Filing income tax return does not require anyone’s assistance or help if you know the right procedure to do it. You need to give yourself plenty of time to work through the tax forms and documents, and then you will have confidence in filing IT return.
If you have decided to file your Income Tax return with the help of a professional then you just need to bring all the relevant documents to make your preparation easier. Here are the documents that you are required for filing Income Tax return.
Pan card copy
Even though Permanent Account Number or PAN can be known from your form 16, IT return preparer will be asking you for a pan card copy to match it with the PAN number in form 16 to avoid errors at the end while filing Income Tax return.
Pan card copy will also provide certain details like your date of birth and fathers name which will not be available in form 16 or in other document. As these professionals are filing IT return for lots of other people, it’s always advised to provide them pan card copy to avoid error.
Form 16 – Tax deduction certificate in case of salary individual
To know the net tax payable, you are required to calculated your income tax liability at the end and then deduct tax amount that has already been deducted and deposited with IT department.
Form 16 will have all the details on taxes that your employer has deducted from your salary during the year. After calculating your tax liability, you need to deduct the amount that is shown in form 16.
In case, tax has to be paid after such deduction then it has to be paid before the due date. To claim income tax credit for the amount that is deducted from your salary, while filing income tax return you are required to enter all the details regarding date of deposit, Challan number and BSR code as mentioned in form 16.
Form 16A – Tax deduction certificate in case of non-salary individual
Similar to form 16, if any tax has been deducted from your incomes other than salary then as a proof of tax deduction, the payer will issue you this certificate.
Relevant fields like the tax amount deposited, Challan number, date of deposit and tan number of the payer etc will be mentioned while filing IT return from this document.
Bank statement or passbook
Interests from your bank deposits are taxable as other income. While filing Income Tax return you need to find out the interest portion that you received during the year from your deposits. Either you submit this to the professional or do it on your own to provide the figure in IT return.
Form 26AS – Tax Credit Statement
It may happen that certain income tax has been deducted and deposited to which you are unaware or your employer might have issued from 16 by quoting wrong figures. To avoid these problems you need to download form 26AS and hand it over to your tax professional.
Also read: How to download form 26AS
Proof of investment
There are many sections in income tax where as an individual you get IT deductions from your taxable income. In addition to the relevant conditions of these sections, you need to keep documents or receipts as a proof of your investment.
If you are a salaried person then you need to submit photo copies of these receipts to your employer for all investments that you have invested during the year.
Non salaried persons are not required to submit anything to anyone but in case asked by IT department then they need to produce it in front of the assessing officer.
These receipts are required by professionals or employers to classify your investment into different sections of IT act based on your eligibility.
Donation receipt – 80G deductions
Except certain donations all other donations are required to be claimed while filing your income tax return. While filing IT return the concern person has to mention certain details like PAN number of the donee, amount donated and name of donee. Such things can be filled up with the help of donation receipt that you would have obtained while donating the amount.
Statement of housing loan and Rent Receipt
To claim interest and principle amount as tax deduction you need to obtain a certificate from the bank or financial institution from where you have availed home loan.
Such certificates should state the interest and principle amount separately.
A salaried person is required to submit this certificate along with the declaration for housing income or loss to his / her employer. However such certificate submission to employer is not mandatory, employee can calculate their own tax liability and pay it at the end.
Non salaried persons are required this document to calculate their income or loss from house property for filing income tax return.
Salaried persons are also eligible to claim HRA for their house rent allowance. This can be claimed only if employee produces relevant documents to their employer in support of their rent paid to landlord.
Non salaried persons can also claim this benefit under section 80GG. Both of them have to keep the proof with them so that in future if required it can be produced before the income tax department.
- How to claim loss from house property
- How to claim HRA exemption for income tax
- What to do if landlord denied of giving pan card copy along with rent receipt
Other documents for filing income tax return
Document requirements are depending on your income and deduction that you incurred or paid during the year. If you have income from stock trading or capital gain then such details are required to be submitted to your tax professionals to calculate your correct income.
Bank statement is another relevant document which should be produced to your tax professionals for calculating your correct income. If you have paid estimated or advance tax during the year then that payment receipt is also required while filing IT return.
You can easily calculate your tax liability by keeping all these relevant documents that are required for filing IT return. At the end, you need to look into form 26AS to ensure that your records as produced in IT return are matching with the details of IT department. Please remember you need not required to submit all this documents along with your IT return to IT department.