Filing ITR, Essential Documents Needed

Ask the Community Income Tax
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Hi,

For a employee submitting ITR first time, what are the essential documents that should be up to date and what documents need to be handy?

Any shareable document would be very useful.

-Chitra

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Types of income on which tax is leviable:

  • Income from Salary
  • Income from House Property
  • Income from Business & Profession
  • Income from Capital Gain
  • Income from Other Sources

List of documents required to file your Income Tax Return:

Form 16:

Form 16 is also known as the TDS (Tax Deducted at Source) Certificate. Form 16 is the basis for filing the income tax returns. Thus, Form 16 is the first form that should be collected. The form is provided by your employer after furnishing the information related to the taxes paid on behalf of you. This is done after taking your salary, allowances, and deductions into consideration.

Salary slips:

For salaried taxpayers, it is important to keep the salary slip ready. The salary slip consists of all the basic details related to the salary of an individual including basic salary, Dearness Allowance (DA), TDS amount, House Rent Allowances (HRA), Travelling Allowances (TA), standard deductions, etc. These details are necessary to file income tax returns.

Form 26AS:

Form 26AS is also known as the annual consolidated statement, which contains all tax-related information of the taxpayer. It also contains details of tax which is deducted at source and details of advance tax. Form26AS is a very important financial document required before filing ITR. Apart from this, Form 26AS also reflects details of Annual Information Return (AIR), which is filed by different entities based on what an individual has invested or spent, mostly high-value transactions.

Form 16A:

Form 16A mentions TDS on interest income on fixed deposits. For instance, you will receive a Form 16A when your bank will deduct TDS on your interest income earned from Fixed Deposits, TDS on rent receipts, TDS on insurance commission, or any other income which is liable for such deduction. Form 16A provides details of the income earned and TDS deducted and deposited on such income. It also contains the name and address of the deductor/deductor, PAN details, TAN details of the deductor, and challan details of TDS deposited.

PAN card:

PAN card is one of the most important documents that you should keep ready with you. Your Permanent Account Number (PAN) acts as your identity proof and has to be mentioned in your Income Tax Returns.

Aadhaar card:

Providing Aadhaar details is mandatory to successfully file your ITR. According to section 139AA of the Income-tax Act, an individual is required to provide his/her Aadhaar details while filing the return of your income.

Deductions under Section 80D to 80U:

Apart from the standard deductions under Section 80C, an individual can also claim exemptions under Section 80D to 80U of the Income Tax Act.

Capital Gain Statement:

In case you have invested in shares, mutual funds, etc., you are required to collect a capital gain statement. This statement will be issued by your broking house. It contains the details of all the short-term capital gains that are required to be paid in case you have exited certain shares before the tenure of 1 year. Even though you may not have to pay taxes on long-term capital gains, you are required to mention them as well in your statement.

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Hi @Chitra

As of in the ITR the format is more rigid and not allowing us to edit much, but still a valid login - using PAN and password followed by the Bank details and Form 16 is much essential for this.

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