As the tax season is here, the Income Tax department is urging taxpayers to provide a detailed breakdown of their gross salary and other income sources when filing their Income Tax Returns (ITR).
Filing an ITR is a go-to method for laymen and commoners. However, to make the process smoother, it’s a good idea to have all the necessary documents ready.
Here’s a list of the key documents you’ll need for e-filing your ITR.
Read More: Income Tax Return Filing: Don’t have Form 16? Use these alternatives to file ITR
Aadhar And PAN Card
Aadhaar cards and PAN cards are important in every financial work. Both documents are crucial for ITR filing. According to Section 139AA of the Income Tax Act, every taxpayer must provide their Aadhar details when filing their return.
Form 16
Form 16 is essential for salaried individuals. It’s a TDS certificate from your employer showing details of the tax deducted from your salary, your PAN, your employer’s PAN and TAN, and a breakdown of your gross salary.
Salary Slips
Your latest salary slips are important as they provide information about various allowances like House Rent Allowance and Transport Allowance, which have different tax treatments.
Tax-Saving Investment Proofs
Investment proofs for Employee Provident Fund (EPF), Public Provident Fund (PPF), and Life Insurance can help reduce your tax liability under sections 80C, 80CCC, and 80CCD(1). You can claim deductions up to Rs 1.5 lakh with these documents.
Interest Certificates From Post Office And Banks
If you earn interest from savings accounts, post office accounts, or Fixed Deposits (FDs), you’ll need interest certificates from these institutions to report this income on your ITR.
Read More: Form 26 AS: Filing Income Tax Return? Know why Form 26AS is important & how to download it
Proofs Of Capital Gains
If you’ve earned capital gains from mutual funds, equity investments, or property sales, you’ll need documents like purchase/sale deeds and statements from mutual fund houses or brokers to calculate these gains.
Health Insurance Premium Receipts
Health insurance premiums paid can be deducted under section 80D. You can claim up to Rs 25,000 for yourself, your spouse, and your children, and up to Rs. 50,000 if you’re also paying for your parents’ health insurance.
