Tuesday, Aug 09, 2022
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ITR Filing: Documents To Keep Handy To Make Process Faster

Before you start the process to file your tax return for the year, make sure you keep these documents handy to make the process less cumbersome and hassle-free

It's July, which means it's time to file your income tax return. Whether you are a company owner, a salaried employee, or a professional, you must file your income tax return (ITR) by July 31.

It’s the month of July, and the time to file your income tax return. Whether you are a businessman, salaried or a professional, you will need to file your income tax return (ITR) before July 31.

If you are salaried, you would have already received your Form 16 from your employer. If you have changed jobs midway, you need to take Form 16 from your previous employer as well.

But Form 16 is just one of the many documents you need for filing your tax return. 

Here’s a list of all the other documents that you should keep handy to make your tax filing easier.

Do note that you do not need to upload these documents while e-filing your tax return. But you need to keep them handy to gather and crosscheck all the information that you need to input while filing your ITR.

Here’s the list.

1] PAN card: To check and verify your Permanent Account Number.

2] Monthly salary slips: To check the amount that is credited to your bank account as salary. A salary slip also mentions the amount deducted from your salary and deposited into your Employees’ Provident Fund (EPF) Account.

3] Form 16: This denotes the details related to your salary income. 

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4] Information on taxable allowances: You can check Form 16 for this.

5] Bank statement: To check the amount of interest income you have earned on your savings account. This needs to be mentioned in your ITR at the time of filing your return.

6] FD statement: To check the amount of interest you have earned on your fixed deposits.

7] TDS certificate by banks and others: The tax deducted at source (TDS) by banks on your FD maturity and from any other organisation if you have rendered any professional service to them.

8] Form 26 AS: This shows the total amount of TDS that has been collected from you and deposited with the income tax department on your behalf.

9] Details of Section 80C Investments: This would include details of your investments in EPF, Public Provident Fund, the premium towards life insurance policies, the principal amount paid towards home loan repayment, investments in equity-linked savings schemes (ELSS), National Savings Certificate (NSC), 5-year tax saving fixed deposits, and so on. 
 
10] Interest and principal payment statement for home loan: The principal amount is allowed for deduction under Section 80C. The interest on your home loan is allowed for deduction for a maximum limit of up to Rs 2 lakh in a financial year under Section 24 of the Income Tax Act, 1961.

In addition to these, you will also need your stock trading statement, proof of capital gains and other investments, your tax information summary, and annual information statement, among others to proceed with your tax filing.

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