Documents necessary for filing your ITR (Income Tax Return)

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ITR filing dates are close, and people are scouring for the documents required for filing ITR! 

It’s possible that you might not have an idea about all the documents necessary to file ITR if you are a first-timer!

Even if you have filed your return in the past, you might have missed an opportunity to claim your tax deduction by submitting necessary documents.

So here we are, to help you out with all the documents required for your ITR filing. 

List of the Document for filing ITR

  • Form 26AS

It is an annual statement of the taxes paid by the taxpayer. For a salaried person, this document has a piece of information about TDS (Tax Deducted at Source). For the self-employed & business owners, it contains the information about all the taxes they paid during the financial year.

The Income Tax Department has introduced many changes in Form 26AS to improve transparency and easy communication. So, a taxpayer can tally all the details of TDS, and the tax paid them to the income tax department using this form.

  • Form 16

This is the form issued by the employer to the employee and contains the details of TDS, his/her salary, income tax and other relevant information. Therefore, it is the most crucial document for any salaried taxpayer.

Form 16 is divided into two parts, Part A and Part B. 

Part A consists of details of income tax deducted from the salary of the employee and TAN (Tax Deduction Account Number) and PAN (Permanent Account Number) of the taxpayer. 

Part B has complete breakup and detailed information of the employee’s gross salary.

As per the Income Tax Act 1961, an employer must issue Form 16 to all the employees from whom they deduct Income Tax. 

  • Interest Certificate

Apart from salary or business income, the taxpayer generates income in the form of interest from other sources like interest on Fixed Deposits in post office and banks, and interest on saving account deposits. 

Banks and Post office provides the Interest certificate on such instruments to the depositors. This certificate has to be submitted to  the tax department while filing ITR.

  • Documents for Medical Insurance

If the taxpayer has any medical insurance for himself/herself or his/her family, he/she can claim the deduction by submitting Insurance related documents. 

To help people secure their financial future in the time of uncertainties, the Income Tax Department allows a tax deduction of up to INR 25,000. This deduction is on the premium paid for the medical insurance policies of the taxpayer, his/her spouse or his/her children under section 80D. For senior citizens, the deduction limit is INR 50,000.

If the taxpayer is paying a premium for his/her parents, the tax deduction limit is INR 25,000. If the parents are senior citizen, the tax deduction limit is INR 50,000.

Section 80D offers an additional tax deduction of INR 5000 on the expenses for medical checkup of the entire family. 

  • Documents of tax saving investment

A salaried taxpayer has to submit all the documents related to any type of tax-saving investment to claim the tax deduction. If he/she fails to do so, they have an option to submit the detailed information to the Income Tax Department directly. 

The tax saving investment can be any of the following

  1. Equity-Linked Saving Scheme(ELSS)
  2. Unit -Linked Insurance Plan (ULIP)
  3. Tax saver deposits with the banks
  4. Receipt of any Provident Fund(PF)
  5. Receipt of Home Loan EMI
  6. Receipt of the tuition fee paid to the school
  7. Receipt of Donation paid to any organization
  8. Mutual fund investment

Apart from all the documents as mentioned above, you have to submit necessary documents related to education loan and interest paid on home loan to claim the tax deduction. 

Closing remarks

Filing an ITR is the legal and moral duty of every Indian citizen whose income is above the threshold. Sometimes, filing an ITR can be very challenging due to various rules, regulations and compliance. 

Any failure to furnish necessary information to the Tax Department unintentionally might put you in legal trouble. 

So it’s always better to hire Income Tax experts. They will assist you in filing your ITR in the right way and help you stay compliant with every existing law.

Probal Consulting Group is a leading Taxation and Accounting firm that helps individuals, MSMEs and other businesses manage their accounting, taxation and other regulatory compliance in an affordable manner. 

For any further details, feel free to reach us!

  • +91 8866157880
  • 305, Aakansha Complex, Opp. J K Honda, 10/11 Vijay Plot Corner, Gondal Road, Rajkot 360002.