Documents required for finalization of ITR

What documents does a sole proprietorship firm require to finalize the ITR(financial turnover) to the auditor
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Quick Summary
This discussion outlines the key documents required for finalising the Income Tax Return (ITR) for a sole proprietorship. Essential items include bank statements, GST returns with reconciliation, Form 26AS, previous year's financial records, PAN card, Aadhaar card, balance sheet, and profit and loss statements. The information also provides a broader list of documents typically needed for ITR filing, such as Form 16 for salaried individuals and investment proofs for deductions.

Bank statement
Gst return with reco (if any)
Form 26 AS
Last year financial (if any)
Pan card , balance sheet,profit and loss, adhar card(everification).
Sir, I meant that what documents do we need to give the auditor so that he can finalize our (a sole proprietorship firm's) ITR

The various documents required for ITR filing:

1. The appropriate ITR Form

2.  Aadhaar linked with PAN

3. For Salaried Employees:

  • PAN
  • Form-16 (it is issued by the employer)
  • Monthly salary slips.

4. Interest Income related Documents required for ITR filing

  • Bank statement/passbook for interest on savings account.
  • Interest income statement for fixed deposiTS
  • (TDS) Certificate (it is issued by banks).

5. Form 26AS (it is provided by the Income Tax Department)

6. Section 80C Investment Documents

Investment in PPF, NSC, ULIPS, ELSS and LIC comes in deduction under Section 80C. The maximum amount claimed under  section 80C is Rs 1.5 lakhs.

7. Other Expenses Deduction Documents

  • Contribution to the Provident Fund.
  • Children’s school tuition fees.
  • Life/Health Insurance premium pay.
  • Stamp-duty and Registration charges.
  • Principal repayment on home loan.
  • Mutual Funds investment.

8. Other Investment Documents required for ITR filing

  • Interest paid on the housing loan.
  • Education loan interest payments.
  • Stock trading statement.

 

Hence, the taxpayers have to maintain the record of certificates and receipts of their transactions made in the annual year for the filing of income tax return and need to attach these with it. Also if it has been asked for the clarification of transactions mentioned in the return then the taxpayers has to submit all the proofs to the AO (Assessing Officer).

Turnover is not applicable for individuals

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