Through this blog we shall be discussing some of the important documents required for E-filing Income tax return or ITR. Another Financial year is over and yet another due date is nearing by i.e. 31st July, the due date for filing your Income Tax returns or ITR.
Please not that AADHAR has also been made mandatory for Income returns filed w.e.f 1st July 2017. Now, you also need to have your AADHAR Card while filing your Income tax return for Financial year 2016-17.
If you don’t have AADHAR, but have already applied for one, your AADHAR enrolment number shall also be valid for filing your ITR for Financial year 2016-17.
* PAN card :The first thing you need while filing your Income tax return is your PAN Card.Having a valid PAN is a prerequisite for filing your Income tax return. PAN is your identity proof and quoting PAN is mandatory in various documents including your Income tax return.
* Form 16 received from your Employer :Form 16 is applicable only to Salaried Employees. If you are a salaried person and your employer has deducted TDS on your salary, he shall issue you Form 16.It shows the salary earned by an employee during the year, exemptions, deductions and tax deducted or TDS on your salary during the year. This is also known as TDS Certificate.
* Form 16 A received from Banks :Form 16 A is the TDS certificate regarding tax deducted at source by other deductors like banks or other institutions on the interest/commission that you have earned during the year.
* Form 26 AS :Form 26 AS can be downloaded from the TRACES website. It shows Tax deducted and deposited on your behalf by the deductors. It is provided by Income Tax department.In simple terms, it shows the total tax paid against your PAN during a financial year.You can easily download it by logging your Income Tax E-filing Account.As you login and select Form 26 AS option you shall be redirected towards the TRACES website,from where you can get your Form 26 AS.
* All your Bank Statements :To check and provide complete details of your Savings account Interest as well as FD interest.The total Interest amount needs to be reflected under the head “Income from Other Sources” irrespective of the TDS. So,firstly you have to show Interest Income,then claim deduction U/s 80 TTA Deduction. Also the deduction U/s 80 TTA is available only on Saving account Interest and not on FD interest.
* Property Details :If you have bought or sold any property during the financial year, you need to have details as to ownership,any rental income, purchase or sale date,sale proceeds etc.In case of property sold,you have to give details of any short term or long term capital gains thereon .
* Home Loan certificates :If you have taken any loan for buying your house, you should collect all the documents and Home loan details, Interest certificates.You can claim deductions for Home Loans -Principal repayment is eligible for tax deduction Under Section 80C and Interest on Home loan U/s 24 of Income tax act.
* Investment proofs :For salaried class, your Form 16 includes your eligible deductions amount also, but there can be certain additional investments made during the financial year,that are not shown in Form 16. This is because you might have invested some amount after submitting proofs to your employer, but before the end of financial year.
* Business/Professional Income Details : If you are a sole proprietor, a freelancer, a blogger, an artist or any other professional etc. you should have details of your turnover or receipts, any expenses incurred to generate such revenue like remuneration, travelling expenses, depreciation,telephone and internet bills and other supporting documents.
* Self assessment Challan/Advance tax Challan :If you have paid any self assessment tax or any advance tax, you need the respective challan to fill in the respective details in your Income tax return or ITR Form.