes paid by individual.
Read More: How to view Form 26AS and what Income Tax Form 26AS contains?
5. Challan copy of the advance tax and self-assessment tax paid
6. Document proof of all the deduction and exemptions claimed.
Additional documents are required depending on the source of Income.
Income Tax Return Documents for Salaried Person
1. Form 16– Form 16 is a certificate issued by an employer for tax deduction at source (TDS) from the salary of the employee’s. Form16 consists of two part, PART-A and PART-B. PART-B is an annexure to PART-A. The companies and employers are requires to provide the TDS certificate to the employees. Read more at Everything about Form 16 under Income Tax
2. In case, the employee has change his/her job in the financial year, statement stating the job change.
3. Form 10E– Form 10E is filled in case of overdue salary if paid in the respective financial year. It is mandatory if you want to claim tax relief under Section 89(1)
4. Form 67– Claim of Foreign Tax Credit, if an individual including non-ordinary resident or non-resident has filled any tax returns in any other country other than India (foreign tax return).
5. foreign salary slips – In case of an ordinary resident of Indian received or get salary from any other country other than India i.e., foreign salary slips, whether for permanent employment or temporary employment.
6. Other – For claiming exemption or allowances in case of HRA, PF Contributions, Travel Bills or Education or Hostel Allowances or any other allowances or exemption granted under the head salary as per Income Tax Act, the individual need to document the necessary document indicating the payment made in respect of the particular.
Income Tax Return Documents for Business Income or freelancers
1. Balance Sheet – The balance sheet of the respective organization, firm, company for the particular financial year, whether audited or unaudited according to the requirement of Income Tax Act.
2. TDS Certificates– All the certificates of TDS applicable for the particulars.
Read Also: Claim lower/nil TDS deduction- Form 15G, Form 15H and Form 13
3. Receipts of all the payments made through Electronic Clearing Service (ECS), Account Payee Bank Draft, Account Payee Check that are more than Rs 10,000 and are claimed as expenses in the profit and loss account in accordance with Income Tax Act.
4. Income Tax Challan copy of the advance tax and self-assessment tax paid.
Documents for Income from Capital Gains
1. Registered Deeds- The purchase and sale deed of the immovable or movable property.
2. The stamp duty valuation of the property on the date of registration. In case stamp duty value is different on the date of agreement and on the date of registration then proof of payment through Electronic Clearing Service (ECS), account payee check, account payee demand draft, if made on the date on agreement.
3. Expense Vouchers- In case of expense like improvement, brokerage, commission, transfer fees etc documents for the particular are required.
4. Document of acquisition whether by purchase or compulsory acquisition or any other case.
5. Demat Account– In case of securities sales, statement of Demat account.
6. All the holding of unlisted securities should be file in ITR-2.
Documents for Income from other sources
1. Interest Received- In case of 80TTA (interest on saving account), 80TTB (interest on deposits), interest certificate from banks and post office. Read More at Tax on Interest Income – Saving Account, PPF, Fixed Deposits, bonds, R/D
2. Dividend Received- Documents showing the details or receipt of dividend received from any company. Read More at Income tax on dividend income in India
3. Gift Received- Gift received upto Rs 50,000 are exempt from income tax. Any gift received above the limits are taxable. Read More at Income Tax on Gift in India
Documents for Tax Saving Investments
1. Documents related to Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Investments in equity-linked savings schemes (ELSS), Life insurance premium paid, National Pension System (NPS) etc. for claiming deduction under section 80C (LIP, Contribution to PF, etc.), 80CCC (certain pension funds), 80CCD (1) (employee’s contribution to notified pension scheme), 80CCD (2) (employer’s contribution to notified pension scheme), 80CCD (1B) (additional deduction under notified pension scheme). Read More at Income Tax Benefits on Provident Fund Contribution
2. Medical insurance premium Receipt- Documents related to Medical expenditure or Health insurance paid under section 80D. Read More at Mediclaim Deduction Tax benefit: Section 80D of Income Tax Act, 1961
3. Passbook or proof of mode of payment other than cash.
4. Donations- In case of 80G (donation to certain funds, charitable institution, etc.) donation details of individuals PAN (Permanent Account Number), name and address is required. Read More: Donation Deduction Under Section 80G of Income Tax Act,1961
5. Interest Paid- In case of 80E (interest pain on loan taken for pursuing higher education), certificate of education and in case of 80EE (interest on loan taken for residential housing property) certificate of housing loan. Read More at Home Loan tax benefits u/s 24, 80C, 80EE, 80EEA of Income Tax Act
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The author of above article is Krittika Pahwa.
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