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Friday, 15 July 2022

ITR Filing: Want to file an income tax return? So keep these documents ready

Documents Demanded for Form Income duty Returns in India 

31st July of the assessment time following the fiscal time is generally the last day to file your Income duty Returns of any given fiscal time. 

The process of filing your Income duty Returns in India takes some medication. This is why the Government generally gives you four months ’ window period to collect all documents like payment/ income details, bank statements, former duty statements, etc. The procedure varies as per the income earned per time and income source like payment, business profit, investment profit and so on. 

Collating all your documents ready is just one feature of it. In this composition, we will bandy in detail about the documents demanded for filing Income duty Returns in India. 


Choosing the applicable ITR form 

Taxpayers have to select the ITR form connected to them. The income duty department has launchedpre-filled ITR forms for AY 2021- 22. 

Link Aadhaar with visage 

The last date of linking Aadhaar with visage was 30th September 2021. In failure to do so, the visage would come in- operative. Hence it'll be obligatory to link visage with Aadhaar to spark the visage. 

For Salaried workers 

Still, gather these documents toe-file your income duty returns in India, If you're a salaried hand. Go through this list to see the documents you ’ll need to do your levies. 

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

From the AY 2019- 20, it's essential to gather the information on all taxable allowances entered and the quantum claimed as impunity out of similar allowances.g., house rent allowance, leave trip allowance etc and expose the same in the IT return. 

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

Documents related to interest income 

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

ClearTax automatically gives you a duty benefit as per Section 80TTA when you enter your income from savings regard interest. You wo n’t need all the documents listed then as they vary on a case- by- case base. 

Form 26AS 

Form 26AS is a summary of levies subtracted on your behalf and levies paid by you. This is handed by the Income Tax Department. It shows details of duty subtracted on your behalf by deductors, details on duty deposited by taxpayers and duty refund entered in the fiscal time. This form can be penetrated from the I- T Department’s website. Learn how to pierce your Form 26AS. 

Section 80 Investments 

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

Documents needed to Claim the Following Charges as Deductions 

Keep these documents at hand to claim the following charges as deductions 

  • Your donation to Provident Fund 
  •  Your children’s academy education freights 
  •  Life insurance decoration payment 
  •  Stamp- duty and enrollment charges 
  •  Star prepayment on your home loan 
  •  Equity Linked Savings Scheme/ Mutual finances investment 
  •  The maximum quantum that can be claimed under Section 80C is Rs1.5 lakhs. 

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

Other Investment Documents 

  • Interest paid on casing loan Interest on a casing loan is eligible for duty saving up to Rs. This is for a tone- enthralled house. For let out or supposed let out property, there's no limit of interest on casing loan. 

From FY 2017- 18, the total loss from house property available for set off against other income is limited at Rs 2 lakhs and thus, interest on casing loan is eligible for duty saving up to Rs for let out a property as well. 

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

Documents needed for Income duty Returns Filing 

The income duty return you file is an ‘ annexure less ’ return, i.e. no documents or attestations are needed to be attached with the returns. The Income Tax Act specifies carrying instruments and attestations to claim deductions, which makes it nebulous for the taxpayers as to whom they must hand over those instruments and attestations. 

The taxpayers must save those instruments and bills for unborn references and need not attach or shoot them to anyone. In case an assessing officer( AO) sends a notice asking for documents or explanation about the deals mentioned in the returns, the taxpayer will have to submit the attestations to the AO. 

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