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What documents are needed for filing ITR in India?

Filing Income Tax Returns (ITR) is an important annual activity for every taxpayer in India. It is a process of declaring one's income, tax deductions, and tax payments to the Income Tax Department of India. Filing ITR accurately and within the deadline helps taxpayers avoid penalties and also ensures compliance with the tax laws. In this blog, we will discuss the documents that are needed for filing ITR in India.

ITR Filling Documents_Raag Consultants

PAN card

Permanent Account Number (PAN) card is a unique identification number that is allotted to every taxpayer in India. It is mandatory to have a PAN card to file ITR. If you do not have a PAN card, you need to apply for it before filing ITR.


Form 16

Form 16 is a certificate issued by your employer that provides details of your salary, tax deductions, and TDS (Tax Deducted at Source) for the financial year. It is an important document for salaried employees as it helps them calculate their taxable income and tax liability.


Form 16A

Form 16A is a certificate issued by entities other than an employer that deducts TDS, such as banks and financial institutions, on interest income earned by the taxpayer.

Form 26AS Form 26AS is a consolidated tax credit statement that contains details of taxes deducted at source, taxes paid, and refunds received by the taxpayer during the financial year. It is important to cross-check the details in Form 26AS with the tax documents to ensure accuracy in tax calculation.


Bank statements

Bank statements for the financial year are needed to provide details of income earned from interest on savings accounts and fixed deposits.

Investment documents Investment documents such as mutual fund statements, stock trading statements, and property ownership documents are needed to provide details of income earned from capital gains and other investments.


Rent receipts

Rent receipts are needed to claim deductions on house rent paid under Section 80GG of the Income Tax Act.


Medical bills and insurance premium receipts

Medical bills and insurance premium receipts are needed to claim deductions under Section 80D of the Income Tax Act.


Educational loan interest certificate

Educational loan interest certificate is needed to claim deductions on the interest paid on education loans under Section 80E of the Income Tax Act.


Charitable donation receipts

haritable donation receipts are needed to claim deductions on charitable donations under Section 80G of the Income Tax Act.


In conclusion, these are some of the important documents that are needed for filing ITR in India. Taxpayers should keep all the necessary documents ready before filing ITR to ensure accuracy and avoid any errors. They can also seek the help of a chartered accountant or a tax professional to file their returns correctly and in a timely manner.


 

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