Documents required for filing ITR in any Financial Year

Documents required for filing ITR in any Financial Year.

Financial Year 2018-2019 is just ended a few days back. Now you all must be thinking about the ITR filing for this year. As we all know the due date for filing ITR is on 31^st July for the Taxpayers, who are not liable to comply Section 44AB, i.e. Tax Audit. And for those Taxpayers who comes under preview of Section 44AB and also the partners of partnership firms whose firms are liable for Tax Audit under the said section, the due date for filing is 30^th September.

In order to make filing of ITR Hassle-free and smooth at that time, one has to be collect a few documents for the information which will be required at the time of filing. Person having Income as Salary, Business or Profession, Interest, Capital Gain, Dividend Income and any other form of Income needs to know the documents required so that they can claim all deductions, expenses, exemptions need to know the documents which will be needed at the time of filing.

Form 16/ Form 16A

In case of Salaried Person, Employer deducts the TDS at the time of payment of salary to them in accordance to applicable Slab Rate. In this regards, all the required details are given to employee in Form 16.

In case TDS is deducted for any income other than Salary, Form 16A is issued by the Deductor to Deductee to provide all the required information. In this regards, other income means Interest on FD, Business Income, Contractor Income, etc.

Permanent Account Number (PAN)

PAN is required to file ITR for any form of income.

Form 26AS

All the TDS deducted/ TCS collected from the income of Deductee reflects in this Form 26AS. In order to know the full Tax Liability, one should have the Form 26AS. It also reflects Refund received from department by the Assessee.

Investment Proof

In order to encourage Savings and Investment, Government has given many deductions for computing Income Tax Liability. Some of Investments are Deposit in PPF, ELSS, and FD with 5 years maturity, etc. The proof for these investments are required to claim the benefits of the same.

Expense Proof

Expenses such as Tution Fees for children, House Rent, Life Insurance Policy premium, Health Insurance Premium, etc. can be claimed on the basis of proof of payment.

Bank Statements for the financial year 2018-2019

Bank Statements contained all the details of expenses, Incomes, Investments made during the relevant Financial Year. In order to include all the taxable income and also exempt Income in the ITR, one has to collect the Bank Statements. Transactions such as Sale and purchase of Investments, Interest from Savings bank deposits, Gifts to be taxed under section 56, Dividend Income, etc. can be identified from the Bank Statements.

Adhaar Card

From 1^st April. 2019 Onwards, Income tax Return can not be filed without mention of Adhaar Number in the ITR in the case of Individual.

Tax challan for Self Assessment Tax or Advance Tax

In order to compute Income Tax liability for the relevant year, Tax Challan, if any for the payment of self assessment Tax or Advance Tax, is needed.

Share Trading Statement

In case there is any Gains or loss on account of Shares, the share trading statement is required.

All the transactions regarding the sale, purchases of shares in the market, Quantity, Cost, Profit, Holding period of the same, reflect in the Share Trading Statement.

Deepa Kaintura

DISCLAIMER: 

All views expressed in this blog are my own and do not represent the opinion of any entity whatsoever with which I have been, am now or will be affiliated.

I am a Semi Qualified Chartered Accountant and this should not be considered legal advice. You should seek appropriate counsel for your particular case. And Please note that this post is for readers in the India.