Filing an income tax return (ITR) accurately and on time is an essential obligation for taxpayers. Just like every person’s source is income, income structure, and tax liability are different, and the documents required for filing their ITR are also different.
While we obviously cannot expect everyone to know about the technical and complicated process of ITR filing, we believe that every taxpayer should be aware of the documents required to file their ITR based on their source of income and resident status.
Thus, here’s a checklist of all the essential documents required to file your income tax return.
- Income from Salary, House Property & Other Sources
- Income from Capital Gains
- Indian Resident or Non-Resident Indian with Foreign Income
- Individuals with Presumptive Income
1. Individuals with Income from Salary, House Property & Other Sources:
For individuals with income from multiple sources, including salary, house property, and other sources, the following documents are typically required:
- Form 16 Part A and Part B: Form 16 is issued by the employer. Part A has information about the employer & employee, like name & address, PAN and TAN details, the period of employment, and details of TDS deducted & deposited with the government. Part B includes details of salary paid, other incomes, deductions allowed, tax payable, etc.
- Income Tax Login Credentials: User ID and Password to access the e-Filing portal and all the services provided within the portal.
- Form 26AS: Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.
- Your Aadhaar Card: Aadhaar is a 12-digit individual identification number that serves as proof of identity and proof of address for residents of India.
- Bank account statement if the amount of interest received is more than Rs. 10,000/-
- Home loan interest certificate for self-occupied and let-out property, if applicable
2. Individuals with Income from Capital Gains:
If you have earned income from the sale of capital assets, such as stocks, mutual funds, real estate, etc., you will need the following documents:
- Form 16 Part A and Part B: Form 16 is issued by the employer. Part A has information about the employer & employee, like name & address, PAN and TAN details, the period of employment, and details of TDS deducted & deposited with the government. Part B includes details of salary paid, other incomes, deductions allowed, tax payable, etc.
- Income Tax Login Credentials: User ID and Password to access the e-Filing portal and all the services provided within the portal.
- Form 26AS: Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.
- Your Aadhaar Card: Aadhaar is a 12-digit individual identification number that serves as proof of identity and proof of address for residents of India.
- Bank account statement if the amount of interest received is more than Rs. 10,000/-
- Home loan interest certificate for self-occupied and let-out property, if applicable. Capital Gains Statements / Global Report / Profit and Loss Statement: If you have invested in mutual funds or stocks, you should obtain capital gains statements from the respective asset management companies or stockbrokers.
3. Indian Resident or Non-Resident Indian with Foreign Income:
For Indian residents or non-resident Indians (NRIs) earning foreign income, the following documents are typically required:
- Form 16 Part A and Part B: Form 16 is issued by the employer. Part A has information about the employer & employee, like name & address, PAN and TAN details, the period of employment, and details of TDS deducted & deposited with the government. Part B includes details of salary paid, other incomes, deductions allowed, tax payable, etc.
- Income Tax Login Credentials: User ID and Password to access the e-Filing portal and all the services provided within the portal.
- Form 26AS: Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.
- Your Aadhaar Card: Aadhaar is a 12-digit individual identification number that serves as proof of identity and proof of address for residents of India.
- Bank account statement if the amount of interest received is more than Rs. 10,000/-
- Home loan interest certificate for self-occupied and let-out property, if applicable
- Capital Gains Statements / Global Report / Profit and Loss Statement: If you have invested in mutual funds or stocks, you should obtain capital gains statements from the respective asset management companies or stockbrokers.
- Detail of income and taxes paid in India and foreign countries.
4. Individuals with Presumptive Income:
For individuals opting for the presumptive income scheme under Section 44AD or Section 44ADA, the following documents are generally required:
- Bank statements for the financial year
- Income Tax Login Credentials: User ID and Password to access the e-Filing portal and all the services provided within the portal.
Disclaimer: Filing ITR accurately requires careful documentation and organization of income-related documents. The list of documents varies based on the source of income, whether it’s from salary, house property, and other sources, capital gains, foreign income, or presumptive income. It is advisable to consult with a tax professional or refer to the official guidelines provided by the income tax department for detailed information specific to your circumstances.
