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Documents Required for Income Tax Return (ITR) filing in India

Updated on: 23 Nov, 2023 01:22 AM

Is ITR filing really that cumbersome process?? Well if you ask me it’s not really so..Here is a checklist of the most important documents for filing income tax return (ITR), to have on hand before you start filing your Income Tax Return. Keep these close and have a hassle-free ITR filing experience. Read how!!

Common documents for individual having income from any source

Income documents differ as per the earning source of tax filer. But, there are certain documents which are mandatory for each one of us irrespective of our filing status. A list of such common documents are

  1. PAN Card
    NO assessee can file his ITR without having a PAN. This is the first and foremost prerequisite if you are desirous of filing income tax return. Your name on PAN shall resemble the one stated in ITR.
  2. Aadhar Card
    Aadhar card info is seeked by department to assist you e verify your income tax return after filing. The last date for linking Aadhaar with PAN was initially decided as 31st July, 2017 but still government has extended it up till 30th June 2018 for all those who are unable to do it till date. So, still there is a chance, just go and grab it..
  3. Bank Account details
    Bank account details like your bank name, IFSC, branch, number of accounts you hold (except dormant) are necessary to be quoted in return of income to assist the department in refunding back your return, check your income disclosures, high volume transactions etc.
  4. Form 26AS
    Your tax credit statement is important to be checked before filing your return or making final calculation of all your taxes for the year. There might be a income that you may miss to disclose in the yearly ITR, which can be caught while analysing your Form 26AS. It has beauro of all your taxes deducted by any third person, any taxes you have paid in the year (namely, advance tax) or refunds credited to you during the year.

Documents for a Salaried person

Being a salaried person you should have at least any of these two documents, so that you can quote details of employer and the exact components of CTC to smartly claim allowances and deductions like HRA, amount contributed towards EPF etc.

  1. Salary sheet / Form 16 / Salary slips, if form 16 not available.
  2. Pension Certificate / Form 16 for pension received
  3. Arrears Sheet of Salary (if any)

Documents for a Businessman or Professional

If you are opting presumptive scheme as a businessman under sec 44AD or as a professional u/s sec 44ADA then you require only following information :

  1. Gross Turnover/ Receipt
  2. Gross Profit

Further, In case you are running a business and total turnover or sales exceeds Rs. 2 crore during the previous financial year, you need to get your accounts audited under section 44AB. Additionally, a person carrying on any profession like Chartered accountancy, doctors, lawyers etc has a total receipt exceeding Rs 50 lakhs shall be required to get accounts audited.

Documents for earning from House Property

The below mentioned details are required to be quoted correct in order to make full and true disclosure of your income from house property.

  1. Address of Property
  2. Co-owner details
  3. Rent agreement
  4. Ownership details
  5. Loan Processing fees & foreclosure charges
  6. Interest certificate for loan
  7. Pre Construction Interest Details
  8. Municipal Tax Receipts

Documents for Capital Gain

  1. Property/ Gold/ Silver sold:
    Sale and purchase agreement; Calculation of capital gain based on purchase price, sale price, cost of improvement and transfer; Registration details
  2. Equity shares sold:
    Summary Stock trading statement from broker.
  3. Mutual Funds sold:
    Statement of Mutual Fund

Documents for income from Other Sources

  1. Dividend income
  2. Clubbed income (if any)
  3. Form 16A from relevant deductor like bank or other parties
  4. Bank statement/passbook for interest on savings account.
  5. Lottery or Prize winnings
Documents for income from Other Sources

Documents for claiming your Deductions under 80C to 80U

  1. Home Loan statement
    The statement becomes important so that you can claim deduction for principal amount repaid during the year u/s 80C for maximum of Rs.1.5 lakhs. Deduction on interest can be claimed upto Rs.2 lakhs in case your property is self occupied. In case of let out house property loss can be claimed upto 2,00,000 and remaining loss can be set off for next 8 A.Y. u/s 24. Interest deduction is allowed on due basis i.e. whether paid or payable during the year. Section 80EE gives add on benefit of Rs.50,000 on interest paid, to the first time home buyers.
  2. School fee receipt for tuition fees
    Fee receipt of your child shows up a break up of tuition fees paid and amount charged for other activities. The tuition fee component is allowed as deduction under section 80C of income tax act for maximum of two children.
  3. Contribution to PPF, Life Insurance Premium Receipts etc
    The major tax saving instruments used in India are contributions made to PPF, investments in LIC, 5 Year tax saving FD etc. Amount invested in all such tax saving funds is eligible for deduction under section 80C, aggregating to maximum deduction of Rs.1.5 lakhs.
  4. Investment in NPS
    For amounts invested in NPS deduction subject to ceiling of Rs. 1.5 lakhs and Rs 50,000 is allowed under section 80CCD and 80CCD (1B) respectively. So if you are exhausted of your 80C limits and desire to save more taxes by investing your monies, NPS is for you.
  5. Donation Receipts
    Donations made to the eligible funds and institutions qualifies for deduction @ 50% or 100% u/s 80G. The donation shall be made via banking channels other than cash if the amount donated exceed Rs 2000 from FY 2017-18.
  6. Details of Medical Insurance
    Section 80D gives you deduction from your gross total income for the amount paid as medical policy premiums. The policy can be taken for self, spouse, children and parents. If the member insured is senior citizen the amount eligible for deduction u/s 80D will be Rs.30,000 for F.Y. 2017-18 & Rs. 50,000 for F.Y. 2018-19 and in all other cases it will be restricted to Rs 25,000 per year.
  7. Education loan
    If you are paying interest for education loan taken for higher studies of yourself, spouse or children deduction under section 80E is available without limit but restricting to the actual interest paid from the first year scheduled for repayment to total of 8 years.
  8. Receipts of any other investments

You must know these Do’s and Dont’s of Income Tax Return Filing
Also read: Everything You Need To Know About New ITR Forms
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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.