Important documents needed for ITR filing
Table of Contents
What is ITR (Income Tax Return)?
Income Tax Return (‘ITR’) is the form for submitting return of Income, Exemptions, Deductions, Tax paid, Tax deducted or collected at sources. The information is submitted to Income Tax Department for acknowledgement of return filed, assessment of income filed and intimation of ITR processed to taxpayer. Important documents needed for ITR filing
Important documents needed for ITR filing
In order to ensure hassle-free and correct filing of ITR (‘Income Tax Return’), the document requirements for each of heads of income is elaborated below:
INCOME FROM SALARY
- Form 16 is a certificate issued by an employer for tax deduction at source (TDS) from the salary of the employee’s
- Claim foreign tax credit in Form 67
- Overdue salary if paid in the respective financial year in Form 10E
- Pay Slips containing cumulative for the entire financial year
- House Rent Allowances (HRA)
- Leave Travel Allowances (LTA)
INTEREST INCOME
- Details of Income from other sources like Interests on savings bank, fixed deposits, and tax saving instruments.
- TDS certificate received from the Bank and others.
EXEMPT INCOME
- Details of Exempt income like interest received from public provident fund (‘PPF’), employers provident fund (EPF)
Annual Information Statement (earlier, Form 26AS)
Form 26AS is a consolidated tax statement which details of total amount paid/credited and total tax deducted at sources thereon, tax collected at source, advance tax, self-assessment tax, regular assessment tax deposited by the taxpayers.
TAX PAYMENT
- Details of self-assessment tax challan
- Details of advance tax challan
DEDUCTIONS OF TAX PAYABLE U/S 80C
Documents claiming deductions as follows:
- Life Insurance Premium receipts
- Contribution document to PPF (Public Provident Fund)
- ELSS (Equity Linked Saving Scheme) Statement
- NSC copy (National Savings Certificate)
- Receipts of Tuition fees (excluding payment towards development fees, donation, payment of similar nature)
- Passbook towards contribution of SCSS (Senior Citizen Saving Schemes)
- Passbook towards contribution of SSY (Sukanya Samriddhi Yojana)
MEDICLAIM U/S 80D
- Mediclaim Premium receipts for claiming deduction u/s 80D
Housing Loan Certificate
- Certificate towards payment of interest and principal on Housing loan.
- Principal payment on housing loan is allowed u/s 80C under chapter VIA.
- interest payment on housing loan is allowed u/s 24(b) under the head Income from house property. Important documents needed for ITR filing.
