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Document Checklist for Filing Income Tax Returns Research Team | Posted On Tuesday, July 16,2019, 12:41 PM

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Document Checklist for Filing Income Tax Returns



File your income tax returns before July 31st 2019. This date could be extended, but it’s great if you file ITR as soon as possible. This could help avoid penalties and late charges. It’s compulsory to quote the Aadhaar Number while filing ITR. (This was from April 1st 2019).

Now, ITR is a very easy process, but you need some documents before filing your income tax returns. Let’s take a look at the list of documents needed before filing ITR.

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Document Checklist for Filing Income Tax Returns

1. Form 16:

Your ITR-1 is now in sync with the new format of Form 16. The Form 16 has 2 parts:

  • Part A
  • Part B

The Part A of Form 16 has details of tax deducted by your employer during the financial year along with PAN details. You also have TAN (Tax Deduction and Collection Account Number) of the employer. The Part B of Form 16 gives gross salary break up details like exempt allowances and perquisites.

See Also: 5 Simple Steps To File Income Tax Returns

What if TDS has been deducted on payments other than salaries like FD interest or recurring deposit interest? Then, your bank will issue the Form 16A giving details of such deductions.

2. Form 26AS

The Form 26AS has details on taxes which have been deducted on your behalf and deposited with the Government. You may download Form 26AS from TRACES (TDS Reconciliation Analysis and Correction Enabling System). Make sure taxes deducted in FY 2018-19 do reflect in the PAN in the form.

3. Aadhaar Card

It’s compulsory to quote Aadhaar Number from April 1st 2019 while filing Income Tax Returns. What if you have applied for Aadhaar and not received it? Well, you can provide the Enrollment ID in your ITR.

4. Salary Slips

If you are filing ITR 2, you must clearly specify the nature of salary income like basic salary, dearness allowance, HRA and so on. Always keep salary slips handy.

See Also: Income Tax Return Filing And Eligibility

5. Bank and Post Office Interest Certificates

You must disclose the source of interest income like interest on savings bank account, FD or any other income in ITR Forms. Get interest certificates from your bank or post office branch to get an idea on total interest earned. If you can’t get bank and post office interest certificates, update account passbook and check the details.

6. Tax-Saving Investment Proofs:

The tax-saving investments you make under Section 80C, Section 80CCC and Section 80CCD(1) lower tax liability. You can claim a total tax deduction of Rs 1.5 Lakhs a year under these 3 sections, combined.

7. Report Capital Gains

Make sure to report all capital gains from property sale, shares, mutual funds in ITR. The Long-Term capital gain or LTCG got from sale of equity shares and equity-oriented mutual funds during the Financial Year 2018-19, which is held for a year or more is taxed, if it exceeds Rs 1 Lakh. LTCG is charged at 10% on capital gains exceeding Rs 1 Lakh for FY 2018-19.

See Also: Documents To File Income Tax Returns

8. Bank Account Details

Make sure you give details of all bank accounts like bank name, bank account number, bank account type, IFSC code, while filing ITR.

9. Home Loan Statement from Bank/NBFC

Make sure you have home loan statements when filing ITR. Home loan statements from bank/NBFC show home loan principal and interest repaid. You get tax deductions on home loan interest up to Rs 2 Lakhs a year under Section 24. Home loan principal enjoys Section 80C deductions up to Rs 1.5 Lakhs a year.

See Also: How to File Ones Income Tax Returns Online?

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