An Individual assessee is required to file his Income Tax Return before 31st July (Unless extended by the department) of the following Financial Year. It is required that all the necessary documents should be kept. For different types of income, different ITR forms are required to file, and for which different documents are needed. For this purpose, we have written this article to let you know the list of documents required for ITR filing.
Documents required for ITR filing
For Income Tax Return filing there are certain documents that are common for all heads of Income. These documents need to be discussed first, the same is given as under-
General Documents for Income Tax Return Filing
👉 PAN Card and Aadhar card is mandatory for all.
👉 All Active Bank Account details e.g.
- Complete Bank Statement for the return filing period.
- Bank Account No. along with IFSC Code and Bank Branch.
👉 Form 26AS which includes-
- Detailed of TDS Deducted and TCS Collected.
- Advance Tax Deposited during for respective financial year. (Challan may be required for this)
- Self-assessment tax paid for the year. (Challan may be required for this)
- Any amount of refund received and interest (if any)
👉 For claiming deduction under chapter VIA (e.g. 80C to 80U), a copy of the investment made is required. for example, LIC receipts, medical premium payment receipts (section 80D), the donation made u/s 80G, PPF passbook, etc.
List of documents required for salaried person ITR
The following documents are required for ITR Filing of a person having a salary income.
Form 16- This form contains the details of salary and other payments made by the employer to the employee. This also includes TDS deducted for payments made during the year. For more information about form 16, you can read it here.
Foreign Salary details or slip- In case of resident person received any salary from any foreign country, then the salary slip of that employment is required. It can be permanent or temporary.
Form 67- This form is required for claiming a foreign tax credit, which arises in the case of return filing in any other foreign country.
Form 10E- This form is filed in case of an overdue salary if paid in the respective financial year. It is mandatory if you want to claim tax relief u/s 89 (1).
Documents required for ITR filing having business income
Apart from the above general documents following documents required for ITR Filing having business income-
Balance Sheet- This is a priority document for assessee having a business income. The balance sheet of the respective organization is required, it can be audited or non-audited, depends on the requirement of the Act.
Receipts- It includes receipts of all payments made through electronic clearing service (ECS), account payee cheque, or bank draft that are more than Rs. 10,000 and are claimed as expenses in the profit and loss account as per the Income Tax Act.
Documents for ITR having Income From Other Sources
Other sources include income earned from interest, dividends, etc. For this type of income documents required for ITR filing are as follow-
Interest Certificate- It is better to collect an Interest certificate from the bank for Interest of the saving bank and for Interest earned on FDR with the bank.
If you have any a/c or investment in the post office or in any other private organization from which interest is accruing during the year, then the interest certificate for the year is also required from them.
Gift Received- Under the Income Tax Act, gifts received up to Rs. 50,000 are exempt from Income Tax and gifts received from above the limit are taxable, for which proof of gift received (e.g. gift deed) is required.
Dividend received- If you have any investment in shares, mutual funds, etc. from which dividend is received during the year, then proof of dividend income is required.
Documents required for ITR filing having House property Income
For house property income there are certain documents required, the same is given here-
Rent Agreement- If you are earning rent from one or more house property, then for rental income earned, a rent agreement is required. It also confirmed the address of the property.
Municipal Tax Payment Receipts- It includes payment of tax to the municipality of the city where the property is located. It required for claiming deduction from the house property income.
Proof of ownership- Documents highlighting ownership of property details should be kept because it will only decide whether we are eligible to claim deduction on home loan interest or not.
Interest and Principal certificate for housing loan repayment- If you have any housing loan on the property then the proof of certificate which shows the principal and interest payment separately is required for claiming deduction u/s 80C and 24 respectively.
ITR having Income From Capital Gain- Documents required
Deed of property- This includes the purchase and sale deed of the movable or immovable property.
Stamp duty value- This is required in case of sale of immovable property, it should be obtained from the approved authority in your city, village, etc.
Proof of expenses- In case any expense is made like any improvement charges, brokerage paid, commission, transfer fees, etc., then proof is required for the same.
Documents of acquisition- it covers the purchase or compulsory acquisition under the law or any other case.
Demat Account- In case of any securities sale during the year, then the statement of the Demat account is required.
Note- The all above documents required for ITR filing, are on the basis of normal income earned by the assessee, if there is any other different income earned by the assessee during the year, then additional documents may be needed.
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)