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Documents Needed for Filing Income Tax Returns in India

Updated on:  

08 min read

31st July of the assessment year following the financial year is usually the last day to file your Income Tax Returns of any given financial year.

The process of filing your Income Tax Returns in India takes some preparation. This is why the Government usually gives you four months’ window period to compile all documents like salary/income details, bank statements, previous tax statements, etc. The procedure varies as per the income earned per year and income source like salary, business profit, investment profit and so on.

Collating all your documents ready is just one aspect of it. In this article, we will discuss in detail about the documents needed for filing Income Tax Returns in India.

Latest updates

CBDT has issued a circular on 20th May 2021 extending the timelines for certain direct tax compliances for AY 2021-22.

1. ITR Filing:
i. The due date for filing ITR by taxpayers not covered under audit is extended from 31st July 21 to 30th Sep 21, for Tax audit cases it is extended to 30th Nov 2021 and for transfer Pricing cases, the due date is extended to 31st December. The due date to file a Belated or Revised Return is extended from 31st Dec 2021 to 31st Jan 2022.

2. Furnishing Audit Report:
i. The due date to furnish the audit report is extended to 31st Oct 2021, the audit report for transfer pricing cases is extended to 30th Nov 2021.

Union Budget 2021 Update:
Exemption from ITR filing to senior citizens aged 75 years and above, earning only pension and interest income.

Choosing the applicable ITR form

Taxpayers have to choose the ITR form applicable to them. The income tax department has launched pre-filled ITR forms for AY 2021-22.

The last date of linking Aadhaar with PAN was 31st March 2021. In failure to do so, the PAN would become in-operative. Hence it will be mandatory to link PAN with aadhaar to activate the PAN.

For Salaried Employees

If you are a salaried employee, gather these documents to e-file your income tax returns in India. Go through this list to see the documents you’ll need to do your taxes.

  • PAN
  • Form-16 issued by your employer
  • Month wise salary slips

From the AY 2019-20, it is essential to gather the information on all taxable allowances received and the amount claimed as exemption out of such allowances e.g., house rent allowance, leave travel allowance etc and disclose the same in the IT return.

Did you know that Form-16 is all you need to e-file your income tax returns on ClearTax? It’s that simple really. Got your Form-16? Start e-filing.

Documents related to interest income

  • Bank statement/passbook for interest on a savings account.
  • Interest income statement for fixed deposits.
  • TDS certificate issued by banks and others.

ClearTax automatically gives you a tax benefit as per Section 80TTA when you enter your income from savings account interest. You won’t need all the documents listed here as they vary on a case-by-case basis.

Form 26AS

Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the I-T Department’s website. Learn how to access your Form 26AS.

Section 80 Investments

Section 80C investment documents. The investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C. Make sure you have the slips, receipts of all the investment made for tax saving purpose. Also, these documents should be preserved for a couple of years for the safe side.

Documents Required to Claim the Following Expenses as Deductions

Keep these documents at hand to claim the following expenses as deductions :

  • Your contribution to Provident Fund
  • Your children’s school tuition fees
  • Life insurance premium payment
  • Stamp-duty and registration charges
  • Principal repayment on your home loan
  • Equity Linked Savings Scheme/Mutual funds investment
  • The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.

Click here to see the detailed list of all the deductions available under Section 80. To know more about how to claim deductions against your home loan, Click here.

Other Investment Documents

  • Interest paid on housing loan: Interest on a housing loan is eligible for tax saving up to Rs 2,00,000. This is for a self-occupied house. For let out or deemed let out property, there is no limit of interest on housing loan.

From FY 2017-18, the total loss from house property available for set off against other income is capped at Rs 2 lakhs and therefore, interest on housing loan is eligible for tax saving up to Rs 2,00,000 for let out a property as well.

  • Education loan interest payments.
  • Stock trading statement: The stock trades that were made during the year may be taxed under Capital Gain.

Documents Required for Income Tax Returns Filing

The income tax return you file is an ‘annexure less’ return, i.e. no documents or proofs are required to be attached with the returns. The Income Tax Act specifies obtaining certificates and proofs to claim deductions, which makes it ambiguous for the taxpayers as to whom they must hand over those certificates and proofs.

The taxpayers must preserve those certificates and receipts for future references and need not attach or send them to anyone. In case an assessing officer (AO) sends a notice asking for documents or clarification about the transactions mentioned in the returns, the taxpayer will have to submit the proofs to the AO.

Related Articles

How to file the income tax return

How to view and download Form 26AS

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