A handy list of documents you should keep ready when filing your ITR

A handy list of documents you should keep ready when filing your ITR

19 Sep 2019
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With the deadline for ITR filing in 2019 extended by a month to August 31, you should have enough time to prepare all the income tax return documents for filing your returns. To avoid last minute glitches and delays, it’s advisable to prepare well before the extended deadline.

While filing income tax return you must have noticed that the income tax department’s e-filing website doesn’t allow you to save your work and then resume again later. If you don’t have all the documents and information handy, you have to stop and resume all over again. To avoid these delays, you should keep all the documents and information ready for a smooth ITR filing in 2019.

To make ITR filing fast and easy for your, here’s a checklist of income tax return documents you should keep handy before filing your returns.

Form 16

If you are a salaried person, the Form 16 is one document that you eagerly wait to receive from your accounts department every year so that you can file your ITR on time. Your employer issues the Form 16 as a certificate for tax deducted at source (TDS) or the tax deducted from your salary.

Form 16 must have the detailed breakdown of your salary and TDS deductions on it. Salaried taxpayers can use the information provided on Form 16 for filing ITR manually or upload Form 16 on an online return filing website to automatically update the information.

Form 16A/ 16B/ 16C

If your bank has deducted tax from your income sources such as fixed deposits, shares, mutual funds, etc., it will issue Form 16A as a TDS certificate. If you have sold property, the buyer will issue Form 16B for you stating the tax deducted on the total amount paid to you. Finally, if you are a landlord earning rental income of more than Rs. 50,000 from a tenant, the tenant will issue Form 16C showing the tax deducted on the rent.

If these scenarios are applicable to you, you must keep Form 16A, Form 16B and Form 16C ready before filing your return.

Form 26AS

Form 26AS is an important document for reference for the taxpayer before ITR filing in 2019. It is a consolidated statement of tax paid for a particular financial year and deposited to your PAN. It includes:

  • Tax deducted by employer

  • Payment of advance taxes

  • Tax deducted by banks

  • Payment of self-assessment taxes

  • Tax deducted by other organisations on payments made to you

Form 26AS can be downloaded from the TRACES website. You should carefully check that the taxes deducted from your income for the financial year 2018-19 is reflecting in form 26AS. If there are any errors, you need to ask the organisation or individual who has deducted the tax to rectify the error.

Investment proofs

To be eligible for tax deductions, you need to report and submit proofs of all the investments you have made under section 80C, 80D and 80E with your returns. You can claim income tax deductions up to 1.5 lakh for investments in tax-saving instruments such as EPF, PPF, ELSS mutual funds, ULIPs, life insurance, NPS and others. You can also claim deductions under section 80D for health insurance premium paid for self, spouse and children.

Keep the proofs of premiums paid and contribution made for the entire year handy as you’ll need to upload them to the portal.

Home loan statement

The home loan statement helps you get all the information on the loan while filing return as well as works as a proof. It has details about payments made on the principal and interest of the home loan by the taxpayer. Individuals can get tax deductions up to Rs. 2 lakh on interest paid on home loan under section 24.

Statement on capital gains

You have to report capital gains made from equities, mutual funds and property sale while ITR filing in 2019. Income tax return documents such as purchase deed and sale deed are required to report income from sale of property. You need statements from fund houses and brokers for capital gains received from equity and mutual funds. Capital gains above Rs. 1 lakh from shares and mutual funds is taxed at 10% for FY 2018-19.

Apart from these documents, don’t forget to keep your Aadhar card handy. It is now mandatory to mention Aadhar number while filing income tax returns. You also need to provide correct bank details for refunds from the income tax department.