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Income Tax Documents Required Before You File ITR

Updated on July 12, 2024 , 4436 views

Even though taxpayers are at ease and there is still enough time for filing the Income Tax Returns, preparing well beforehand never gives you the last-minute rush or anxiety. There is no denying the fact that ITR filing has become a simpler and effortless task, courtesy to the online portal.

However, there are possibilities that an error might occur while you sit for it. After all, to err is human. Out of all the things, not having adequate income tax documents in front is one of the most common mistakes that taxpayers commit. Here are all the essential papers required when you file your Income Tax Return.

Income Tax Documents

Form 16

Also known as Tax Deducted at Source (TDS) certificate, Income tax Form 16 Is necessary for filing the income tax returns if you are a salaried individual. Hence, this one is the first form that you need to collect. It is issued by your employer once he has furnished the Information about the Taxes paid on your behalf, which is done after bringing your allowances, salary, and deductions into consideration.

Form 16A

If your monthly income is arriving from anybody else other than your employee, form 16A is something you should not miss upon. This form documents the records regarding the details related to Tax Deducted at Source by different people.

Usually, it could be Institutions or banks from where you might be earning commission or interest during the year.

Form 26AS

This form showcases the information of every tax that was deducted and deposited on your behalf by any deductor. Income tax Form 26AS can easily be downloaded from the official website of the IT Department.

Capital Gain Tax Statement

If you have invested in Mutual Funds, shares, and more; Capital Gain statement is one of the essential documents required for ITR filing. This statement is issued by the broking house you are associated with. And, it contains details of short term Capital gains.

Also, even though you don’t have to pay taxes on long term capital gains, you still need to mention the same in the statement.

Aadhaar Card

Aadhar card is one such document that is universally required for every taxpayer. While filing the ITR form, you would have to provide your Aadhaar number. This is done to make the e-verification simpler as you receive a One Time Password (OTP) on the phone number registered with the Aadhar.

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PAN Card

Undoubtedly, PAN Card is one of the most essential documents that you would have to keep ready during the process. The permanent account number (PAN) acts as the identity proof and needs to be mentioned in the income tax returns.

Bank Statement Details

You have to provide the details of the Savings Account while filing the income tax returns. The reason behind this is because the details of your Fixed Deposit interest and savings account interest are required for the taxes.

The total amount from these sources has to be added under the ‘income from other sources’ head. If you are looking forward to getting any deductions under section 80 TTA, you can only claim them after recording the interest that you earn during the financial year.

Home Loan Statement

If you have a Home Loan on your name, you would have to collect this statement for the same. This statement lets you ascertain the Deduction that you can claim for the interest and the principle-based upon the break up mentioned in the statement.

Property Details

While filing the ITR form, you have to mention the details regarding the purchase and selling of the property happened during that financial year. Information like the purchase, ownership, rental income, sale, and more has to be provided.

Also, if you have disposed of a property, you have to mention the details regarding any long term or short term gains earned from it.

Salary Slips

Being a salaried individual, salary slip is required that should contain the necessary details related to the salary, such as basic salary, TDS amount, Dearness Allowance (DA), Travelling Allowances (TA), House Rent Allowance(HRA), standard deduction, and more.

Conclusion

While you would not have to attach any documents with your ITR form, the necessary one should be collected because you would have to enter the information in the income tax declaration form. However, in case you receive a notice from the Assessing Officer (AO) regarding the proof for clarification on something, you may then have to submit the relevant document. Anyhow, being prepared and having everything ready before time is a cautious step that you can take to avoid future problems.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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