1. Documents Required For Income Tax Return (ITR) Filing In India FY 2022-23 (AY 2023-24)
Filing income tax returns is a responsibility that must be done properly. This requires good preparation and collection of relevant documents. Preparing essential documents before filing income tax returns is crucial to avoid future complications. These documents showcase important details on the taxpayer's income, deductions, and credits, etc that help to determine the taxablity income of the taxpayers. This article outlines the essential documents that taxpayers need to have when filing their income tax returns.
2. Aadhar Card
This is the foremost and crucial document when it comes to ITR filing. As per Section 139AA of the Income Tax Act, taxpayers must present their Aadhaar card details while filing the returns. In case, you do not have your Aadhaar card but have applied for same, then you need to provide the enrolment ID in your income tax returns. You can verify your income tax returns by linking your PAN and Aadhar online through an OTP. If you have lost or misplaced your Aadhar card then you can simply download it from the UIDAI official website.
3. PAN Card
This is another crucial document while filing your income tax returns. It is worth noting that your name on the income tax returns portal card must be the same as the one indicated on your PAN card. The income tax department provides it. If you are a salaried person then you find your PAN number on your PAN card as well as Form 26AS, Form 16, Form 12BB, etc. You can also utilize your PAN for deduction of TDS which should be linked with your bank account for direct credit of income tax refund (if any). However, in the recent amendment made by the government, you can also file the income tax with only your Aadhaar number rather than your PAN.
4. Form 16
Form-16 is used to provide information related to the tax deduction to their employee by the companies. Form-16 possesses all the valid details required to prepare and file your income tax return. In simple words, form-16 is a type of certificate that your employer furnishes and it certifies the details of salary and amount of deducted TDS. Employers must issue it to their employees every year on or before 15th June of the subsequent year, If you misplace or lose your Form-16, you can request a replication from your employer. Form-16 is a necessary form for salaried employees.
5. Form 16A
Form 16A is a TDS document that every organization's employers must have to maintain their employees. Form 16A is used for TDS on sources of income other than salaries, while Form 16 only applies to salary income. When TDS is deducted from fixed deposits, insurance commissions, rent payments, or any other income you may get on which TDS is allowable, Form 16A will be provided.
6. Form 16B
Form 16B is a document constituting the amount of the tax deducted at source on the property which the buyer with the income tax department deposits. The buyer needs to deduct the TDS at the time of selling the immovable property. This tax at the source should be deducted at 1% from the amount the buyer would pay to the seller. Form 16B is proof of TDS being deducted at the source and sent to the government.
7. Form 16C
Form 16C is a type of document that provides the details of the amount of rent paid to the landlord and deducted TDS on the same. Form 16C is to be issued by the person responsible for paying the rent to the landlord on behalf of the tenant. This form contains details such as the name and address of the landlord and the tenant, the amount of rent paid, the rate of TDS deducted, and the amount of TDS deducted.
8. Bank Account details
Providing the bank details of all active bank accounts are mandatory in the income tax return filing. It is essential to know that taxpayers are required to provide bank account details such as bank name, account number, IFSC, and the number of accounts they have in return for income. Although, one account shall be selected as a primary account to assist the Income Tax Department in refunding your tax refund by electronic transfer to such account.
9. Form 26AS
Form 26AS is a statement that shows various mentioned details for necessary income tax filing. Below are various details that form 26AS contains- Details pertaining to the TDS deducted from your salary by your employer. Information about the taxes collected by the collectors. Information pertaining to the advance tax payments made to the income tax authorities. Information for the self-assessment tax payments. Details of high-value transactions pertaining to the shares, mutual funds, return on investments, etc. Regular assessment of tax paid by taxpayers. Details of all income tax refunds received in the financial year. Form 26AS is an annual income tax statement that contains the details pertaining to the tax deducted at source (TDS), and information related to the tax collected by your collectors during the financial year.
10. Dividend Income
If you have invested in a share market, mutual fund, or stocks and getting dividend income from there, you will need to state that dividend income while filing your income tax returns. You can fetch the details of your dividend income earned in a financial year from the demat account or the broker statement.
