The process of filing your Income Tax Returns in India takes some preparation. This is why the Government usually gives you four months’ window period to compile all documents like salary/income details, bank statements, previous tax statements, etc. The procedure varies as per the income earned per year and income source like salary, business profit, investment profit and so on.

Collating all your documents ready is just one aspect of it. In this article, we will discuss the documents needed for filing Income Tax Returns in India.

To know more about the new income tax portal for easy filing of the return for FY 21-22 - Click here

The various documents required for ITR filing:

1. The appropriate ITR Form

Depending on the type of income, the category the taxpayer falls under, and the income the taxpayer makes, the relevant form must be chosen.

  • ITR-1 or SAHAJ: For individuals with annual income below INR 50 lakh and not more that one house property
  • ITR-2: For individual with annual income above INR 50 lakhs
  • ITR3: Individuals or HUF carrying proprietary business or profession.
  • ITR-4 or  SUGAM: Assess opted for Presumptive Income Scheme or Individual’s, HUF and partnership firms  (except LLB’s)
  • ITR-5: For LLBs, AOPs, AJPs, BOIs, etc
  • ITR-6: Applicable for all companies except those who are claiming exemption under Section 11
  • ITR-7: For all assessees covered under Section 139(4A), or 139(4B) or 139(4C) or 139(4D), or 139(4E) or 139(4F) 

2.  Aadhaar linked with PAN

3. For Salaried Employees:

4. Interest Income related Documents required for ITR filing

  • Bank statement/passbook for interest on savings account.
  • Interest income statement for fixed deposits.
  • Tax Deducted at Source (TDS) Certificate (it is issued by banks).

5. Form 26AS

It is provided by the Income Tax Department- you can download it from the Income tax website

6. Section 80C Investment Documents

Investment in PPF, NSC, ULIPS, ELSS and LIC comes in deduction under Section 80C. The maximum amount claimed under  section 80C is Rs 1.5 lakhs.

For salaried individuals - the Form 12BB and Form 16 (which you would get from your employer is a must)

7. Other Expenses Deduction Documents

  • Contribution to the Provident Fund.
  • Children’s school tuition fees.
  • Life/Health Insurance premium pay.
  • Stamp-duty and Registration charges.
  • Principal repayment on home loan.
  • Mutual Funds investment.

8. Other Investment Documents required for ITR filing

  • Interest paid on the housing loan.
  • Education loan interest payments.
  • Stock trading statement.

Hence, the taxpayers have to maintain the record of certificates and receipts of their transactions made in the annual year for the filing of income tax return and need to attach these with it. Also if it has been asked for the clarification of transactions mentioned in the return then the taxpayers have to submit all the proofs to the AO (Assessing Officer).


Wealth Cafe Advise

As we always advise, do not plan for your ITR at the end of the year but start it from the beginning of the year and keep it a practice to have all documents stored in one place on a drive year wise so whenever required you could access the same easily.

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