Tax Troubles? We've Got You Covered!
Tax Advisory Services
Get Expert Consultation Now!
  • 2500 Cr. Saved Already!
  • Trusted by 1 Million+
  • 10+ Yr. of Industry Experience
Tax Advisor

7 Must Have Documents While Filing ITR 1 Sahaj Form

Updated on: 23 Nov, 2023 01:22 AM

Imagine you are in middle of something important like filing ITR & all of a sudden you realize that a document is missing.

It feels frustrating right?

That's why we bring to you some last minute must have documents while filing your income tax return.

Although, there are many different ITR forms and the requirement of documents changes as per the ITR form selected. In this blog, we will talk about the most commonly used form to file return i.e. ITR 1 form 2017-18.

This ITR 1 form 2017-18 is used by individuals having one house property income & total income up to ?50 Lacs.

So let's see what are the various important tax related documents you must have while filing ITR 1.

Form 26AS

Form26AS in nothing but summary of all the taxes paid by you or on your behalf to government. It is also called a Tax Credit Statement.

No one wants to pay taxes twice! 26AS helps you to get credit of taxes already paid by you.

It is very easy to download income tax Form 26AS through TRACES website. You can also use netbanking account (given that your bank is recognized by the department). While filing ITR 1 form 2017-18, please make sure that you fill correct TAN of deductor from Form 26AS. If it is mentioned incorrectly in your ITR 1 Sahaj form then you won't be able to take credit of tax which is rightfully yours.

Investment Proofs/ Evidences

Income tax have provided numerous ways to save taxes. One such commonly used method is investments as per Sec 80C. Some famous investment options u/s 80C are life insurance premium, PPF, NSC etc. The total deduction limit u/s 80C, 80CCC & 80CCD(1) is ?1,50,000.

A common mistake incurred by many while filing ITR 1 form 2017-18 is lack of evidence. Only depositing money in a scheme is not sufficient, you need proof like receipt etc to back your deduction claim. So whatever method you may choose, do not forget to collect your investment proof. You can also refer to our blog on Sec 80C for detailed discussion.

Form 16

If you are earning income from salary then Form 16 is a must have for you. Form 16 is nothing but a tax certificate. If your employer has deducted tax from your salary. Then he/she is compulsorily required to give you Form 16. Refer to our guide on Form 16.

This form helps you to avoid paying tax twice. The total amount of TDS deducted gets reduced from your total tax liability. Do not forget to check correctness of your PAN in Form 16. If it is incorrect, ask your employer to rectify it & reissue it to you. So make sure you have Form 16 in hand while filing your ITR 1 sahaj form.

Form 16A/ Form 16B/ Form 16C

Form 16A is issued when you earn income other than salary & tax deduction is required on it. For e.g. say you earn lottery income of ?20,000. Then as per Sec 194B, TDS is required to be deducted @ 30% if income exceeds ?10,000. So TDS of ?6,000 will be deducted.

Form 16B is related to buying of property other than agricultural land. If you have purchased a property & value exceeds ?50 Lacs then TDS @ 1% u/s 194-IA is required. You are not allowed to release payment without making tax deduction.

Form 16C is a relatively new section. This is related to tax deduction on payment of rent by individual & HUF when they are not liable to audit. If the rent amount exceeds ?50,000 per month then as per sec 194-IB, TDS @ 5% needs to be deducted.

Overall, these forms serve as proof of tax deductions. Using them, you can get credit of taxes already paid by you or on your behalf.

Salary Computation Slips

Till financial year 2016-17, not much importance was given to salary slips. But from now, while filing ITR 1 for 2017-18. If you earn salary income then you need to provide break-up of salary. ITR 1 sahaj form now asks for Salary/Pension, Allowances Not Exempt, Value of Perquisites & Profit in lieu of salary.

Also, if due to any reason your employer has not issued Form 16. Then salary slips help you in filing ITR without Form 16. Visit the link to know more.

Home Loan Statement

Most of the individuals in order to construct or purchase house, take loan from banks. The good news is that as per Sec 24, you can claim deduction of interest component of loan repaid up to ?2,00,000 in every financial year. The loan should be taken form approved bank or financial institution. Simply ask your bank to give the loan statement. Using that, you can calculate that how much principal amount you repaid in a FY.

Also, Sec 80C of chapter VI A allows you deduction of principal amount repaid on home loan. The maximum limit is of ?1,50,000 in every financial year.

Aadhar Card

According to Sec 139AA, if you are filing ITR then quoting Aadhar number is mandatory. In case you don't have Aadhar, then you need to quote your Enrollment ID of Aadhar application form.

One feel very relieved when ITR is filed properly without a glitch in due time. This was the reason why we enlisted some important documents to have while filing return.

You can also go to ITR 1 sahaj form download to get your return form now.

So are you all set to file your ITR? We expect answer to be a big YES! ????

We hope our blog was able to make your tax life simple & easy.

Still if you face any trouble, you can get in touch with our eCAs anytime.

Keep following our blog & social media pages for such easy tax filing tips. Happy Filing ????

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.