Essential Documents Required for Income Tax Filing

For income tax return verification and easy computation, you need to submit certain documents. These include salary or income slips, bank account details, and previous tax statements, among others.

 

Being aware of the documentation requirements can help you plan the ITR filing better. It aids you in collecting the required details beforehand and avoids last-minute hassles. In addition, it also prevents any miscalculation while computing your tax liability. 

Here are the main documents that you need to submit while filing ITR for the financial year:

• Permanent Account Number (PAN) card

• Salary payslips

• Bank statements

• Interest certificates

• Form 26AS

• Forms 16A, 16B, 16C

• TDS certificate

• Proof of Tax Saving Investments

To help reduce your tax liability and save money, the government offers various deductions and exemptions. Here are some of the documents you need to submit to claim deduction u/s 80C to 80U:

• Home loan statement

• Donation Receipts

• Education loan documents

• School fee receipt for tuition fees

• Contribution to Public Provident Fund (PPF), life insurance premium receipts, etc.

• Details of medical insurance

• Receipts of any other investments

Under the Income Tax Act, you need to submit the following documents for filing capital gain income:

1. On Sale of Property, Gold and Silver:

• Registration details

• Sale and purchase agreement

• Calculation of capital gain on the basis of purchase and sale price and cost of transfer and improvement

2. On Sale of Mutual Funds:

• Statement of mutual fund

3. On Sale of Equity Shares:

• Summary of stock trading statement from the broker

While filing ITR, here is the paperwork you need to submit in case you earn income from your house property:

• Address of the property

• Details of the property owner

• Details of the property co-owner

• Rent agreement

• Pre-construction interest details

• Municipal tax receipts

• Interest certificate for loan

• Documents for loan processing fees and foreclosure charges

• Supporting paperwork if you are claiming exemption u/s 54 or 54EC

Here are the documents for professionals (u/s 44ADA) and businessmen (opting presumptive scheme u/s 44AD):

• Gross Profit

• Gross Turnover or Receipt

 

If you operate a business and your total sales or turnover exceed ₹2 Crores in the previous financial year, you must have the accounts audited u/s 44AB. 

 

Similarly, if you are engaged in professions such as chartered accountancy, medicine, law, etc., with total receipts exceeding ₹50 Lakhs, you also need to get your accounts audited.