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Documents To File Income Tax Returns Research Team | Posted On Friday, June 21,2019, 01:15 PM

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Documents To File Income Tax Returns



It’s the tax season and time to file Income Tax Returns. In all this there’s a piece of good news. July 31st is the deadline to file taxes, but it could be extended. The ITR filing date may be extended as employers get more time to issue Form 16. This is because the Income Tax Department has notified a revised format for the Form 16.

Now to the important question. What is the list of documents needed to file ITR for the Financial Year 2018-19? You better keep these documents ready before you file ITR.

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Documents To File Income Tax Returns

Form 16: The Form 16 is a TDS certificate given by your employer. It gives the detailed break-up of the salary and also the tax deducted on it. If your employer has deducted TDS, he has to provide Form 16.

The tax department has issued a new format of the Form 16. This is in sync with ITR-1 and ITR-2 forms which were prescribed for the Financial Year 2018-19.

The Form 16 has 2 parts: This is Part A and Part B. Part A gives the details like tax deducted from your salary by the employer, Your PAN (Permanent Account Number) and also PAN and TAN of your employer. The Part B contains information on the salary break-up as well as exemptions, allowances and perquisites. 

Form 16A/Form 16B/Form 16C: Your bank issues Form 16A for tax deducted from income sources like a fixed deposit. On selling a property, the buyer issues Form 16B. This gives the tax deducted on the amount paid. Take the case of landlords getting Form 16C from their tenants. This is mandatory for monthly rent which is above Rs 50,000.

See Also: 4 Things To Do Before Filing Income Tax Returns

Form 26AS: The Form 26AS gives you the details on all taxes which have been deposited to your PAN. The details could be:

  • The taxes which have been deducted by your employer.
  • The taxes which have been deducted by your bank.
  • The advance taxes which have been deposited.
  • Details on the self-assessment taxes paid.

You can download Form 26AS from the TRACES website. You must log on to the e-filing portal and then download Form 26AS. Make sure the taxes deducted in the Financial Year 2018-19 are shown/reflected in the Form 26AS.

Proof of Tax Saving: You enjoy tax deduction on investments made in certain financial instruments. The tax deductions under Section 80C to Section 80U are called Chapter V1A deductions. The most popular tax deduction is the Section 80C. You enjoy tax deduction under Section 80C up to Rs 1.5 Lakh a year on investments made in PPF, EPF, ELSS, NPS, SSY and also life insurance premiums and home loan principal repayments. This is a collective deduction up to Rs 1.5 Lakhs.

Keep all investment proofs handy to claim Section 80C tax deduction. You can also avail tax deduction for health insurance premiums paid for self, spouse and children under Section 80D up to Rs 25,000 a year. Health insurance premiums paid for senior citizen parents enjoy tax deduction up to Rs 50,000 a year. You also enjoy Section 80E tax deduction on interest repayments for an education loan.

See Also: 5 Easy Ways To File Income Tax Returns

The Home Loan Statement: The home loan statement gives the break-up details on home loan principal and interest repaid to the bank. You get a tax deduction on home loan principal repayments under Section 80C up to Rs 1.5 Lakhs a year. You also get a tax deduction on home loan interest repayments up to Rs 2 Lakhs a year under Section 24. Keep the home loan statement ready before filing ITR.

The Capital Gains Statement: If you have capital gains from sale of property, mutual funds and equity shares, make sure to notify the income tax department through the income tax return. If you have sold property and received income, you need the purchase deed and sale deed to file ITR. If you have sold shares and mutual funds, get the statements from brokers or the mutual fund house. Capital gains from shares and equity-oriented mutual funds exceeding Rs 1 Lakh are taxed at 10% for FY 2018-19.

Note: Do remember to quote Aadhaar Card Number while filing ITR. It’s compulsory to do so. Also pre-validate bank account with PAN before filing ITR.

Keep Bank Account Details Handy:

Give details of all your bank accounts. Give the bank name, bank account number, bank account type and IFSC Code.

See Also: 5 Simple Steps To File Income Tax Returns

Get Bank, Post Office and PPF Passbook Updated: Update bank, post office and PPF passbook before filing ITR.

Get the Interest Certificates from Banks and Post Offices: You must collate interest income which you have earned from savings bank account and fixed deposit accounts. Make sure to report all interest income in the ITR. Get interest certificates from the bank or post office for accurate information on the actual interest earned.

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