As an Indian citizen, you are required by law to file income tax returns. The last date for submitting IT returns every year is 31st July. Before this date, you must file the returns for the previous fiscal year. For instance, before 31st July 2020, you must submit the returns for the FY 2019 – 20.

E-filing IT returns is quick and hassle-free, provided you have the right documents in hand.

Documents required while filing your IT Returns

  • PAN Card – It’s the most important documents while filing IT returns as it serves as your ID proof. You must mention your PAN number while e-filing the returns.
  • Aadhaar Number – You are required to provide your Aadhaar number while filing your ITR.
  • Login Credentials – Finally, make sure to have your Income Tax login credentials in hand, so that you can log into the official portal and commence the e-filing process. Note that income tax returns are annexure-less returns. It means you don’t have to submit any document or proof while filing your returns. However, you require the following list of documents to prepare your IT returns and to submit as proof if required.

Documents required for Preparing IT Returns

  • Form 16 – It's the TDS certificate. Salaried individuals can collect this form from their employer. It indicates that the employer has paid taxes on your behalf, after considering your salary, deductions, and other allowances into consideration. Salaried employees should also keep the salary slip handy.
  • Form 16 A – It lists out TDS deductions done by others than your employer. Generally, banks and other financial institutions deduct TDS for the interest earned by your account.
  • Form 26AS – You can download this form from the website of the Income Tax Department, www.indiafilings.gov.in. It shows the total amount of tax paid against a PAN for a financial year.
  • Capital Gains Tax – If you have invested in mutual funds or shares, you need a capital gains statement. You can collect this statement from your broking house.
  • Advance tax challan – If you have paid advance tax.
  • Bank statement details – The interest earned on your bank account and your fixed deposits should be mentioned under Section 80TTA, under the head, “Income from Other Sources.”
  • Home loan details – If you have taken a home loan, you are eligible for deductions on the principal under Section 80C and deductions on the interest under Section 24.
  • Property Details – If you have purchased/sold any property or earned rental income during the fiscal year, you have to furnish details for it.
  • Tax-Saving Proofs – If you’re eligible for deductions under Section 80C, 80CCC, 80CCD (1), 80D to 80U, then you have to provide proof for these investments.
  • Other investment documents – Like education loan, life insurance premium payment, your children’s school tuition fees, and more.
Though you don’t have to submit these for ITR filing, make sure to retain a copy of these documents/receipts for future references. You may need to provide proof if required by an assessing officer.

Click here to visit our personalized online advisor that gives you the financial expertise you need.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



Trending Articles

Popularly Searched Terms

How to Calculate Income Tax

Income Tax Benefit

Tax Saving Investment

Tax Saving Investments Under 80C

What is Tax

Latest Articles

abc-of-taxes
abc-of-taxes

Points to Note While Filling Salary Details in ITR 2

Read More
Posted on 29 May 2020
abc-of-taxes
abc-of-taxes

Want to Save Tax? Start With Understanding Your Payslip Better

Read More
Posted on 27 May 2020
abc-of-taxes
abc-of-taxes

10 Reasons Why You May Get a Notice From The Income Tax Department

Read More
Posted on 26 May 2020

Featured Articles

image abc-of-personal-money
abc-of-personal-money

Are Millennials Any Different When It Comes To Planning Financials?

Read More
Posted on 05 February 2020

Relevant Articles

image abc-of-taxes
abc-of-taxes

Points to Note While Filling Salary Details in ITR 2

Read More
Posted on 29 May 2020
image abc-of-taxes
abc-of-taxes

Want to Save Tax? Start With Understanding Your Payslip Better

Read More
Posted on 27 May 2020
image abc-of-taxes
abc-of-taxes

10 Reasons Why You May Get a Notice From The Income Tax Department

Read More
Posted on 26 May 2020