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Tax Season 2020: Documents Required to File ITR in India



Tax Season is here! And the last thing you want to do is wait until a week before to start digging through all your files.

Here’s a quick checklist of documents you need for this tax season.

Kick-start Your ITR

Here is a list of documents required to kick-start your ITR:

  1. PANPermanent Account Number
  2. Aadhaar Card Number
  3. Bank Account – details and statements
  4. Form 26AS or Annual Information Statement
  5. TDS certificates like Form 16, Form 16A, Form 16B, Form 16C, etc
  6. Tax Payment Challans
  7. Investment Proofs  (Investments and deductions claimed under section 80C, 80D, 80E, 80TTA, etc.)

Now, let’s move on to the list of other documents needed by taxpayers to make ITR filing simple. The documents have been divided based on the income sources of the taxpayer. 

For Salary Income

1. Form 16Salary/TDS Certificate

2. Salary Slips

For Income From House Property

1. Home Loan Statements to claim deduction

2. Rent Agreement/Receipts

3. Challan Municipal Taxes Paid

4. Form 16A for TDS on income other than salary.

5. Name and PAN of the Co-Owner

Guide: Income from House Property and Taxes
Read More
Guide: Income from House Property and Taxes
Read More

For Capital Gains

1. Capital Gains Statement

2. Expenses incurred on the transfer of Capital Assets.

3. Purchase deed in case of reinvestment

4. Sale deed, stamp duty valuation, details of improvement costs.

For Business/Profession Income

1. Business Income

  • Nature of business
  • Books of Accounts
    • Profit and Loss Statement
    • Balance Sheet
  • Cash Register – details of cash payments for expenses, etc.

2. Presumptive Income:

For Business Income from Trading

  • Trading Statements
    • Tax P&L Report
    • Consolidated Investment Portfolio
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For Income From Other Sources

1. Bank Statements and Interest Certificates– for income earned in the form of Interest, Dividend, Gift, etc.

2. Donation receipts

3. FD statement

For Tax Saving Investments

1. Deductions claimed under Chapter VI of the Income Tax Act, 1961- You may not necessarily require these while filing your ITR. But it is necessary to keep these documents in handy.

  • Section 80C
    • Equity Linked Savings Scheme (ELSS)
    • National Pension Scheme (NPS)
    • PPF
    • EPF
    • Sukanya Samriddhi Yojana
    • tax-saving fixed deposits
    • Senior Citizen Savings Scheme (SCSS)
    • Life Insurance Premium, etc.
  • Receipts of donations made
  • Education Loan interest paid receipts
  • Receipts for medical insurance (Both for self and family)

Once you have all the documents with you, you are ready to file your ITR.

Know which ITR form is applicable to you with a few simple clicks. Check out our tool.

You can download the prefilled XML to prepare your ITR.

File ITR hassle free at Quicko.

Shoot your questions regarding documents required and everything taxes on our Tax QnA thread. Or you can drop a comment below.

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Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Can you tell me about ITD’s new ITR filing utility for AY 2021-22?

  2. Avatar for Yesha Yesha says:

    Hey @HarshitShah

    To improve the tax filing process, the Income Tax Department has decided to do away with the excel and java-based utility and has launched a new offline JSON-based utility for the AY 2021-22. The new utility will help taxpayers import prefilled data and edit it before filing the income tax return (ITR).

    The taxpayers can download the pre-filled data from the income tax e-filing portal and fill in the rest of the data. This imported prefilled data can be edited to change basic information such as address and all. Currently, the utility can be used to file ITR1 to ITR 4. ITD has also released a step-by-step guide to using the utility.

    Hope this helps! :slight_smile:

  3. Is it possible to file ITR online without an account on the Income Tax e-filing portal?

  4. Avatar for Niraj Niraj says:

    What should be done in case of discrepancies in actual TDS and TDS credit under Form 26AS?

  5. Avatar for Yesha Yesha says:

    Hey @Amitabh_Verma

    It is mandatory to create an account on the Income Tax e-filing portal to file your ITR online. It is a hassle-free quicko process. One can register on the portal by providing relevant details such as user type, PAN, first name, surname, date of birth, and fill in the registration form.

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Comments

Brahmdeo says:

2020-10-29 12:17:04

I m salaried person. My spouse is house wife. If I contribute some amount for NPS account of wife, then can I get income tax exemption for me? We all are in one family. So? Pls guide

Reply

Aakash Lalchandani says:

2020-10-30 15:05:13

Hey Brahmdeo, No, you cannot claim an income tax deduction under Section 80CCC if the investment is in the name of your spouse or children. Even though you may pay the contribution, you are not eligible to claim this amount for a tax deduction for yourself.

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