Documents Required for Filing ITR of Individuals
Salaried Individuals:
a. Form 16: This is a certificate provided by your employer that contains details of your salary, allowances, deductions, and tax deducted at source (TDS) during the financial year.
b. Salary Slips: Your monthly or periodic salary slips that show the breakup of your salary components, such as basic salary, allowances, deductions, and taxes.
c. Bank Statements: Your bank statements for the financial year, which reflect your salary credits, interest income, and other financial transactions.
d. Investment Proofs: Documents related to your investments and expenses that are eligible for deductions under various sections of the Income Tax Act, such as Investment proofs for claiming deductions under Section 80C, such as life insurance premium receipts, Public Provident Fund (PPF) contributions, National Savings Certificate (NSC) certificates, etc., Home loan statement and interest certificate for claiming deductions on home loan principal and interest under Section 24 and Section 80C, respectively, Rent receipts and rent agreement for claiming House Rent Allowance (HRA) deduction, Medical bills and health insurance premium receipts for claiming deductions under Section 80D, Donation receipts for claiming deductions under Section 80G.
Business Income (PGBP):
a. Profit and Loss Statement: Prepare a statement that shows the details of your business income, expenses, and profits or losses incurred during the financial year.
b. Balance Sheet: Prepare a balance sheet that reflects the financial position of your business, including assets, liabilities, and capital.
c. Bank Statements: Maintain bank statements of your business accounts to support the income and expenses recorded in your financial statements.
d. Purchase and Sales Invoices: Keep a record of invoices and bills for purchases made and sales made during the financial year.
e. Expenses Proof: Maintain supporting documents such as bills, receipts, and vouchers for business expenses claimed for deductions.
f. TDS Certificates: If any tax has been deducted at source on your business income, obtain TDS certificates to claim credit for the taxes paid.
Capital Gains:
a. Sale Deeds/Agreements: Keep the sale deeds or agreements of the assets (such as property, shares, or mutual funds) you have sold during the financial year.
b. Purchase Deeds/Agreements: Retain the purchase deeds or agreements of the assets for which you are calculating capital gains.
c. Valuation Reports: If applicable, obtain valuation reports for assets that require fair market value determination for calculating capital gains.
d. Brokerage Statements: If you have sold shares or securities through a broker, maintain the brokerage statements that show the details of the transactions.
e. Capital Gain Statements: If you have invested in mutual funds or other investment instruments, obtain capital gain statements from the respective fund houses or institutions.
f. TDS Certificates: If any tax has been deducted at source on your capital gains, obtain TDS certificates to claim credit for the taxes paid.
Other Documents:
a. Other Income Documents: If you have any additional sources of income, such as rental income, interest income, etc., you will need relevant documents to report and calculate the tax liability on such income.
b. Aadhaar Card and PAN Card: Your Aadhaar card and Permanent Account Number (PAN) card details will be required for e-filing your income tax return.
c. Form 26AS: Download your Form 26AS from the income tax department’s website, as it shows details of TDS deducted on your income and can help in reconciling your tax liabilities.