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November 15, 2017

Documents Required for Income Tax Return Filing in India

Last Update Date : August 20, 2018

Before starting any important task, the proper precautions must be undertaken to avoid errors.  While, errors can happen, the preparation taken can limit or eliminate any common errors. Before filing your Income Tax Return (ITR), collecting all the documents needed for correct filing will ensure speedy and easy filing of the tedious process of filing your yearly tax returns.

General Documents Required for Income Tax Return of Individual

The following are the documents/details needed for every taxpayer when filing their income tax return:

Document Needed

Description

PAN Number
Aadhaar Number
Demonetisation Cash Deposits Cash deposits more than Rs. 2 lakh between 9th November to 30th December 2016
Bank Account Account Details, IFSC code
TDS Certificates Form 16, 16A, 26AS etc
Tax payment Challan Self-Assessment or Advance Tax
Original Return/Notice If filing a revised return or a return in response to notice received, you need to keep original return and details of notice.

In case of filing income tax return for the first time

For first time filers, filing their tax return can be a confusing experience.  Below are the list of documents you will need while filing your tax returns:

  • General Documents
  • Form 16
  • Documents for Income from Other Sources
  • Details of Tax Saving Investments
  • Details of any Other Deductions
  • Form 26AS

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List of Income Tax Documents needed in case of Salary Income

Salaried individuals need to furnish different set of documents depending on their investments, deductions, etc.  The following are the list of the possible documents that may be needed:

Document Needed

Description

Form 16/Salary Certificate A salaried person, whose TDS has been deducted from his salary by the employer, shall receive Form 16 from his employer. Form 16 shows the salary earned during a financial year along with deductions, exemptions and tax deducted on the salary in that year. If no tax is deducted then still the employee can ask for the issue of salary certificate. In case of change of job in mid of financial year all Form 16 should be considered.
Pension Certificate Employee pension is treated as salary and therefore becomes taxable as salary. It is wise to collect the Pension certificate (Form 16) from the payment banker and keep it handy as and when needed.
Salary Arrears If applicable – If an individual receives arrears of pay in a particular year, his tax liabilities is raised artificially in that year. Also he will be required to file Form 10E.
Full and Final Settlement Full and final settlement statement is required in case an individual has changed his job. It is needed to calculate the TDS and determine the exact tax liabilities for that year.
Foreign Salary Slips It is required to determine your foreign income (if applicable) and taxes deducted on the same in case, if you qualify as ordinary resident of India.
Foreign Tax Returns An individual needs to file form 67 if he is claiming foreign tax relief, hence should keep his income proofs and tax returns filed in foreign countries handy.
Rent Agreement/Receipts (If not considered by the employer) It is important to keep these documents handy for when the tax department requires proof especially in case when an individual’s employer has not considered his rent agreements, but he still wish to claim HRA exemption.
Travel Bills In case a person’s employer does not consider his travel bills (LTA), he can still file an IT return, claim the exemption and get a refund. For this, he needs to maintain all the valid travel bills that fulfil the related conditions.
Withdrawn PF An individual’s PF can either be taxable or exempt from tax due to which he should keep the details of the withdrawn PF (PF Passbook) handy for future reference.
Gratuity/Leave Encashment It is always wise to keep the details of gratuity or leave encashment that an individual has received or is eligible to receive whether it is taxable or not.
Joining Bonus Notice pay and joining bonus are both paid by the employer on certain conditions, and hence it is important to keep the details handy as it may be taxable and will be easy to determine the person’s tax liability.

Documents Required for ITR Filing in case of Other Source of Income

For income derived from sources other salary, investments, the following details will need to be furnished as proof of income in your tax return.

Document Needed

Description

Bank passbook/statement Bank details also required to check your Savings account interest as well as your FD interest. For this, you are required to disclose all your active bank account number, IFSC code, the name of the bank, etc. in your ITR.
Form 26AS It is a form which depicts that the tax that has been deducted from your various sources of income and has also been deposited to the Government account. Download it and keep it with you as a statement proof.
Dividends/warrants Though income from dividends is tax-free in the hands of the investor it is recommended that you keep the dividend warrants with you. If your dividend from Indian company exceeds Rs. 10 lakh for the year then you need to pay the tax @ 10% on such dividend more than Rs. 10 lakh.
Interest Certificates (TDS certificate) for all your fixed deposits.
Accrued Interest Interest from NSC, for example, for the year
Rent Agreement For Plant/Machinery if applicable
Lottery/Prize winnings These incomes are taxable at flat rate of 30%, and their receipts should be kept handy.
Agricultural Income Bank statement/ receipt and payment statement showing proof of earned income from agricultural activities
Clubbed Income Income of dependents which you will be declaring as your own.

