10 Documents Required to File Income Tax Return


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Are you a salaried professional who wants to file Income Tax Return (ITR) and yet unaware of the vital documents required to file Income Tax Return (ITR)? This post will help you know about the important documents required for e filing Income Tax Return (ITR).

Documents required for filing Income Tax Return (ITR)

  • Form16

Form 16 is one of the most vital documents if you are a salaried individual. Form 16 is a Tax Deducted at Source (TDS) certificate issued by your employer to offer salary details paid and TDS deducted on it. Your employer needs to provide the Form 16 online or offline if TDS is deducted from your salary. Form 16 has part A and part B. Part A has details of the deducted tax by your employer during the assessment year. Form 16 B comprises your gross salary break up details like exempt allowances. The profit in the lie of the salary is found in Form 16 B only. Check that the PAN number mentioned in the Form 16 and get it rectified from your employer if there are issues.

  • Salary Slips
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Apart from providing other Salary details, the taxpayer also needs to provide information about taxable allowances such as house rent and transport allowances. You can find all these details on your Salary Slips.

  • Banks or post office’s interest certificates

You also need to know that the interest gains that you get from savings bank account, post office account, recurring deposits and fixed deposits are taxable. Thus, it is a must to get interest certificate from these to know the total earned interest, in case no TDS is deducted.

  • Form 26AS

The Form 26AS is your consolidated yearly tax statement which is like your tax passbook containing information about the taxes deposited against your PAN. If there are some mismatching, you can ask your deductor to resolve the discrepancy. If it’s not resolved, you won’t be able to claim tax-credit for TDS cut.

  • Form 16 B and C

You also need to submit your Form 16 B in case if you have sold your property. During such a scenario, the buyer will issue you the Form 16 B showcasing the deducted TDS amount paid. You would need to furnish the Form 16 C if you are a landlord and earning rental income. You should ask the tenant to offer you the Form 16 C for providing the deducted TDS details on the rent received. TDS will be deducted if the monthly rent is more than Rs.50,000.   

  • Tax saving investment proofs
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You will also submit some tax saving investment proofs which give you tax benefits under various sections of the Income Tax Act for which maximum deduction can’t go beyond Rs.1.5 lakh in a fiscal year. The proofs that you will need to submit included tax saving investments such as:

  1. Employees provident fund or the EPF
  2. Public provident fund or the PPF
  3. Mutual funds ELSS investments
  4. Premium paid on life insurance plans
  5. National Pension System (NPS) and more
  • Home loan statements from banks and NBFCs

Don’t forget to take the loan statement if you have an ongoing home loan from a bank or a non-banking finance company (NBFC). Why? It’s because it will showcase the principal and interest break details paid. Home loan interest paid can lower your tax liability under Section 24 up to Rs.2 lakh.

  • All deductions under sections 80D-80U

Health insurance premium paid and interest paid on an education loan can help you claim deduction under Section 80E and more sections. These are some of the other deductions that you can claim other than your conventional tax-saving investments and deduction under section 80C.

  • Capital gains accumulated details
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If you have managed to earn some capital gains from the sale of any property or mutual funds, then you should report these benefits in your Income Tax Return (ITR). Get in touch with your financial expert to know more about it.

  • Your Aadhaar Card

Now, providing the Aadhaar Card while filing the Income Tax Return (ITR) is mandatory as per the Section 139AA of the Income Tax Act. In case if you don’t have the Aadhaar Card, you can file your ITR by providing the Aadhaar enrolment ID.

Now that you are aware of the vital documents required to file Income Tax Return (ITR), it will now be easier to arrange them in order and file the ITR without issues.

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