Income Tax Return Filing: Filing ITR facilitates the calculation of your tax liability, taking into account applicable tax rates and enabling you to claim deductions and exemptions that you are eligible for. By adhering to the deadline and submitting ITR on time, you avoid penalties, fines, and legal repercussions. Before you file the ITR, there are a few documents which are required to fill the correct information in the return form.
It is important to note that the list of documents required for ITR filing may vary depending on your individual circumstances. You can check with the Income Tax Department website or a tax expert to get a list of documents that are required for your specific case. The ITR form is a document that contains details of your income, deductions, and tax liability. There are different ITR forms for different types of taxpayers. You need to choose the right ITR form based on your income and deductions.
Also Read: Income Tax Return Filing: Online Or Offline ITR? Which Option Is Best For You?
Here is a checklist of documents required for ITR filing;
PAN Card: This is a 10-digit alphanumeric code that is issued by the Income Tax Department. It is a unique identification number for all taxpayers in India.
Aadhaar Card: This is a 12-digit biometric identification number that is issued by the Unique Identification Authority of India (UIDAI).
Form 16: Form 16 is a certificate provided by your employer that contains details of your salary, tax deducted at source (TDS), and other allowances. If you have more than one employer during the financial year, you will need Form 16 from each employer.
Salary Slips: These are the monthly slips that you receive from your employer. They contain details of your salary, allowances, and deductions.
Interest Certificates from Banks and Post Offices: These certificates contain details of the interest income that you have earned during the financial year in savings, FD accounts.
Tax-saving Investment Proofs: These proofs are required to claim deductions under various sections of the Income Tax Act. For example, you need to provide proof of investment in PPF, ELSS, and LIC to claim deductions under section 80C.
Mutual Funds/Shares: Investors in shares and mutual funds are advised to keep detailed statements for the financial year.
Form 26AS: This is a statement that contains details of all the taxes that have been deducted or paid by you during the financial year. You can download this form from the Income Tax Department website.
Dividend Warrants: Dividend warrants are also needed while filing income tax returns. Dividends are given by companies to shareholders from net profits. It raises the annual income of the individual taxpayer.
Other relevant documents: Depending on your income and deductions, you may need to provide other documents as well. For example, if you have rental income, you will need to keep a rent agreement and proof of payment of rent.
Make sure to keep these documents handy while filing your ITR, as accurate and complete information will ensure smooth and error-free filing.
You can file your ITR online or offline. The online filing process is the most convenient way to file your ITR. You can file your ITR online through the Income Tax Department website.
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