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Documents Required For Income Tax Return (ITR) Filing In India FY 2022-23 (AY 2023-24)
To file Income Tax Returns in India, there is a list of preparations you need to make so that you can make your ITR filing process hassle-free. Considering this, the Government of India gives taxpayers sufficient time to compile their documents, like the bank statements, salary/income details, previous year's tax statements, etc.
Every individual liable to file taxes is required to possess these documents for hassle free filing. The process of filing taxes and the documents required vary depending on the income earned and the source of income like business profit, investment profit, salary income, etc.
Here, we are providing you with a checklist of the most important documents for filing an Income Tax Return (ITR) that you must have ready before you start filing your Income Tax Return for FY 2022-23 (2023-24).
What are the important documents required for filing ITR?
Income Tax Return (ITR) documents differ as per the earning sources of the tax filer. But, certain documents are mandatory for every taxpayer, irrespective of income sources. Here is a list of such common ITR documents that are required to file ITR in FY 2022-23 (AY 2023-24)
- 1. PAN Card
This is the first and foremost prerequisite if you are filing an income tax return. PAN is also required to deduct TDS and should be linked with your bank account for direct credit of income tax refund (if any). It is issued by the Income Tax Department, and a salaried employee can find the PAN number either on a PAN card, Form 26AS, Form 16, Form 12BB, etc. However, as per the recent amendment by the Govt, taxpayers can also file the ITR with their Aadhaar number instead of their PAN number.
- 2. Aadhaar Card
According to Section 139AA of the Income Tax Act, individuals need to provide his/her Aadhaar card details while filing the returns. If you do not have your Aadhaar card but have applied for the same, you must provide the enrolment ID in your IT returns. Linking PAN and Aadhar helps in verifying your income tax return online through an OTP.
UIDAI issues Aadhar card. In case you have lost it or couldn’t find your Aadhaar card, then you can also download it online.
- 3. Form 16
This form consists of the details of the employee's salary and the amount of TDS deducted from the salary. Form 16 consists of two different parts, Part A and Part B. Part-A contains the details of the amount of tax deducted by the employer during the financial year, along with the PAN and TAN details of the employer. The Part B of the form consists of TDS calculations like gross salary breakup, exempt allowances, perquisites, etc.
Please note that Form 16 is issued by the employer. It is a vital document for filing ITR by a salaried individual. If you do not have Form 16, know how to file your ITR without Form 16.
- 4. Form-16A/ Form-16B/ Form- 16C
Form-16A is issued for TDS deducted on payments other than salaries, such as income from recurring deposits, fixed deposits, etc. If a person sells his property, then Form-16B is issued. It has details about TDS deducted from the amount paid to the seller. Form 16C is a TDS certificate that reflects the TDS deducted on rent @5% by an individual or HUF under section 194IB.
Form 16A is issued by deductors like banks, contractors, etc. Form 16B, on the other hand, is issued by the buyer. Further, a person deducting TDS on rent is required to furnish Form 16C to the payee within a period of 15 days from the date of furnishing the Challan cum statement in Form 26QC.
The details of TDS can alternatively be fetched from your Form 26AS.
- 5. Bank Account details
Disclosures of all active bank accounts are mandatory in the ITR. Bank account details like your bank name, account number, IFSC, and number of accounts you hold must be quoted in the income return. Also, one account shall be selected as primary to assist the Income Tax Department in refunding your tax refund by electronic transfer to such account. Bank details are used to check your income disclosures, high-volume transactions, etc. These details can be easily found in the bank passbooks, cheque book, statements, net banking account’s etc.
- 6. Bank Statement/ Passbook
Bank statements show the information of the interest earned on a savings account, interest income on fixed deposits etc, during a financial year, These information are required while filing ITR.
- 7. Form 26AS and AIS/TIS
It is an annual tax statement like a tax passbook that has details of all the taxes you have deposited against your PAN. These include:
- a.) TDS deducted by the bank
- b.) TDS deducted by the employer
- c.) TDS deducted by other organizations from the payments done by you
You can view Form 26AS for the relevant Assessment Year by signing into your account on the Income Tax India e-filing website. Recently Annual Information Statement (AIS) app has been launched for the taxpayers where you can access all information related to TDS, TCS, interest etc, on one app.
