What documents to keep ready while filing your ITR?

The documents and information that you need to keep handy while filing your Income Tax Return, all in one place.

What documents to keep ready while filing your ITR?

Much to the respite of taxpayers, the ITR deadline was extended by a month. However, 31 August is fast approaching and we need to be ready with all the documents and information while filing our return. This list should make sure that you file your return in one go and before time.

Related: August 31 is the new ITR due date for Individuals and HUFs

What’s your ITR form?

There are different forms designed for different types of taxpayers. If you are a resident Indian with a total income of up to 50 lakhs (having income from salary, one house property, other sources, and agricultural income of up to five thousand rupees), you will have to file Form ITR-1 SAHAJ.

Similarly, ITR-2 is for Individuals and HUFs not having income from Profits and Gains of Business or Profession (PGBP), while ITR-3 is for those with PGBP income. There are four more forms (4 to 7) which are tailor-made for specific taxpayers.

Related: How to File your Income Tax Returns (ITR) Online 

Linking the Aadhaar

It is now compulsory for taxpayers to link their Aadhaar with their PAN before filing their ITR. You can do so easily by logging into your profile in the e-filing portal, going to the Profile Settings and clicking on the “Link Aadhaar” option.

Various documents required

For the salaried taxpayer, the following documents will be required:

  1. The PAN
  2. The Form-16 issued by the employer.
  3. The salary slips issued monthly by the employer
  4. Information on all taxable allowances received (like House Rent Allowance, Leave Travel Allowance etc.) and the exemptions on them. This has become applicable from this assessment year.

To identify and calculate your Income from Other Sources, you need the following documents,

  1. Bank statement or passbook with savings account interest figures.
  2. Income statement for interest on fixed deposits.
  3. TDS certificate issued by banks and others.

Capital Gains related documents

Stock trading statement of the trades made during the year, to check the taxability under Capital Gain.

Similarly, documents related to the sale of property or asset should be readied in order to calculate the long-term or short-term capital gain, and claim loss if any, for set-off purposes.

Related: Types of ITR Forms that every taxpayer should know about 

Tax Deduction Summary

The exhaustive statement of taxes deducted from your income and deposited on your behalf is reflected in the Form 26AS, which is provided by the Income Tax Department. This form can be downloaded from the Income Tax department’s website and it provides details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. 

Documents for claiming deductions

An investment made under instruments and plans like PPF, NSC, ULIPs, ELSS and LIC qualify for tax deductions under the Income Tax Act. The maximum amount that you can claim under Section 80C is Rs. 1.5 lakhs, however, there are other investments which qualify for tax deductions separately.

The documents required to claim these as deductions are,

  • Statement of contribution to Provident Fund
  • Children’s school tuition fees
  • Life insurance premium payment proof
  • Stamp-duty and registration charges
  • Principal repayment of home loan
  • Equity Linked Savings Scheme and/or Mutual funds investment etc.

Other Investment Documents

  • National Pension Scheme is eligible for a tax deduction of Rs. 50,000 under Section 80 CCD. 
  • Interest paid on housing loan is eligible for tax saving up to Rs 2,00,000 provided it is for a self-occupied house. 
  • Payment proof of interest on education loan.
  • Health insurance premium up to Rs. 25,000 can be claimed for a tax deduction on the basis of the premium payment document. A deduction up to Rs. 30,000 can also be claimed on the parent’s health insurance premium.

Together, these documents will take care of your tax-saving investments under the Sections 80C to 80U. Take a look at who should file Income Tax Returns and when to make the e-filing process easier and simpler to understand.


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