11. Rental Income
If you are earning an income from the house property then you may be required to mention this in income tax returns filing. However, being a tenant, if you are paying rent to your landlord, make sure to take payment receipts from him/her. However, these documents are not mandatory but still keep these safe for future reference.
12. Tax Saving Instruments
If you have invested in any of the tax-saving schemes like tax-saving FDs, or ELSS, investment receipts, etc, then you should have the relevant documents ready when you file your taxes.
13. Capital Gains Details
If the taxpayers have sold shares, securities, or property, then it may result in a capital gain or loss. Therefore, you will be required to present some documents such property sale deeds, etc.
14. Relevant Documents For Capital Gains?
The documents can differ depending on the type of capital gains. Thus, some of the major documents for capital gains are mentioned below. Equity shares sold: details about the equity shares sold from the broker. Purchase documents: Purchase documents such as the sale deed, sale agreement, and purchase agreement are required to establish the cost of acquisition of the asset. Brokerage and commission documents: If the sale of the asset was facilitated by a broker or agent, documents related to brokerage or commission paid to them must be maintained. Property/ Gold/ Silver sold: Sale and purchase agreements/deeds; Calculation of capital gain is done based on the purchase price, sale price, cost of improvement and transfer expenses, etc; Registration details. It is worth of note that you keep these documents safe and maintain a proper record of capital gains and losses in a financial year to calculate your accurate liability. Doing so may help you to avoid future complications.
15. Required Documents For Income From House Property?
There may be some cases when you would be asked to show some documents related to the house property. We have mentioned below certain major documents that are required to be quoted in order to disclose your income from the house property correctly: Address of Property Co-owner details Rental income details Ownership details Rent agreement, if any Pre-Construction Interest Details Municipal Tax Receipts Interest certificate for loan
16. How to check ITR status online?
If you want to check the status of your tax return after filing it and checking at which stage is it. Then you can check your ITR status online, below are steps you can do so in easy and simple ways. Without Login On the Portal To check ITR status, click on the ITR status tab available on the left of the e-filing website. Then you will be redirected to a new page where you are required to fill in your PAN number, ITR acknowledgment number, and the captcha code. When you complete filling in these details, you can see the status of your filing on the screen. With login credentials, The first thing to do is log in to the e-filing portal. Then click on the tab 'View Returns/Forms'. Choose income tax returns and assessment year from the drop-down menu. After completion of this process, the status of your filing will be displayed on the screen whether it's verified or processed.
Frequently Asked Questions
What are the mandatory documents required for ITR filing?
The mandatory documents required for ITR filing are Form 16/16A (if applicable), TDS certificates, and bank statements.
What documents do I need to provide if I have multiple sources of income?
If you have multiple sources of income, you will need to provide all the relevant documents related to each source of income, such as salary slips, rental agreements, and interest certificates.
Do I need to provide PAN of the recipients for claiming TDS?
Yes, you need to provide the PAN of the recipients for claiming TDS. If you do not have the PAN of the recipients, TDS will be disallowed, and you may face penalties.
Can I file ITR without Form 16?
Yes, you can file ITR without Form 16. You can use your salary slips, bank statements, and other relevant documents to calculate your income and taxes.
How long should I keep the documents related to ITR filing?
It is recommended to keep the documents related to ITR filing for at least 6 years from the end of the relevant assessment year.
Do I need to attach original documents with my ITR filing?
No, you do not need to attach original documents with your ITR filing. However, you should keep them handy in case the Income Tax Department asks for them later.
Do I need to submit Form 26AS while filing ITR?
Form 26AS is not required to be submitted while filing ITR. However, it is recommended to refer to it while preparing the ITR as it contains details of TDS deducted and deposited against your PAN.
What documents are required for claiming deductions and exemptions?
Documents such as home loan interest certificates, medical bills, rent receipts, and donation receipts are required for claiming deductions and exemptions.