ITR Filing: ITR documents may differ from taxpayer to taxpayer as your income and investments etc. will differ. These documents can be divided into 3 parts – income and investment proof, tax statement and finally personal details.
ITR Filing: The time for filing income tax return is going on. If you have not yet filed ITR, then you will also have to fill it soon and for this you will need documents related to ITR. To file ITR, you need some documents, read further what are these documents and you will need them. Why is it needed? The ITR documents may differ from taxpayer to taxpayer as your income and investments etc. will differ. These documents can be divided into 3 parts – income and investment proof, tax statement and finally personal details.
Personal details
First pan and aadhar card
PAN is an important document issued by the Income Tax Department, and it should be linked to your bank account. However, now you can file ITR with Aadhaar card as well, but your PAN and Aadhaar must be linked. Section 139AA of the IT Act says that the taxpayer will also give his Aadhaar number at the time of ITR filing.
Bank account details and bank statement/passbook
You will have to give ITR details of all your bank accounts. Bank name, account number, IFSC and how many accounts you have, all this has to be told. It will also have to be told in which account you want the tax refund. Along with this, you will have to give a copy of the bank statement or passbook, so that it can be checked how much interest you have earned on your savings account in a financial year.
Tax statement Form 16
Now talk of Form 16. Salaried employees especially wait for this. In their case, it is issued by the employer, which contains the details of your salary and TDS deduction. There are two parts in it – A and B, in Part A, how much tax has been deducted, what is the PAN and TAN of the employer. Part B contains the details of gross salary breakup, exemptions etc.
Form-16A/Form-16B/Form-16C
Information about salary, interest etc. is in Form 16A. On the other hand, if you sell a property, your buyer gives you Form 16B. Form 16C contains the details of TDS deduction on rent.
Form 26AS and AIS (Annual Information Statement)
Form 26AS is like a tax passbook. In this, the details of whatever tax you have deposited are there. If TDS is deducted then it will be reflected in it, if you want to get refund then you must see that all the details in this form are correct. Similarly, the Annual Information Statement is also your tax horoscope, in this also all your information from tax deduction, liability is displayed.
Income and investment proof
- At the time of ITR filing, you have to tell how much income you have made in a financial year and where you have invested.
- If you have invested in tax saving instruments like FD, ELSS, etc., which are covered under Section 80C of the Income Tax Act, then keep the related documents ready.
- If you have taken a home loan, then tax exemption is also available here. You can claim tax deduction on the interest you pay on the principal amount and for this you have to show the home loan statement.
- If you have rental income, it has to be disclosed. If you live on rent, then take the bill receipt from your landlord and apply it, by this you can save tax. You do not have to attach these papers, but keep it safe, just in case.
- Apart from this, if you have earned money by selling shares, securities or property, then also it should be disclosed and for this you may have to give broker statement, property sale deed etc. If you have earned from dividend, then you can show it through demat account statement.
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