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.
Following persons are supposed to file their Income tax returns on or before 31st July of the relevant assessment year* :
- Individual
- Hindu Undivided Family (HUF)
- Body Of Individuals (BOI)
- Association of persons (AOP) or
- Other non audit cases.
*Relevant Assessment year is the year immediately succeeding the financial year for which the return is to be filed.
So, Are you anywhere in the above list? If yes…
Have you filed your Income Tax return for the Financial Year ? If not,have you at least collected all the documents that you require at the time of return filing ?
If the answer to the above two questions is “No”, what are you waiting for, its time to hurry up before it gets too late. We have the normal tendency to delay things like filing our Income tax returns and then rush up things to the last minute before due date.
You should not wait for the due dates to come and wake you up. Some of us are also wait to hear for any extension in the due dates of filing ITR. Isn’t it ? But, that’s not the correct approach. Instead of getting a last minute call you should become an early bird and file your ITR on time either yourself or through experienced professionals.
Now, for accurate and timely filing of your Income tax returns or ITR, you need to keep in hand a few documents.
So,we have compiled a list of 10 Important documents that shall be required while e-filing your Income Tax Return.
10 Documents for E-filing ITR or Income Tax Return :
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.
1. 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.To grab more details on PAN Card go through PAN-All you need to Know.
2. 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.
3. 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.
4. 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.
5. 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.
From FY 2014-15 onwards, you have to disclose all your active bank account details like account numbers,name of bank, IFSC Codes etc. as well in your ITR. Refund(if any) shall be credited directly to the bank account as specified ( for refund) by you in the ITR form.
6. 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 .
7. 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.
8. 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.
For non-salaried, you should also collect the relevant proofs of all the Investments made during the year so as to claim the Tax Deductions Under Chapter VI A.
9. 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.
10. 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.
Now,as the Income tax return filing date is approaching, you need to keep these documents(the ones applicable to you) ready to avoid any last minute rush or confusions. Although, you don’t need to submit the said documents while filing your ITR, but keeping them handy at the time of filing your ITR yourself or through a tax professional will guide you in filling all the relevant details correctly.
Further, you might not have all of them e.g. home loan certificates will be applicable only for the ones who have taken any home loan.Form 16 is for salaried persons only.
Investment details vary from person to person based on the type and amount of investments. So.the requirements may vary from case to case.You have to collect the ones that are applicable to you.
Just keep the documents ready and here you go…E-filing your Income Tax Return will become a much easier task for you. If you have anything to add, any opinions thereon, feel free to give your valuable comments and feedback !
Also, go through our popular blog posts : Form 15 G and 15H :When to submit and avoid TDS ? and GST – Impact on Common man !
Thanks for sharing such useful details. These are indeed helpful.
It’s in my nature to learn from others. I apply a similar learning approach for blogging as well. A few weeks ago, I started a blogging series by writing the things that I have learned, put them to action and seen the results. It’s a great learning experience when I visit your posts. Keep on sharing useful info related to finance and taxation. Thanks for sharing another good post.
What are the documents needed at the time of filling ITR of Nil. Please tell me.
Hi Amit, You don’t have to submit any supporting documents while filing ITR. Its an online process wherein you need to fill the relevant details in the ITR form as applicable to you. Your PAN card and AADHAR card are the most essential documents for filing your ITR. You also need to have bank account details like A/c no. that need to be mentioned on your form.
Do we require to submit House loan certificate and LIC premium paid certificate with income tax return filing.
Hi,You are not supposed to submit house loan certificate or LIC certificate while filing your ITR. You just need to mention all the relevant details correctly.
We need to keep all documents ready to file ITR on time.Thanks a lot for guiding with the useful list of documents for e-filing.
You shared good information on documents required for the tax returns. I was looking for such help to know which are docs are important to assemble for ITR. Thanks.
Thanks for appreciation.Keep your documents ready to file your ITR before the due date.
I am a pensioner. I got tax deduction form from SBI. I have downloaded form 26AS from income tax site. But form 26AS shows no transactions at present in all columns. What I have to do please clarify.
Hello Sir,Your Total TDS or Tax deducted at source during a particular financial year is reflected in Form 26AS. You got Form 16A from your bank,the tax deducted by your bank in a particular year should be shown in the Form 26AS for that particular financial year.
Kindly check if you have selected the correct assessment year and financial year while downloading Form 26AS. Assuming you are talking about TDS for previous financial year 2016-17, you need to select assessment year 2017-18. Check if year has been correctly selected and you can match the TDS amount. Hope this helps.
Good article.You have provided a complete list of documents which are required at the time of ITR. Everybody must keep these documents. And ITR will become an easy task.