Key documents you need to keep handy before ITR filing

Padmaja Choudhury   /   July 17, 2023

July is here, and you must be busy collecting all your documents for filing the ITR. So, have you made a checklist of all the documents you need to keep handy before sending that email to your CA or sitting before your laptop to file the ITR on your own? If you still need to, then this article is just for you, and if you already have made the checklist, there is no harm in making sure you have not missed any.

List of general documents

For filing your ITR for FY 2022-23, irrespective of the source of income, you need these documents:

  • PAN Card: You need to use your PAN number to either log into the Income Tax Department website to file the ITR or put the number under the details required in the ITR form.
  • Aadhaar Card: You need to keep this document handy as well, and you need to add the Aadhaar number as well in your ITR form. Moreover, the government has asked everyone to link their PAN with their Aadhaar, so linking both documents can help before filing the IT.
  • Bank Account Statements: To file your ITR, make sure to download the account statements for all your current bank accounts from April 1st to March 31st of the relevant financial year. For instance, this year, while filing the ITR, you need to submit the bank statement of all your accounts from 1st April 2022 to 31st March 2023.
  • TDS Certificates: If your employer, client, bank or anyone who has deducted TDS from the money they paid to you, you need to get the TDS Certificates from them which is Form 16, or Form 16A or you can download directly the Form 26AS as well from ‘Traces’ website.
  • Investment Account Statements: For all your investments, especially for those you can claim deductions and exemptions under sections 80C/80D/80E/80TTA and others you need to submit the investment account statements as proof of investments.

While these are the documents almost every assesse will need, here are some more specific documents that you need to have if you have income from the below-mentioned sources.

Income from salary

  • Rent receipts and agreement: If you receive HRA and live in a rented apartment, for claim deduction available for HRA, you need to produce the rent receipts and rent agreement.
  • Gratuity payments details: If you have received a gratuity in a financial year, you need to keep the documents for the same handy to claim the deduction available for gratuity payment.
  • Travel bills and leave encashment: Similar to gratuity, you need to keep all the travel bills with you to get an exemption for all your spending. Also, if you have encashed your leaves, make sure, you have thorough proofs for the same, to produce before the IT department to claim exemptions.
  • Pension certificate: Pension is also considered within salary income, and thus if you are a pension holder, you need to submit the pension certificates while filing ITR.

For interest and dividend incomes

  • Interest certificates: If you have received interest from your bank savings, fixed deposit accounts, or from post office savings account or any such financial vehicle, that pays regular interest, you need to submit proof of such income for filing ITR. You can submit interest certificates that your bank provides or you can also submit bank statements or post office account statements.
  • Proof of Dividend Income: If you have received dividends from your investments, you need to keep the dividend warrants handy before filing ITR. As dividends are now taxable in the hands of the shareholder, you must submit all the proof of your dividend income.

For income from house property

Income from house property is one of the major sources of income in India. If you are one of them who receives rent for his or her property, here are the documents you need to have for ITR filing.

  • Rent Agreement: Of course, the primary document is the rent agreement that you need to submit as proof of receiving rental income from your house property.
  • Address proof of your house property: You need to submit any proof of address for the house property for which you are receiving rental income. If you share ownership of the property, you must provide proof of this information in order to claim any available deductions.
  • Interest for your home loan: If you have purchased the house property on a home loan, for claiming deductions under section 24(b). Under this section, you will get deductions of up to Rs. 2 lakhs on the interest on a home loan for a house property, which is self-occupied for residential purposes.
  • First-time homebuyers: If you are a first-time homebuyer, then you can get an additional deduction under section 80EE for up to Rs. 50000 against the interest you pay for the home loan.

For income from capital gains

  • Purchase and sale deeds, agreements: If you generated income from capital gains, such as selling house property, stocks, and other such investments, you need to display the documents, which can prove the sale and the value of the sale. These documents can also help you get the tax exemptions available for capital gain incomes.
  • Brokerage slips, transfer expenses: If you have incurred any expenses while transferring the investments, or house properties, which you have sold, can generate capital gains, you should keep some proof for such expenses, or brokerage slips and others to claim deductions against these expenses from your taxable income.
  • Reinvestment purchase deed: If you have re-invested your capital gains from one house property to another, or invested in certain types of bonds such as NHAI bonds, then you can get an exemption on the capital gains. However, for these, you need to submit the purchase deeds, which prove that you have invested the capital gains from the premium property.

Filing ITR can be hassle-free once you have all these documents as per your sources of income ready with you.

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