Documents Required for ITR Filing

Documents for IT Returns

The assessment year has started, and you must be getting emails and reminder messages from different organizations to file your returns. Filing income tax returns is not straightforward in India, especially if you do it on your own. The list of documents required for ITR filing is long. In this article, we will discuss all the ITR documents you need this year to file your returns.

Before we get to the documents required for an income tax return, let us look at some updates from the IT department.

• Choose the right ITR form: You must choose the right ITR form. Check out the detailed description of them here. 
• Pre-filled tax returns: The IT department has launched pre-filled ITR forms. Hence, you will see most of the information auto-filled when you file your ITR.
• Link Aadhar with PAN: We hope you have already linked your Aadhar with PAN.

ITR Document for Salaried Employees

Every category requires different income tax return filing documents. Depending on your category, get the required documents ready before you start the process. For example, a salaried employee needs the following ITR documents:

• PAN
• Form-16 issued by your employer
• You will also need information related to exemptions you have taken, like House Rent Allowance, Leave Travel Allowance, etc.

All your investment-related details are already captured and available in your Form 16. However, if you have made an investment and not submitted proof of your copy, then those won't be captured in FORM 16 and the pre-filled form. You can add them to the ITR with other ITR documents.

ITR Documents: For Interest Income

If you have earned interest income - interest from fixed deposits or savings accounts, you will need to file ITR:

• TDS Certificate is issued by the bank.
• If you have made a fixed deposit and earned income, you will need an interest income statement.
• The interest you have earned on your savings account. Keep your passbook or bank statement handy.

What is Form 26AS?

It is provided by the IT department and is available on their website. It has details related to the taxation you have paid and the taxes that are deducted on your behalf. It has details as below:

• Tax deposited by you.
• Tax refund received by you in the financial year.
• Tax deducted by deductors on your behalf.

ITR documents: Other Forms

You may also have to use other forms if you fall in the relevant categories. Below are other crucial forms you must be aware of:

• FORM 16A: It is issued for TDS deducted on payments other than salaries. We have already discussed this above.
• FORM 16B: If you sell your property, then FORM 16B is issued. It has details related to TDS deducted from the amount which you paid to the seller.
• FORM 16C: It is a TDS certificate that reflects the TDS deducted on rent @5% by you or HUF under Section 194IB.

ITR documents for Capital Gains:

Your ITR documents for capital gains are as below:

• Property/ Gold/ Silver sold: Sale and purchase agreements / deeds. You need to calculate capital gain based on the purchase price, sale price, cost of improvement and transfer expenses, etc. Also, you will need registration details in the case of property.
• Equity shares sold: If you have sold shares and made overall profits, you need a summary of a stock trading statement from the broker.
• Mutual Funds sold: The same holds for capital gain from the sale of mutual funds. You will need to present your mutual fund statement.

ITR documents: For businessmen and professionals

You require the following information if you opt for the presumptive scheme as a businessman under Section 44AD or as a professional u/s 44ADA:

• Gross Profit
• Gross Revenue/Receipts
• Some other details like Sundry Creditors, Sundry Debtors, Stock in Trade, and cash balance at the end of the year.

You must also reconcile your 26AS statement to check whether the TDS deducted in your business name is being reflected completely and correctly. You need to get your accounts audited under section 44AB if your business has a total turnover or sales exceeding Rs 2 crores during the financial year.