New Income Tax returns form ITR-1 and ITR-2 for FY 2018-19 are notified by the government. The last date of filing income tax return for the FY 2018-19 is 31st July 2019. You must have started preparing document required for filing income tax returns. Here is detail about 7 Documents required for filing Income tax return including the checklist for filing ITR. You must collect these documents before filing an income tax return. Please note that you need to file an Income tax return on e-filing website online. The document list and checklist given here is for the salaried people.
Documents required for filing Income tax return
#1 Form 16
Form 16 is one of the mandatory document required for filing income tax return by salaried. Form 16 is issued by the employer. Form 16 contains information about salary paid including allowances. Form 16 also contains information about TDS deducted from salary.
Form 16 consists of two parts Part-A and Part-B. Part-A consists of all details of tax deducted by the employer during the year. Apart from TDS, it also contains details of PAN and TAN of your employer. Part-B of Form 16 contains information about your gross salary, allowance and perquisites details.
Once you receive Form 16 from your employer, you need to verify the correctness of information in terms of salary, allowances, and specified PAN number. In case of discrepancy, you need to contact your employer.
#2 Interest Certificate from bank and post office
Another important document required for filing ITR is interest certificate from bank and post office. This year you need to specify the source of interest incomes in your ITR such as interest earned on saving account, fixed deposit or any other income.
This year individual can claim up to Rs.10000 under section 80TTA for the interest earned from saving account held with bank or fixed deposit. In case of senior citizen this limit is Rs.50000.
You require interest certificate from your bank. Alternatively, you need update on your passbook entry.
#3 Form 26AS
Form 26AS is another important document while filing ITR. Form 26AS is like your online tax statement. Form 26AS is available online and contains following information –
- TDS deducted by your employer
- TDS deducted by banks
- TDS deducted by any other organisations from payments made to you
- Advance taxes deposited by you during the FY2018-19
- Self-assessment taxes paid by you
This information will help you in filing income tax return. You can download Form 26AS from www.incometaxindiaefiling.gov.in. After logging to this website, you need to visit “View 26AS” under “My Account” Tab.
#4 Tax Saving Investment Proofs
You must be aware that in order to reduce your tax liability, you can invest your money in various tax saving instruments. Maximum tax deduction you can get under 80C via various investment is 1.5 Lakh.
Most common investment options for saving tax are PPF, EPF, Tax Saving FD, ELSS, Life Insurance premium and National Pension Scheme Contribution.
You require investment proof of investment for claiming tax deduction.
#5 Document Proof for claiming deduction under 80D
You will also require document proof for claiming deduction under section 80D. Section 80D is for health insurance premium payment for self and family. You can claim maximum Rs.25000 for the health insurance premium payment. If you are paying premium for senior citizen parents you can claim additionally Rs.50000.
#6 Home Loan Statement from Bank
If you have taken home loan from bank or any other financial institution, you will require loan statement for the last financial year for filing ITR. The loan statement provides complete information about principal and interest payment for the financial year.
#7 Capital Gain Statement
Capital Gain Statement is next document required for filing income tax return. If you have earned capital gain from the sale of property/mutual fund or share last year, you required to place this detail in ITR.
If gain is from sale of property, you need to calculate it manually. However, you require capital gain statement for sale of mutual fund or equity.
Important points to check before filing IT return
Follow the checklist given below before filing IT return.
#1 Select the ITR form carefully. There are multiple ITR forms available. The wrong selection of ITR leads to rejection.
#2 Furnish accurate information about PAN Card, E-mail ID, Bank Account Number and IFSC code in your ITR from.
#3 Mention accurate information about interest income from saving bank account and other sources in your ITR.
#4 Make sure to check Form 26AS before filing income tax return. Mismatch in Form 26AS and ITR may leads to rejection of ITR.
#5 Furnish complete information about capital gain and pay taxes as per tax liability.
#6 Provide complete information about second property. Hiding information about additional property may invite problem at later stage.
Over to you –
I hope details given above will help you while filing your Income Tax return. Do share your experience about filing ITR in the comment section given below.