AIS : Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).
TIS: Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salary, Interest, Dividend etc.). The derived information in TIS will be used for prefilling of return, if applicable.
- 8. Home Loan Statement
The individuals are provided with the details like principal and interest that they repay in their loan statement. This breakup information is needed as proof and to provide information while filing your income tax returns.
If the individual has taken a home loan from financial institutions like banks etc., then he/she should collect the statement for the last financial year.
- 9. Tax Saving Instruments
If you have invested in any tax-saving schemes like tax-saving FDs, ELSS, investment receipts, etc., you should have the relevant documents ready when you file your taxes.
- 10. Capital Gains Details
If you have sold shares, securities, or property, it will result in a capital gain or losses. For the same, you need to have documents like broker statements, property sale deeds, etc.
- 11. Rental Income
If you are earning an income from your house or property, it should be reported while filing ITR. Also, in case you are paying rent, don't forget to collect receipts from the landlord. However, these documents are not required to be given with the ITR but should be kept safe to be submitted to your employer or Income Tax Department in case required in the future.
- 12. Foreign Income
The documents for any income earned in or from a foreign country during a job deployment or for part of the year should be furnished with your tax consultant to help you claim the benefit of tax credits and DTAA. The documents for any foreign income need to be arranged with the employer or contractor.
- 13. Dividend Income
If you have invested in shares or mutual funds and have earned dividend income on the same, it should be reported while filing your income tax return.
Details of dividends earned during the financial year can be taken from your broker statement or Demat account summary.
What documents are required to claim a deduction u/s 80C to 80U of income tax while filing ITR
The following documents are important and should be compiled by the taxpayer to avoid last-minute hassle:
- Home Loan statement from Bank
The statement becomes important so you can claim a deduction for the principal amount repaid during the year u/s 80C for a maximum of Rs.1.5 lakhs. Deduction on interest can also be claimed up to Rs.2 lakhs if your house property is self-occupied. In case of let-out house property, a loss can be claimed up to 2,00,000, and the remaining loss can be carried forward to the succeeding 8 Assessment Years Interest deduction is allowed on a due basis i.e., whether paid or payable during the year. Section 80EE and 80EEA give the additional benefit of interest paid to the first-time home buyers subject to certain conditions.
- School fee receipt for tuition fees
Fee receipt shows up a break up of tuition fees paid and the amount charged for other activities. The tuition fee component is allowed as a deduction under section 80C of the Income Tax Act for a maximum of two children. You should have these details to claim deduction under these sections while filing ITR.
- Contribution to PPF, Life Insurance Premium Receipts
The major tax-saving instruments used in India include contributions 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 a maximum deduction of Rs.1.5 lakhs. If you have made any such contribution, you must furnish documents related to the same.
- Investment in NPS
Amount invested in NPS deduction subject to a ceiling of Rs. 1.5 lakhs and Rs 50,000 is allowed under section 80CCD and 80CCD (1B), respectively. So if you have exhausted your 80C limits and desire to save more taxes by investing your money, you can choose NPS.
- Donation Receipts
Donations made to the institutions that qualify for deduction @ 50% or 100% u/s 80G will be required. The donation shall be made via any mode other than cash if the amount donated exceeds Rs 2000 from FY 2017-18 onwards.
- Details of Medical Insurance
Section 80D gives you a deduction from your total gross 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 a senior citizen- the amount eligible for deduction u/s 80D will be Rs. 50,000 and in all other cases, it will be restricted to Rs 25,000 per year. For senior citizens parents, the deduction is also available for medical expenditures up to Rs 50,000 if your parents are not health insured. 80D is provided separately for parents and self, spouse, and dependent children.
- Education loan
If you are paying interest for an education loan taken for higher studies of yourself, spouse, or children, you can claim a deduction under section 80E without any limit subject to the actual interest paid from the first year scheduled for repayment to a total of 8 years.
- Receipts of any other investments
The taxpayers need to collect the receipts of other investments, if any.
What documents are required for Capital gain Income?
