The income tax department does not ask for any documents with the ITR form. However, certain documents are needed to file the information on your income, investment, and expenses.
Documents Needed Before ITR Filing
We furnish you with the checklist of the essential documents to file an income tax return(ITR) that you should have ready before you initiate filing the return-
1. Permanent Account Number(PAN)
PAN is the taxpayer's identity, specifically for the income tax department. PAN ought to be filed in the income tax return form and the same is also a User ID that has been needed to log into the e-filing portal. It gets auto-populated from the previous data itself.
2. Bank Account Details
The bank account number and IFSC code of the bank branch are required to have a refund as the income tax department has discontinued providing the refund cheques and initiated to transfer of the income tax refund through the Electronic Clearing Service (ECS).
3. Form 16
Form 16 includes all the information about the tax payment, Salary bifurcation, Other income, Exemptions, Deductions, etc and it is by the employer to the employees when the TDS is deducted from their salary. The same form is not obligated to be connected with the Income tax return however it is a pertinent document to be safe via the salaried person.
4. Salary Slip
In the absence of Form 16 which holds the information for your income, TDS, etc then you can use the salary slip for collecting information like HRA, monthly salary breakup, and tax payment along with the EPF deduction. In the same way, you can add them to obtain the annual information that has to be used at the time of e-filing.
5. Foreign Income
The documents for any income made or from a foreign country at the time of the job deployment or towards the part of the year must be provided with your tax consultant to aid you in claiming the tax credit and DTAA advantage. The documents for any foreign income would required to be arranged with the employer or contractor.
6. Bank Statement
The bank statement is required as the provided interest on the savings account post every quarter is regarded as income from other sources and section 80TTA entitled the interest up to Rs 10,000 on the savings account for the tax deduction. If the CA services have been used through you then the ITR department would ask for the bank statement at the time of e-filing to find your interest income from the savings account.
7. Interest Income Statement
An interest income statement is required if you have a Fixed deposit in the bank as the interest on FD is indeed a way of gaining the bank interest and is added to the yearly taxable income every year, irrespective of FD tenure which may be 3,5 or 10 years.
The online banking services users can obtain the annual interest income while in additional matters an individual would required to visit the bank to receive the interest income statement of FD.
8. Capital Gains Statement
The capital gains statement is said to be the statement that shows the information on your earnings from investments. The e-filing of the income tax becomes easier from the capital gains statements as there are different rules and tax rates for distinct capital gains based on their type and duration and ITR-1 is not being used towards the income from the capital gains.
9. TDS Certificate: Form 16A
Banks deduct TDS on your annual FD if its interest exceeds Rs 50,000 and furnish you with the certificate of TDS deduction in Form-16A. As TDS deduction is a portion of your income tax filing therefore you are required to get the same certificate from banks or through mail sent via the banks to your email ID.
10. Form 26AS and AIS/TIS
It is an Annual tax statement similar to the tax passbook where the information of all the taxes you had deposited against your PAN is stored. The same comprises of-
- TDS deducted by the bank
- TDS deducted by the employer
- TDS deducted by other organizations from the payments done by you
The individual must ensure that all the taxes deducted in the fiscal year are shown against the PAN in Form-26AS. If the case is about a mismatch then you would be unable to avail the tax credit towards the TDS deduction. Hence it must be improved via associating with the deductor.
You are enable to view Form 26AS for the pertinent assessment year by signing into your account on the Income Tax India e-filing website. For the assessee Annual Information Statement (AIS) application has been started where you can access all the data for TDS, TCS, Interest etc in one application.
AIS: Annual Information Statement (AIS) is a complete view of information for an assessee shown in Form 26AS. The assessee can furnish feedback on the information exhibited in AIS. AIS exhibits both reported value and modified value (i.e., the value after considering taxpayer feedback) under each section (i.e., TDS, SFT, and Other information).
Note: An updated feature has been added in AIS that provides authority to the taxpayers to view if their feedback has been addressed via the department either fully, partially, or rejected.
TIS: For an assessee, the Taxpayer information summary (TIS) is a category-wise aggregated information summary. It depicts the processed value (i.e., the 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.). For prefilling of return, the derived information in TIS will be used, if applicable.
11. EMI schedule
Under the Income Tax Act, EMI payment on a home loan provides tax benefits under two sections: Section 24 for tax deduction on the interest part of EMI and Section 80C for deduction on the principal part of the EMI. To accurately report the interest and principal separately in the Income Tax Return, you need an EMI schedule that represents both parts individually due to the separate form sections.
12. Self Assessment/ Advance Tax Challan
Non-salaried individuals are required to pay Advance Tax quarterly, while salaried individuals must pay self-assessment tax, as tax obligations remain even after TDS deductions.
Keep in mind that when filing your income tax return, any advance tax and self-assessment tax payments need to be self-reported in the ITR form. These details should be pre-filled in the form, but it may take up to 48 hours for the information to be updated. If you file your tax return right after making these tax payments, you may need to manually provide the challan details, or electronically if you paid the taxes online.
13. Section 80C Documents
Remember, Section 80C documents are crucial for claiming tax deductions on your eligible investments. These deductions are reflected in your Form-16, which should be used when filing for deductions in ITR-1 or ITR. Before filing your ITR, ensure that you have all the documents for eligible tax deductions in hand.
14. Farm Land Records
Tax exemption is there on the agricultural income, however, under the revised regulation of the ITR form in 2019 farmers whose yearly income from agriculture surpasses Rs 5 lakh would required to provide information such as the location and area of every land parcel. Hence in these matters the records of farmland must be in hand while filing income tax.
It is very simple for you to file an ITR through Gen IT software and keep all your documents ready. It will only take 10 minutes and post-return filing you will get the tax refund, if any, within three months.
