Documents required for Filing ITR without trouble
After the passing of the financial year 2018-19, date of filing of ITR for the assessment year 2019-20 is also coming closer. ITR Forms has also been notified for this financial year by the Income Tax Department. Some forms have also been changed. In such a case, if you are planning to fill ITR forms (Assessment Year (2019-20) through yourself or your experts, then you should know which documents are required for this.
If you are a job seeker then you will definitely know about it. After the end of the financial year, this form is definitely given to the employees on behalf of the companies. This is a kind of TDS certificate, which is considered the most important document during ITR filing. It is mandatory for the Employer to issue it to its employees. This form is in two parts, which refers to tax deduction in salaried towards your employer during a financial year.
2. Form-16A / Form-16B / Form-16C
If you have been deducted from other payments other than your salary, such as the interest paid on the FD and the recurring deposit, then on the prescribed legal limitations of the existing tax rules In case of failure, your bank will issue Opus Form-16A. On the other hand, if you have sold any property, your buyer will issue you Form-16B, in which you will be referring to the TDS deduction on the payment made to you. If you rent your house then you should ask your tenant to give Form 16C.
3. Form 26AS
Form 26AS describes your consolidated taxes. This is your tax passbook. It contains information about all tax deductions made on your PAN. This information includes:
- TDS deduction made by your employer
- TDS deduction made by your bank
- Deduction of payments made to you from any other institution
- Payment for Advance Tax made on behalf of you for the year 2018-19
- Self-Assessment Tax Payment Information made on your behalf
4. Interest Certificate of Bank and Post Office
ITR Forms will also be sought from the tax payers on the interest income of the taxpayers such as interest on savings account or interest on fixed deposits or interest on other income. Earned interest income is usually taxable, but if interest income is up to Rs 10,000 in a year, you can claim it under Section 80TTA of income tax.
5. Documents related to investment from 80D to 80U
In addition to the investment documents for tax saving and expenses under section 80C of income tax, there are other expenses, on which you can save tax such as premium for health insurance. You should keep the documents related to investments made from 80D to 80U.
6. Tax-saving Investment Information (Proof)
All tax-saving investments made on your behalf in the financial year 2018-19 and the expenses incurred on your behalf are eligible for deduction under Section 80C, 80CCC and 80CCD. Under these three sections, you can claim only Rs 1.50 lakh for a tax saving during a financial year. You have to keep the following investment evidence with you.
- Employee Provident Fund (EPF)
- Public Provident Fund (PPF)
- Investments in Equity Linked Savings Scheme (ELSS)
- Life Insurance Premium (LIC)
- National Pension System (NPS)
7. Documents linked to Capital Gain
If you have received capital gains through the sale of property, mutual fund and equity shares, then you should keep the documents along with it. During the ITR filing, you have to mention it.
8. Aadhaar Card
While maintaining the constitutional status of Aadhaar card, the Supreme Court has also mandated linking of pan and base for ITR filing. In the absence of this, your ITR will not be processed. That is, if you have claimed a deduction then you can get a loss. According to Section 139AA of Income Tax Act, it is necessary to mention the basis during income tax filing.
9. Details of all banks
If you have accounts in most of the banks, then you have to give all the bank account information. In the event of not doing this you can also come in difficulties. Therefore, do not forget to report this information during filing ITR.
10. Salary Slip
In this time ITR Forms you will also have to provide your Salary Slip which will mention your salary break. There will be a lot of information like your basic salary, directional allowance and house rent allowance.
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