Important Documents that are required to file Income Tax Return

Last Updated On: Dec. 23, 2021, 9:44 p.m.
...

WHAT ARE THE DOCUMENTS REQUIRED FOR FILING INCOME TAX RETURNS

 

The last day for filing your income tax return (ITR) for the financial year 2020-21 is on December 31, 2021. The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY2020-21 (AY2021-22) to December 31, 2021.

 

List of Documents required for filing:

 

1. Form 16

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Taxpayers.

 

2. Form 26AS

Form 26AS reflects the details of every tax deducted from your income by any deductor and deposited on your behalf.

 

3. Interest Certificates from Banks/ Post offices etc

This is required while showing your income under the head of income from other sources. The interest received by the assesse on his savings is cumulated and summed up figure is shown while filing Income Tax Return.

 

4. Proofs of investments done for saving tax

The Income Tax Act 1961 allows the assesses to save its tax amount by investing its income in the various Government approved schemes for tax benefits. Accordingly the assesse who has invested his income under the various schemes as applicable can declare such amounts under the Chapter VI A i.e. deductions being shown from Sec 80C onwards.

 

5. Proofs of investments done for saving tax

The Income Tax Act 1961 allows the assesses to save its tax amount by investing its income in the various Government approved schemes for tax benefits. Accordingly the assesse who has invested his income under the various schemes as applicable can declare such amounts under the Chapter VI A i.e. deductions being shown from Sec 80C onwards.

 

6. Home Loan Statements

Where an assesse has taken a home loan, the interest paid on the loan is deducted from the income of house property. Where there is no income from house property but still loan has been taken for construction etc, the loss i.e. negative income can be shown under the head income from house property and the same gets adjusted in the final income. For adjusting the amount of loss / interest amount, the statement from bank is required while filing income tax return.

 

7. AADHAR Card

Last but not the least is the AADHAR card. It’s a mandatory requirement while filing your income tax return. Sec 139 AA of the Income Tax Act requires that every individual who is filing his income tax return has to mention his AADHAR card number and in case the same is applied for then the corresponding enrolment number has to be mentioned in the return form.

 

8. TDS certificates from other deductors

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.

 

9. Capital gains

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.

 

 

ABOUT LEGAL SUVIDHA

Copyright © 2013-2021 - All Right Reserved