ITR filing: Document checklist

Business

16 Jul 2019

#FinancialBytes: List of documents needed to file Income Tax returns

July 31, 2019 is the last date to file Income tax returns for FY 2018-19.

All salaried individuals can file their returns using form ITR-1 and ITR-2.

These forms are now available on the e-filing portal of the Income tax department.

Notably, the I-T department will issue only e-refunds, this time.

Here is a list of documents you will need while filing your ITR.

#1

Form 16

Form 16

Form 16 is the TDS certificate issued by your employer. It is issued to certify details of tax deducted and deposited. It has two sections: Part A and Part B.

While Part A contains details like name, address, PAN/TAN information, summary of tax deducted/deposited, Part B comprises employee's salary break up, other income sources, relief under Section 89, deductions claimed, among other details.

#2

Form 16A/16B/16C

When TDS is deducted on incomes other than salary such as interest income on fixed and recurring deposits, your bank will issue Form-16A, specifying details of such deduction.

Also, in case of sale of property, the buyer will have to issue you Form-16B for TDS deducted on the amount paid to you.

Similarly, for TDS deducted on rental income, Form-16C is issued.

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#3

Form 26AS

Form 26AS

Form 26AS is a consolidated statement comprising details of all financial transactions of a person during an assessment year.

These details include the income earned from various sources and the amount of deductions made from a number of avenues, like TDS deducted by your employer, tax collected by collectors, advance tax paid, self-assessment tax payments, and other such details.

#4

Interest certificates from banks and Post offices

You also have to disclose the sources of interest income earned during the assessment year, like interest on savings account, fixed deposits, among other such transactions.

You can demand the interest certificates from your bank, post office branch, and other financial institutions.

In case, interest certificates are not available, you can also use your updated Passbook showing details of interest credited to your account.

#5: Aadhaar card

The Income Tax department has made it mandatory to quote Aadhaar number while filing Income tax returns, with effect from April 1, 2019. However, if your Aadhaar application is underway, you can also use your Aadhaar enrolment ID to file your Income Tax return.

#6,7

Salary slips and Bank account details

Salary slips and Bank account details

Salary slips: You may need salary slips as the new ITR-2, released by the Income tax department requires individuals to report the nature of their salary income, viz. basic, dearness allowance, house rent allowance, and so on.

Bank details: You will also need details like bank name, account number, account type, and IFSC code while filling out your I-T return.

#8: Proof of tax-saving investments made

Tax saving investments made under sections 80C, 80CCC and 80CCD(1) during the FY 2018-19 can help reduce your tax liability. Employees' Provident Fund (EPF), Public Provident Fund (PPF) and NPS are some of the common tax saving investments.

Other documents

While filing your Income Tax return, you may also need documentary proofs to claim deductions (if any) under Section 80D to 80U, Home loan statements from banks and other financial institutions, proof of capital gains, and all your passbooks.

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