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ITR Filing: Check List of Important Documents Required to File Income Tax Return

Certain papers must be produced and maintained as proof in accordance with the Income Tax Act of 1961 and the Income Tax Rules of 1962.

Shruti Kandwal
Salaried taxpayers must keep their pay stubs on hand at all times.
Salaried taxpayers must keep their pay stubs on hand at all times.

The fiscal year 2021–2022 income tax return filing date is July 31, 2022. Other taxpayers who are subject to audit must file their returns by October 31, 2022. Depending on the amount of revenue generated annually and the source of the income, such as a salary, business profit, investment profit, etc., there are many ways to file an income tax return.

One step in the process is having all of your paperwork ready. Certain papers must be produced and maintained as proof in accordance with the Income Tax Act of 1961 and the Income Tax Rules of 1962.

Form 16

The TDS (Tax Deducted at Source) Certificate is another name for Form 16. Form 16 is the basic foundation for submitting income tax returns. Therefore, Form 16 needs to be the first document gathered. The form will be given to you by your company after you have provided information regarding the taxes paid on your behalf. Your wages, allowances, and deductions are taken into account before doing this.

Salary slips

Salaried taxpayers must keep their pay stubs on hand at all times. The base salary, Dearness Allowance (DA), TDS amount, House Rent Allowances (HRA), Travel Allowances (TA), normal deductions, and so on are all included in the salary slip. To prepare income tax returns, these details are necessary.

PAN card

One of the most important things you should always have on hand is a PAN card. Your income tax returns must contain your Permanent Account Number (PAN), which serves as identification.

Aadhaar Card

Aadhaar information must be provided in order to correctly file your ITR. According to Section 139AA of the Income-tax Act, individuals must disclose their Aadhaar information while filing their income tax return.

Form 16A

Form 16A includes information on TDS on the interest income from fixed deposits. For instance, you would receive a Form 16A if your bank deducted TDS from your interest income from Fixed Deposits, TDS from rent receipts, TDS from insurance commissions, or any other revenue liable to such deduction. The revenue earned and the TDS deducted and deposited on that income are both specified on Form 16A. The names and addresses of the deductor and deductee, as well as PAN, TAN, and TDS challan information are also included.

Annual transaction details

In November 2021, the income tax office will provide this statement providing every financial action a person took during a certain fiscal year. Extra information on interest, dividends, securities transactions, mutual fund transactions, international remittances, and other matters are included.

Form 26AS

To get Form 26AS, individuals must visit the new income tax portal. Similar to a tax passbook, it contains details about the tax deducted and submitted to the government using your PAN.

Capital gain statement

A capital gain statement is required if you invested in stocks, mutual funds, or other securities. This statement will be issued by your brokerage firm. It specifies all short-term capital gains that need to be paid if you sell certain shares before the year is up. You must include long-term capital gains in your statement even if you are not required to pay taxes on them.

Individuals have the choice of submitting their ITRs offline (by downloading forms and utilities and then uploading them to the new income tax system) or online (without downloading any forms or apps).

Tax-saving investment proof

When filing their ITR, taxpayers must also provide proof of their investments and expenditures that lower their tax savings. It should be noted that if someone selects the previous tax system while filling out their ITR, they can deduct investments and expenses that save them money on taxes.

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