Documents Required for IT Return in case of House Property

One of the most popular tax saving options for availing deductions and reducing your tax bracket is the documents relating to the purchase, sale and any improvements made on your property, which need to be furnished for claiming deductions on  your tax return.

Document Needed

Description

Property Address Complete address to claim deductions
Co-owner Details If the property is co-owned, their respective shares in ownership of property will be required.
Rent Agreement If you earn rent on your house property and declared the same to your employer, then it will appear on your Form 16. However, you still need to show it in the ITR. Therefore, having the rental agreement is a good thing to show if you are under scrutiny.
Interest Certificate for loan A certificate from the bank showing details of your principal and interest details for the financial year, will be required to claim deductions in case of home loans.
Possession Letter In case an individual’s has purchased an under construction house property then the interest paid on related housing loan will be accumulated till he gets possession. This accumulated interest can be claimed as a deduction in five equal instalments. It is thus advisable to keep the possession letter handy in case it is required for future reference.
Municipal Tax Receipts An individual needs to retain municipal tax receipts to produce it if his case comes up for scrutiny.
Tax Deduction/Form 16A on rent keep this certificate handy for future reference.
Pre-construction Interest Details Pre-construction interest paid or payable should be kept handy while filing ITR to determine the tax liabilities and check if the correct tax has been deducted.
Ownership Details Whether an individual is an owner or a co-owner in a house property, he can claim deductions only when he has all the ownership details along with knowing about his share in the property, in case of co-ownership.
Loan Processing Fees & Foreclosure Charges These charges are treated as Finance costs and can be deducted u/s 24b

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ITR Documents Required in case of Capital Gains

You are required to mention the details of long term or short term capital gain, whichever applicable while filing your ITR. It is important to mention the long-term capital gains even if it is not taxable for equity mutual funds and shares.

Document Needed

Description (Receipts)

Sale n Purchase Deed Property including stamp valuation of the property (for land/building)
Costs of Improvement If any improvements made (receipts)
Other Capital Assets The cost of purchase, sale value and cost of improvement if any – Retain documents of these instruments to claim deductions or calculating the right amount of tax.
Expenses Incurred on Transfer The expenses incurred on the transfer of any capital asset are tax deductible, and hence the records should be maintained as proof of expenses (ex. brokerage, commission, transfer fees, etc.).
Re-investment Purchase Deed You can claim exemptions on capital gains on re-investing the amount in certain specified assets like house, bonds, etc. You need to maintain the record to claim exemptions in this case.
Capital Gains Accounts Scheme If applicable – The capital gains earned should either be invested in the specified asset within the time allowed or deposited in the capital gain account scheme by due date of filing the return (31st July) if you are going to claim them as exemptions.

Document of Tax Saving Investments

With a variety of tax saving options available, regardless of the investments you choose, the details/documents related to the investment should be furnished when filing your tax return.

Documents Needed

Description(Receipts Needed)

ELSS Claim up to Rs 1.5 lakh in deductions u/s 80C
Sukanya Samriddhi Yojana Scheme Claim up to Rs 1.5 lakh in deductions u/s 80C
Life/Medical Insurance Details for claiming deductions/exemptions
PPF Passbook Investment details
Tax Saving FD Claim up to Rs 1.5 lakh in deductions u/s 80C
Repayment Certificate for housing/education loan Another proof to claim deductions on income. Maintain the certificates for when the need arises as you will be required to produce it while claiming the deduction.
Senior Citizen Saving Scheme Receipts for furnishing on return
Children Tuition Fees Receipts It is required to claim tuition fees as deductions of up to 1.5 Lakh on your income. It can be considered as a tax saving investment instrument under section 80C.
Donation Receipts (along with PAN, name and address of the donor) – receipts after making donation as proof
Other Investment Receipts Retain all the other investment proofs under section 80C for personal income tax assessment as a precaution and to avoid paying excess TDS

Note: This is not an exhaustive list of documents and the actual number of documents required for filing return varies from case to case depending upon the tax situation of the individual. Also, many of the documents in this list are submitted to the employer by the employee and such information is reflected in his Form 16. Therefore, at the time of filing return, some basic documents and Form 16 are only required for most of the salaried individuals.

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To ensure your tax return gets filed correctly and you utilize the maximum deductions available, consult with your personal tax expert at H&R Block India.

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