What are the essential documents needed to file an Income Tax Return? The documents required for filing ITR vary depending on the source of income. However, certain documents are mandatory for all taxpayers, regardless of their income sources.
Here is a list of the common ITR documents required to file ITR in the financial year 2022-23 (the assessment year 2023-24):
Permanent Account Number (PAN) Card:
Obtaining a PAN card is the primary requirement for filing an income tax return. PAN is also necessary for TDS deduction and should be linked to your bank account for direct crediting of income tax refunds, if applicable. You can find your PAN number on your PAN card, Form 26AS, Form 16, Form 12BB, or other relevant documents. Recent government amendments allow taxpayers to file ITR using their Aadhaar number instead of PAN.
Aadhaar Card:
As per Section 139AA of the Income Tax Act, individuals must provide their Aadhaar card details when filing their tax returns. If you have applied for an Aadhaar card but have not received it yet, you should provide the enrollment ID in your tax returns. Linking PAN and Aadhaar enables online verification of your income tax return through an OTP. You can download your Aadhaar card online if you have lost it or cannot find it.
Form 16:
Form 16 is a crucial document issued by the employer to salaried employees. It contains details of the employee’s salary and the amount of TDS deducted. Form 16 consists of two parts: Part A and Part B. Part A
includes the employer’s details, PAN, and TAN, along with the amount of tax deducted during the financial year. Part B contains TDS calculations, such as the breakup of gross salary, exempt allowances, perquisites, etc. Form 16 is essential for filing your ITR if you are a salaried individual. However, if you do not have Form 16, there are alternative ways to file your ITR.
Form 16A/ Form 16B/ Form 16C:
Form 16A is provided for TDS deducted on non-salary payments like recurring deposits or fixed deposits. When selling a property, you receive Form 16B, which shows TDS deducted from the payment to the seller. Form 16C is a TDS certificate for a 5% rent deduction under section 194IB. Banks and contractors issue Form 16A, buyers issue Form 16B, and Form 16C should be given to the payee within 15 days of filing Form 26QC. TDS details can also be obtained from Form 26AS.
Form 26AS and AIS/TIS:
Form 26AS is an annual tax statement that serves as a tax passbook, showing taxes deposited against your PAN. It includes TDS deductions by banks, employers, and other organizations for your payments. Accuracy is crucial to claim tax credits. Access Form 26AS on the Income Tax India website, and use the AIS app for TDS, TCS, and interest information. AIS provides reported and modified values, while TIS offers aggregated information categorized by different types.
Home Loan Statement:
If you have taken a home loan from a financial institution, such as a bank, you need to collect the statement for the last financial year. The statement provides details of the principal and interest repaid, which are required as proof and for providing information in your income tax returns.
Bank Account Details:
In the ITR, it is mandatory to disclose all active bank accounts. You need to provide details such as the bank name, account number, IFSC code, and the number of accounts held. One account should be selected as the primary account for the Income Tax Department to process any tax refunds through electronic transfer. Bank account details are used to verify income disclosures and high-volume transactions. You can find these details in your bank passbooks, cheque book, statements, net banking account, etc.
Bank Statement/Passbook:
During a financial year, bank statements provide information on interest earned from a savings account, interest income from fixed deposits, etc. This information is required for filing ITR.
Tax-Saving Instruments:
If you have invested in tax-saving schemes like tax-saving fixed deposits, Equity Linked Savings Schemes (ELSS), or investment receipts, you should have the relevant documents ready when filing your taxes.
Capital Gains Details:
If you have sold shares, securities, or property, resulting in capital gains or losses, you need to have supporting documents such as broker statements and property sale deeds.
Rental Income:
If you earn income from renting out your property, you should report it while filing your ITR. Also, remember to collect receipts from the landlord if you are paying rent. Although these documents are not required to be submitted with the ITR, it is advisable to keep them safe in case they are needed by your employer or the Income Tax Department in the future.
Foreign Income:
If you have earned income in or from a foreign country during a job deployment or for part of the year, you need to furnish documents relating to foreign income to your tax consultant. These documents will help you claim the benefit of tax credits and Double Taxation Avoidance Agreements (DTAA). Arrange these documents with your employer or contractor.
Dividend Income:
If you have invested in shares or mutual funds and earned dividend income, you should report it while filing your income tax return. Details of dividends earned during the financial year can be obtained from your broker statement or Demat account summary.
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Conclusion:
In conclusion, when filing an Income Tax Return, it is crucial to
have certain essential documents in order. These documents include PAN card,
Aadhaar card, Form 16, Form 16A/Form 16B/Form 16C, bank account details, bank
statements/passbooks, Form 26AS and AIS/TIS, home loan statement, tax-saving
instruments proof, capital gains details, rental income receipts, foreign
income documents, and dividend income details. Ensuring that you have these
documents ready will facilitate a smooth and accurate filing process, helping
you fulfil your tax obligations efficiently.
