Documents needed for e-filing Income Tax Return

The Government of India assembles the reports of taxpayer’s earnings in the form of Income Tax Return. This statement ought to be in an approved format and it must be duly signed, endowed and declared by the individual as a complete statement. It is actually the true statement of his or her income from last F.Y. and termed as Income Tax Return.

Normally, being a salaried taxpayer you need to possess the following documents before filing of Income Tax Return. Here is the list of documents required:

  1. PAN Number : Be acquainted with your PAN number before filing your Income Tax Return. Have an Original PAN Card with you in order to ensure that you do not mention wrong PAN No in your Income Tax Return. Alternatively, you can verify your PAN number online with the Income Tax Department prior to filing of Income Tax Return via Know Your PAN page.
  2. Form 16 issued by the employer : Form No 16 is a form which is issued by an employer with appropriate details of your salary, the sum of taxable salary computed after numerous perks and allowances, the TDS (Tax Deducted at Source) deducted by the employer, the IT deductions that you have claimed andIncome Tax imposed upon you. The employer must have previously deducted and deposited certain portion of Income Tax, commonly known as TDS from the salary and paid to the Income Tax Department. It is actually a fine starting point to begin preparing your Income Tax return.
  3. Bank statements or Passbook for Saving Bank Interest and Other Incomes :
    • One must refer to their bank passbooks to take note of interest on savings bank received from bank accounts. Non-reporting of interest on savings bank is the most common mistake committed by taxpayers while filing their tax returns. Although, Interest on savings bank account is deductible u/s 80TTA upto Rs. 10,000 and therefore it doesn’t affects the income tax liability if the interest is below Rs. 10,000 but still one should first report the interest on savings bank as his or her income and then claim deduction u/s 80TTA.
    • One should also refer passbooks to see if they have received any income as gift, commission, dividends, freelancing income, etc if any. Thus, it assures tax payers that none of the income gets missed out in Income Tax Return.
  4. Tax Deducted at Source Certificate : There are 2 types of TDS Certificates
    • Form No. 16 : Issued by employer to their employees.
    • Form No. 16A : When the TDS is deducted on any income apart from salary then the deductor issues form 16A as TDS certificates. For instance, Banks issue form 16A if it deducts TDS on interest payments to depositors. An organization deducts TDS on commission payments.

    So you have to keep your form 16A ready with you so that you can :

    • Report your other incomes earned by you in Income Tax Return viz. interest, commission, professional fees, contract fees, etc.
    • Claim TDS correctly in your Income Tax Return as the Income Tax Return requires filling in the TAN No. of the deductor and Form 16A is the referral source of TAN No. of deductor.
  5. Interest Income Statements : There may be income from interest on Fixed Deposits (FDRs), Recurring Deposits (RDs) with banks, companies, bonds, debentures, etc. It is important to declare such income while filing Income Tax Returns. In such cases Interest Certificates can be referred to report them in Income Tax Return.
  6. Form 26AS : Form 26AS is a significant document required for ITR. This form showcases all the Income Tax acquired by the IT Department from you. It is actually a tax credit statement showcasing TDS payments and voluntary tax payments done by you. Form 26AS must match with all your TDS certificates which are issued to you by your bank or your employer. However, if there is any kind of mismatch, then you might have a difficult time to get your tax refund. And if there is any variance in the TDS certificate and Form 26AS, then you must immediately contact the employer or the bank to get it corrected. Thus, it is helpful in two ways.
  7. Statements of Charitable Donations : These are donations which can be claimed for deduction u/s 80G. Usually, the receipt issued by charitable institute to whom you donate mentions the eligibility u/s 80G. In order to make sure that you can acquire your tax deduction, be sure that you quote PAN number of that particular charitable institution in Income Tax Return.
  8. Proof of Investment u/s 80C : Investments made under NSC, LIC, school fees, PPF comes u/s 80C. Moreover, payment made for the principal of the Housing Loan as well qualifies for deduction u/s 80C. Therefore, compile all the proofs of tax saving investments so that you don’t forget to claim any tax benefits for the investments made by you. It is important to note that you can claim tax deductions under section 80C if you have forgotten to declare it in the declaration form submitted by you to your employer and your employer has not given any benefit of it in Form 16.
  9. Interest Compensated on housing loan : If an individual pays EMI for housing loan for house in which he or she lives in, the amount of interest compensated is eligible for tax saving. Therefore, ask your bank manger to give the Interest on Housing loan certificate and Principal repayment certificate to you.
  10. Investment Proof u/s 80D : Payments for medical insurance for your parents and family can be claimed under this section. So the medical insurance premium receipts are the source document which will help you to claim section 80D tax benefits.
  11. Investment Proof u/s 80E : The amount ofinterest paid for education loan is eligible for tax deduction and can be claimed u/s 80E. Thus, one must keep all records of such a loan, interest paid on it, etc to claim tax benefit under Section 80E.
  12. Capital Gain on Sale of Property : If in case you have sold any of your property or land or house or anything valuable, you may definitely have incurred a Capital Gain or Loss. One must keep a record of following sets so as to compute the capital gain or loss incurred and declare the same in the Income Tax Return.
    • Purchase deed,
    • Sale deed,
    • Records of brokerages and commission paid
  13. Evidence of Disabilities : If there is any kind of disability, then you need to check u/s 80U. For this one must furnish the certificate issued by the Chief Medical Officer of the hospital or institution as notified by the law. And if you have dependants who have disabilities, then have a look under Section 80DD.
  14. Statement of Stock Trading : If any stock is sold during the financial year, then there will be either Capital Gain or Loss. Nowadays, stock brokers provide their clients a detailed report of long term capital gains and short term capital gains stating cost of acquisition, sale proceeds, profit or loss earned on sale, amount of speculation profits, whether they are derivative profits or intra-day profits.

In general, the key to easy filing of Income Tax Return is to keep ready all the above mentioned documents.

Which ITR form to fill? March 5, 2015

Section 80GGA, 80GGB and 80GGC of Income Tax Act April 9, 2015



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