- Date : 16/12/2020
- Read: 3 mins
For ITR filing online, you will need to submit a host of documents such as your Aadhaar card, salary slip, updated bank/passbook details, Form 16, Form 26 AS, interest certificate, and proof of tax-deductible investments.
The deadline for filing your Income Tax Returns (ITR) for Financial Year 2019–20 has been revised to 31 December 2020. If you don’t know how to file your ITR, get in touch with a chartered accountant who can guide you. However, you will have to get your documents in order first. If you don’t know what documents are needed to process your ITR, here is a quick list that can help you prepare for the tax season.
Related: Common tax filing myths busted
Aadhaar card
Furnishing your Aadhaar details is mandatory to successfully file your ITR. If you don’t have one, you can apply for an e-Aadhaar via the UIDAI website here. If you have applied for an Aadhaar but not received it, you can state the enrolment ID while filing your return.
Bank details
While filing the ITR, be sure to list all details of your bank account correctly. If you have more than one account, you will have to mention all the bank accounts you hold. Remember to update and check your statement/passbook to report any dividend or interest income earned during the financial year.
Related: What documents to keep ready while filing your ITR
Salary slip
Most salaried professionals either use ITR-1 (income below Rs 50 lakh) or ITR-2 (income above Rs 50 lakh) that is available on the e-filing website here. The salary slip will give you the break-up of basic income, dearness allowance (DA), house rent allowance (HRA), etc. that you will need to specify.
Form 16
Form 16 is a TDS (tax deducted at source) certificate issued by your employers, and it has two parts A and B. Form 16A consists of details of your salary and the TDS deduction on it. Form 16B specifies your gross salary, other exemptions, and perquisites. If you are wondering how to get Form 16, visit the TRACES website to generate and download the form and check for any discrepancies.
Related: Form 16: Understanding Part A and Part B
Form 26AS
Form 26AS gives a consolidated view of all the taxes deposited and TDS deducted against your PAN. This includes TDS deducted by your employer, banks, and other entities that have made a payment to you. It will also reflect any advance tax or self-assessment tax paid by you.
Interest certificates
If you have earned an income by way of fixed deposits, certificate of deposit, post office deposits, or savings bank account interest, the same needs to be reported to the Income Tax Department. Ensure you get an interest certificate from the financial institution to know the exact interest earned during the financial year so that there are no discrepancies.
Related: Do you know how these interest incomes are taxed?
Proof for deductible instruments
Investments made under Section 80C, such as tax saving mutual funds (ELSS), premium towards life insurance, contribution to EPF/PPF, etc. can be claimed as a deduction. Likewise, premium paid towards health insurance of self, spouse, and dependant parents can be claimed under Section 80D. Interest on home loan (Section 24) and education loan (Section 80E) are other deductions available that can help to reduce your overall tax burden when filing your income tax return. Should you stick to the old tax regime or move to the new one? Check this piece to make an informed decision.
The deadline for filing your Income Tax Returns (ITR) for Financial Year 2019–20 has been revised to 31 December 2020. If you don’t know how to file your ITR, get in touch with a chartered accountant who can guide you. However, you will have to get your documents in order first. If you don’t know what documents are needed to process your ITR, here is a quick list that can help you prepare for the tax season.
Related: Common tax filing myths busted
Aadhaar card
Furnishing your Aadhaar details is mandatory to successfully file your ITR. If you don’t have one, you can apply for an e-Aadhaar via the UIDAI website here. If you have applied for an Aadhaar but not received it, you can state the enrolment ID while filing your return.
Bank details
While filing the ITR, be sure to list all details of your bank account correctly. If you have more than one account, you will have to mention all the bank accounts you hold. Remember to update and check your statement/passbook to report any dividend or interest income earned during the financial year.
Related: What documents to keep ready while filing your ITR
Salary slip
Most salaried professionals either use ITR-1 (income below Rs 50 lakh) or ITR-2 (income above Rs 50 lakh) that is available on the e-filing website here. The salary slip will give you the break-up of basic income, dearness allowance (DA), house rent allowance (HRA), etc. that you will need to specify.
Form 16
Form 16 is a TDS (tax deducted at source) certificate issued by your employers, and it has two parts A and B. Form 16A consists of details of your salary and the TDS deduction on it. Form 16B specifies your gross salary, other exemptions, and perquisites. If you are wondering how to get Form 16, visit the TRACES website to generate and download the form and check for any discrepancies.
Related: Form 16: Understanding Part A and Part B
Form 26AS
Form 26AS gives a consolidated view of all the taxes deposited and TDS deducted against your PAN. This includes TDS deducted by your employer, banks, and other entities that have made a payment to you. It will also reflect any advance tax or self-assessment tax paid by you.
Interest certificates
If you have earned an income by way of fixed deposits, certificate of deposit, post office deposits, or savings bank account interest, the same needs to be reported to the Income Tax Department. Ensure you get an interest certificate from the financial institution to know the exact interest earned during the financial year so that there are no discrepancies.
Related: Do you know how these interest incomes are taxed?
Proof for deductible instruments
Investments made under Section 80C, such as tax saving mutual funds (ELSS), premium towards life insurance, contribution to EPF/PPF, etc. can be claimed as a deduction. Likewise, premium paid towards health insurance of self, spouse, and dependant parents can be claimed under Section 80D. Interest on home loan (Section 24) and education loan (Section 80E) are other deductions available that can help to reduce your overall tax burden when filing your income tax return. Should you stick to the old tax regime or move to the new one? Check this piece to make an informed decision.
