Which documents are required to file income tax returns

Unlike you might imagine, filing ITR is a straightforward and user friendly process. When you set out to file your ITR, here are the documents you need to keep ready by your side.

Choose the right ITR form

Go through the options and choose the right kind of ITR form applicable in your case.

Link your Aadhaar with PAN

It is compulsory for all taxpayers to link their Aadhaar with their PAN before filing the ITR.

Salaried Employees

Salaried employees must keep these documents ready while e-filing the income tax returns.

PAN

Form-16 issued by your employer

Salary slips (month wise)

Starting from the AY 2019-20, it is necessary to have all the information ready on the taxable allowances you have received and the amounts you have claimed except the ones towards house rent, leave travel and others. You need to disclose the same while filing.

Documents pertaining to income through interests

Bank statement/passbook for the interests earned on savings account.

Interest income statement regarding the fixed deposits.

TDS certificate issued by the banks and other financial institutions.

Form 26AS

We can say Form 26AS is a kind of summary of the taxes deducted behalf of you and the taxes you have already paid. The Income Tax Department provides the necessary data on this.

The details you will get from the IT department will show the taxes deducted behalf of you by the deductors, the details about the tax the taxpayers have deposited the tax refunds you received in a given financial year. All this information can be gathered from the IT official website.

Section 80 Investments

Documents related to Section 80C investments. This will include investments done under PPF, NSC, ULIPS, ELSS, and LIC which are all eligible for deductions under Section 80C.

Documents needed for claiming some expenses as deductions

Get ready with the following documents with you for claiming the following expenses as deductions.

Contribution to Provident Fund

School tuition fees of your children

Life insurance premium payment

Stamp-duty and registration charges

Repayment of the principal on your home loan

Savings schemes related to equity and mutual funds investment

The maximum amount you can claim under Section 80C is Rs 1.5 lakhs.

Other Investment Documents you will need

The interest amount paid towards housing loan: Note that the interest amount paid towards housing loan is eligible for a tax saving up to a maximum limit of Rs 2,00,000. This is pertaining to a self-occupied home. In case of let out or deemed property, there is no upper limit on the interest amount on the housing loans that are eligible for saving tax till the FY 2016-17.

Starting from FY 2017-18, the total loss from the property that is found available for setting against other kinds of income has an upper limit of Rs 2 lakhs. So, the interest on housing loan can be considered eligible for saving on taxes for an upper limit of Rs 2,00,000 even in case of property that is let out.

Interest payments on education loans

Statement on stock trading: the statements regarding the stock trades you accomplished in the year which will be considered under the capital gains.