A tax filer’s income tax return (ITR) documents vary depending on what they earn. However, certain documents are mandatory for every taxpayer, regardless of our income sources. We have compiled a list of common ITR documents that are required in FY 2021-22 (AY 2022-23)
An individual’s Pan Card
For income tax returns, this is the first and foremost prerequisite. Your name on the income tax PAN card must be the same as your ITR name. PAN is also required for deduction of TDS and should be linked to your bank account for direct credit of income tax refunds (if any). An employee can obtain their PAN number from the Income Tax Department, whether it is on their PAN card, Form 26AS, Form 16, Form 12BB, etc. In addition, taxpayers can file their ITR with their Aadhaar number instead of their PAN number, according to a recent government amendment.
Identity card (Aadhar Card)
An individual must provide the details of his/her Aadhaar card when filing his/her returns based on Section 139AA of the Income Tax Act. In your it return filing online if you do not have your Aadhaar card but have applied for it, you will need to provide your enrolment ID. Linking PAN and Aadhaar helps in verifying your income tax return online.
It is issued by UIDAI. You can download it online if you have lost or can’t find your Aadhar card.
Form 16 contains information regarding the salary of the employee and how much TDS has been deducted. There are two parts to Form 16: Part A and Part B. In Part-A, the employer’s PAN and TAN are provided along with the amount of tax deducted during the financial year. This form includes TDS calculations such as gross salary breakups, exempt allowances, and perquisites. It is important to remember that both Part-A and Part-B will carry the TRACES logo and unique ID this year.
In the case of HRA, which you missed disclosing to your employer, it won’t appear on Form 16, but you can still claim it at the time of filing your ITR.
Form 16 is issued by the employer. Form 16 is a crucial document for filing ITR by a salaried individual. Find out how to file ITR without Form 16 if you don’t have your employer’s form.
The Form-16A, the Form-16B, and the Form-16C
In addition to salary payments, TDS is deducted on income from recurring deposits, fixed deposits, etc. Form-16B is issued to a person who sells his property. A TDS certificate, Form 16C, is a document reflecting the TDS deducted by an individual or HUF on rent at 5%. It has information about the TDS deducted on the amount paid to the seller.
Those who deduct TDS on rent are required to furnish Form 16C within 15 days of furnishing the Challan cum statement in Form 26QC to the payee. Banks, contractors, and so on, issue Form 16A. On the other hand, those who deduct TDS on rent issue Form 16B to the buyer.
If you have Form 26AS, you can retrieve TDS details from it.
Information about the bank account
The ITR requires the disclosure of all active bank accounts. Details such as your bank name, account number, IFSC code, and the number of accounts you hold must be provided. You must also select one primary account for the Income Tax Department to refund your tax refund by electronic transfer. Bank details are used to verify your income disclosures, high-volume transactions, etc. You can easily find these details in your bank passbook, checkbook, statement, or net banking account.
The 26AS form
You get an annual tax statement that contains details of all the taxes you’ve deposited against your PAN.
- a.) The bank deducts TDS
- b.) Employer’s TDS deduction
- c.) The amount of TDS that other organizations deduct from your payments
- d.) Taxes deposited in advance by the individual
- e.) Taxes paid by self-assessment
In Form-26AS, the individual should ensure that all taxes deducted during the financial year are reflected against his or her PAN. You will not be able to claim the tax credit for TDS deductions if there is a mismatch, therefore, you must get in touch with the deductor to rectify the situation.
Log in to your account on Income Tax India’s e-filing website to view Form 26AS for the relevant Assessment Year.
Statement of Mortgage Loans
It is used by individuals to prove that they have repaid the principal and interest on their loan and to provide information when filing their income tax returns.
Individuals who have taken out a home loan from a financial institution, such as a bank, they should collect the last year’s statement.
Instruments for saving taxes
Your tax-saving investments, such as tax-saving FDs, ELSS, investments receipts, etc., should be documented when you file your taxes.
Gains on capital investments
A sale of securities or property will result in a capital gain or loss. You will need documents like broker statements or deeds of sale for the same.
Income from rental properties
In case you earn an income from your house or property, it should be reported when filing ITR. Don’t forget to collect receipts from your landlord if you pay rent. Despite not having to provide these documents with the ITR, they should be kept safe for submission in the future to your employer or Income Tax Department.
- How to Check Status of Income Tax Refund?
- Return of Income Taxes
- F.A.Q. (Frequently Asked Questions) Income Tax