The documents which are needed for Capital Gain Income are as mentioned below:
- Property/ Gold/ Silver sold: Sale and purchase agreements/deeds; Calculation of capital gain is done based on the purchase price, sale price, cost of improvement and transfer expenses, etc; Registration details
- Equity shares sold: capital gain statements from the broker.
- Mutual Funds sold: Capital Gain Statement of Mutual Fund
What documents are required for Income from House property?
The below-mentioned details are required to be quoted correctly to make full and true disclosure of your income from house property:
- Address of Property
- Co-owner details
- Rent agreement, if any
- Ownership details
- Interest certificate for loan
- Pre-Construction Interest Details
- Municipal Tax Receipts
- Rental income details etc
What are the documents needed by a businessman or professional while filing ITR?
If you are opting presumptive scheme as a businessman under sec 44AD or as a professional u/s 44ADA, then you require only the following information :
- Gross Turnover/ Receipts
- Gross Profit
- Other details include Sundry Debtors, Sundry Creditors, Stock in Trade and cash balance at the end of the year.
It is also important to reconcile your 26AS statement to check whether the TDS deducted in your business name is being reflected completely and correctly.
In case you are running a business(not opting for presumptive taxation) and the total turnover or sales exceeds Rs. 1 crores during the financial year, you need to get your accounts audited under section 44AB. This limit is 10 crores applicable from the F.Y. 2021-22. Additionally, a professional like Chartered accountants, Doctors, Lawyers, etc., with a total receipt exceeding Rs 50 lakhs are required to get accounts audited. In case of audit requirement, all the books of accounts need to be maintained properly.
Filing Income Tax Returns can be challenging and time-consuming if you have income from multiple sources. You might also miss out on some deductions and benefits that can increase your refund from Income Tax Department. To avoid this, you can consult with tax professionals. Book eCA today for a smooth and rewarding tax filing experience.
Do I need to attach the document with the income tax return?
An income tax return is a paperless return. Hence, no documents are required to be attached while filing ITR. However, it is advisable to keep the income and tax-deductible documents safe for 7 years. This will be useful if your file is taken for in-depth scrutiny by the income tax department.
Frequently Asked Questions
Q- Do I need a PAN card to file income tax returns now?
As per the latest provision from the financial year 2021-22, income tax returns can either be filed by quoting PAN or Aadhar numbers interchangeably.
Q- Can I file ITR without Form 16?
Earlier, Form 16 was a basic document for a salaried employee to file ITR. Filing ITR without Form 16 was impossible for a majority of salaried employees. However, these days even if you don't have Form 16, several other documents can be used as a reference to file ITR. In addition to this, tax2win helps you file your ITR without form 16, all you need to have is the knowledge of basic details about your income and other earnings.
Q- Is there a need to provide any document claiming section 80DD in ITR?
The disability or severe disability certificate needs to be provided by the person only when the Income Tax Department asks you to submit the same; at the time of filing the returns, you may not need it.
Q- Is there a need to produce documents when filing returns?
There is no need to produce documents at the time of filing returns. The document needs to be submitted only in case if the return has been selected for scrutiny; the documents then can be uploaded on the Income Tax Portal under the e-proceedings tab.
Q- Which documents are needed to file ITR for agricultural income?
No documents are needed for filing returns for agricultural income. However, in the case of exempt agriculture income, the assessee needs to produce details in Schedule EI (Exempt Income) of the income tax return form.
Q- Is a bank statement required for ITR?
No, only some bank details are required while filing ITR, which include:
- Account Number
- IFSC Code
- Name of Bank
But a Bank statement is required in some situations like if you want to know the interest income or any other income credited in your bank account.
Q- What documents are required for filing a revised return?
The documents used at the time of filing the original return, along with the documents related to details that are to be corrected, would be required when the revised return is filed. Also, the acknowledgment number of the original ITR filed is mandatory while filing a revised return.
Q- Which documents related to interest income are required?
- Bank statement/passbook for interest on a savings account.
- Interest income statement for fixed deposits.
- TDS certificate
- Form 26AS,AIS/TIS which can be accessed from the I-T Department’s website.
Tax2win automatically lets you file your tax return without worrying about these many documents. For e-filing your income tax return, all you need to do is select between self-filing and assisted filing, and get your return filed easily. So don’t wait for the last date to file ITR, get started now!