The last date for filing income tax (I-T) returns for the financial year 2022-23 (assessment year 2023-24) is July 31. For many filing income tax returns can be a daunting task, especially if you are doing it for the first time. Before starting the filing process, gathering all the relevant documents such as Form 16 (provided by your employer), bank statements, investment proofs, and any other supporting documents related to your income and expenses is essential.
For salaried individuals, here are some common documents to keep in handy while ITR filing:
PAN Card
PAN Card issued by the income tax department is one of the more important documents required for ITR filing. It is required to deduct TDS and the document should be linked with your salary account for income tax refund (if any). However, as per the latest government amendment, taxpayers can also file ITR with the Aadhaar number.
Aadhaar Card
Aadhaar card details have been made mandatory under Section 139AA of the Income Tax Act. Linking PAN and Aadhaar helps in verifying your income tax return online through an OTP. In case you do not have the UIDAI-issued document and have applied for the same, you will need to provide the enrolment ID in IT returns.
Form 16
Employers provide Form 16 by June 15 every year. It is a key document that serves as proof of your taxable income for that financial year. Form 16 contains details about your annual income, taxable and exempted allowances, deductions claimed, and more. It consists of two different parts, Part A contains the details of the amount of tax deducted by the employer during the financial year, along with the PAN and TAN details of the employer, Part B consists of TDS calculations like gross salary breakup, exempt allowances, perquisites, etc.
Form-16A/Form-16B/Form-16C-Form-16A
These forms are issued for TDS deducted on payments other than salaries. Form-16B is issued when a person sells his property with details about TDS deducted from the amount paid to the seller. Form 16C reflects the TDS deducted on rent at 5 per cent by an individual or HUF under section 194IB. Form 16A is issued by deductors like banks, contractors, etc. Form 16B is issued by the buyer. The details of TDS can alternatively be fetched from your Form 26AS.
Bank Statement/Passbook
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Bank statements are required to show information on the interest earned on a savings account, interest income on fixed deposits etc, during a financial year.
Annual Information Statement (AIS)
The Annual Information Statement (AIS) contains important information such as interest, dividend, securities transactions, mutual fund transactions, and foreign remittances. When taxpayers choose the ‘prefill’ option, the relevant details from the AIS are automatically filled in the income tax return form.
Form 26AS
Form 26AS is a consolidated statement that provides important information for calculating your total income and claiming deductions. It includes details of TDS from your income and payments made to you. You can download Form 26AS from the official e-filing website, and it automatically updates with every TDS payment to the tax authorities from your income.
Other Income Proofs
There are a few other documents required during ITR filing to show your income from different sources. These may include tax-saving instruments, capital gains details, rental income, foreign income, and dividend income.
Documents For Claiming Deduction
If you have made investments in tax-saving instruments such as Provident Funds, National Savings Certificates, or insurance policies, make sure to gather the relevant details. These investments can help you claim deductions under various sections of the Income Tax Act. Those wanting to claim a deduction under various deductions scheme of income tax while filing ITR, here are a list of document you may need: home loan statement from the bank (80C), school fee receipt for tuition fees (80C), contribution to PPF (80C), life insurance premium receipts(80C), investment in NPS (80CCD and 80CCD (1B)), donation receipts (80G), details of medical insurance (80D), education loan (80E) and receipts of any other investments.
