Documents Required During ITR: 31st July is the last day of the financial year. On this day, people can submit their income tax returns for the given financial year. Whether the date is close or not, you need to prepare before the ITR filing date with your required documents. The list of documents for filing an ITR is long, so you need pre-preparation, and for the newbies, this is essential to collect the papers a month before as they have more chances to skip the documents. There is no big deal in that, but this may cause the payer unnecessary delay in paying their ITR (income tax return), leading to dragging you out of the deadline. This document collection takes a convenient time. That is why the government of India gives four months window to their taxpayer to compile all related documents (like salary details or income details, bank statements, previous tax payment receipts, etc.). The procedure for filing the income tax return varies as their income in a year from various sources, including investment, salary, profit, etc. In this article, we are going to discuss all aspects related to Income Tax Returns.
- Choose Over The Appropriate ITR Form
- Link your Aadhaar Card with your PAN Card
- Income Tax Return is Leviable On These Types Of Income
- Documents Required for Salaried Employees
- Documents Required for Interest Income
- Form 26 AS
- Section 80C Investments
- Documents Required To Claim The Deductions
- Other Investment Documents
- Document Required for ITR Filing
Department of Income Tax has launched pre-filled ITR forms for 2021-2022. You need to choose over the various Income Tax Return form for paying your tax.
It is mandatory to link the aadhaar card with your PAN card before 31st March; if you fail to do so, your PAN becomes in-operative.
- House Property
- Business and Profession
- Capital Gain (from the stock market)
- Interest Gain from the Fixed deposit.
For e-filing of your income tax returns in India, a salaried employee need these documents:-
- PAN card,
- Form 16 issued by the employer, and
- Salary Slip for 12 months, monthly wise.
Taxpayers need to provide all the allowance and exemptions amount, such as house rent, etc., and disclose the same in the IT Return. These documents are required under the Income Tax Act, 1961 and Income Tax Act of 1962.
Taxpayers need to submit interest related documents:-
- Bank Statement or passbook through which their interest will be calculated.
- Fixed deposit’s interest statement.
- Tax Deducted at Source (TDS) certificates issued by the bank.
As per Section 80 TTA, when you enter your income from your saving bank account interest, you do not need to submit all the documents for the IT returns as the documents vary on a case-by-case basis.
Form 26 AS is an annual consolidate statement. Form 26 AS provides a summary of all the taxes which you have paid. Form 26AS is provided by the Income Tax Department, which shows all the details of the taxes deducted on your behalf by deductors. It also contains the details of the tax deposited by you and refunded by the IT Department in the financial year. This form is available on the Income Tax Department website for your access. It is a vital financial document required before filing an Income Tax return.
The investments made under NSC, LIC, PPF, ULIPS, ELSS qualify for the tax exemption under Section 80 C. It allows you to deduct up to Rs. 1.5 lakh every year from the taxpayer’s total taxable amount. Preserve these documents for a couple of years for the safe side and bring all the receipts for the investment made for tax saving purposes.
Apart from 80 C, a taxpayer can also claim deduction under Section 80 D to Section 80 U of the Income Tax Act.
There are some expenses in which the documents are required to claim the deduction of the income tax. These are the following expenses in which a taxpayer can claim the deduction:-
- Their children’s school tuition fees,
- Contribution towards Provident Fund,
- Life insurance premium,
- Registration charges and Stamp Duty charges,
- Repayment of your home loan,
- Mutual Funds Investment,
- Equity Linked Saving.
The maximum amount which a taxpayer can claim under Section 80 C is Rs. 1.5 lakhs.
- If you are paying interest on a home loan: You can save up to Rs. 2 lakh interest if you have a self-occupied house; if you have let out or deemed let out properties, there is no limit of interest on a housing loan.
- Education loan interest payments,
- Stock Marketing statements: The stock market traders were made to pay the tax during the year under their Capital Gain.
While filing the Income Tax Return, there is no need to attach any documents or proofs because Income Tax Return you file is an ‘annexure less’ return where no proof is required. There is no hard rule for presenting the documents. If the taxpayer claims the deduction, it is ambiguous for taxpayers to present the certificates and proofs. But the taxpayer needs to preserve those proofs and certifications for a couple of years for future reference and need not attach anywhere and not send them to anyone.
Those documents will be submitted to Assessing Officer (AO) only when they demand the certificates and proofs for the mentioned transaction returns; then, only the taxpayer will have to submit the evidence to the Assessing Officer.