With nearly half July over, every Individual is busy in collating all required documents that will be necessary to file Income Tax Return either thru self or thru any CA / Tax Practitioner.
Here, I have tried to create a basic List of Documents created as per various provisions of law which may help as a checklist for Individuals before they start working on computation of total income. The list is only illustrative in nature and not exhaustive - depending on case to case basis.
Basic / General Documents / Information
- PAN card
- Aadhaar Card (now have to compulsorily linked to ITR)
- Bank account information, Bank Statements
- TDS certificates (if applicable)
- Tax payment challans (Self-assessment, advance tax, 26 AS)
- In case of revised return/return in response to a notice received from Department of Income-tax - You need the details of Original return/details of notice.
Salary Income & Income from House Property (or claiming HRA)
- Form 16 / Salary Certificate received from the Employer
- Educational Loan certificate, if an
- Proof of Income from House Property or rent receipts from Landlord for rent paid.
- Address of the property.
- Co-owner details (if property is co-owned )
- Interest certificate issued by bank for housing loan
- Rent details
- Details of Municipal Tax Paid, if any
- Details of renovation / additional construction done in the relevant past year in the property.
Income from Business or Profession
If you are a sole proprietor, a freelancer, a blogger, an artist or any other professional etc. you should have details of your turnover or receipts, any expenses incurred to generate such revenue like remuneration, travelling expenses, depreciation, telephone and internet bills and other supporting documents. Bank statements will be crucial in determining you income.
There as specific sections as per law (Section 44 to Section 44DA) for which it would be prudent to take help of your tax practitioner or CA.
- Sale and Purchase deed of the property including stamp valuation of the property (for land/building)
- Documents for cost of improvement on the property (if improvement is done)
- Stock statement in case of trading in shares etc. (specifying sale and purchase value of shares)
- In case of other capital asset the cost of purchase, sale value and cost of improvement if any
- Details of expense incurred on transfer
- Re-investment purchase deed for claiming exemption from Capital Gains
- Details of investment in Capital Gains Accounts Scheme
- Bank Passbook/Statement or interest income certificate
- PPF passbook for interest
- Dividend warrants/amount
- Interest certificates on bonds
- Details of accrued interest on NSC during the year.
- Rent agreement for plant & machinery, building etc. given on rent (if any)
- Receipts of any income from winning of lottery, horse races etc.
- Family Pension details (case to case basis)
Tax Savings Investments
- Life and medical insurance payment receipts
- PPF passbook
- Fixed deposit receipts (eligible for section 80C)
- Repayment certificate for housing loan
- Deposit receipts for senior citizen saving scheme.
- Tuition fees receipts
- Donation receipts (along with PAN of the donnee) (for Section 80G)
- Any other tax saving investment receipts/proof
* The above discussed proof are not to be attached along with return of income
The aforesaid list is only for the reference and ease of the user and merely a list prepared on the basis of standard practice. The actual documents required for filing the return may differ from case to case and users are advised to compile other documents affecting their computation of income before proceeding for filing the return of income.
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