Income Tax Return Filing Documents

1. Individuals can now use ITR-1 or ITR-4 if they have capital gains under Section 112A up to Rs.1.25 lakh.

Revised Threshold for Asset and Liability Reporting:

1. If total income exceeds Rs.1 crore, reporting of assets and liabilities is now mandatory.

1. Earlier, this requirement applied to incomes over Rs.50 lakh (until FY 2023–24).

Documents Required to File your Income Tax Return in India

As the deadline for the filing of income tax returns is nearing, it is recommended to start accumulating the documents that are required for filing of returns. Having the documents will help you save yourself from the last-minute rush.

Listed below are the documents that are needed to file your income tax returns:

Bank Account Details

1. Provide details of all your savings accounts, including: Account numberBank nameType of accountIFSC code
2. Required to report savings account interest and fixed deposit interest.

Unlisted Shares and Foreign Income

1. Report any dividends or capital gains from foreign shares.
2. Disclose any unlisted shares held.
3. Submit relevant supporting documents.

Tax-Saving Proofs (For Deductions under Section 80C, 80CCC, 80CCD(1))

Eligible investments and expenses include:

1. Employees Provident Fund (EPF)
2. National Pension Scheme (NPS)
3. Life insurance premiums
4. Investments in ELSS (Mutual Funds)
5. Public Provident Fund (PPF)

Collect receipts or proof of investment for all eligible items.

Capital Gains Statement

1. Collect from your broking house if you’ve invested in: SharesMutual funds
2. Statement should include: Short-term capital gains (for assets sold within 1 year) Long-term capital gains (must be reported even if tax is not payable)

Form 26AS

1. Reflects all tax deducted and deposited on your behalf.
2. Form 26as Download from the Income Tax Department’s official website.

Annual Information Statement (AIS)

1. Download from the income tax portal.
2. Contains comprehensive income details for the financial year.

Interest Certificate (from Banks & Post Office)

1. Collect certificates showing interest earned from: Savings accounts Fixed deposits (FDs)Recurring deposits (RDs)Post office accounts
2. These fall under "Income from Other Sources" and are taxable.

Form 16A

1. Shows TDS deducted by non-employers (e.g., banks, agencies).
2. Usually relates to interest or commission income.
3. Collect from the respective bank or institution.

Form 16

1. Form 16 known as the TDS Certificate from your employer.
2. Base document for filing your ITR.
3. Includes: SalaryAllowancesTax deductions made on your behalf

Credit Score Check

1. It's advisable to check your credit score for free before filing your return.

PAN Card & Aadhaar Card

1. PAN Card: Mandatory and acts as identity proof.
2. Aadhaar Number: Must be mentioned while filing ITR. If PAN and Aadhaar are linked, Aadhaar will auto-populate.

Income Tax Portal Login Credentials

1. Required for e-filing your ITR on the official Income Tax website.
2. Make sure your username and password are accessible and up to date.

Documents for claiming Deductions under Section 80C to 80U

The documents required to claim deductions under section 80C to 80U of Income Tax are mentioned below:

Home Loan Documents

1. Section 80C: Principal repayment – up to Rs. 1.5 lakh.
2. Section 24(b): Interest deduction – up to Rs. 2 lakh (for self-occupied property).
3. Let-out Property: Loss up to Rs. 2 lakh can be claimed; excess loss carried forward for 8 years.
4. Section 80EE / 80EEA: Additional interest deductions for first-time homebuyers, subject to conditions.

Tuition Fees

1. Section 80C: Deduction available for tuition fees paid for up to two children.

Investments Under Section 80C

1. Eligible investments include:
   1. PPF
   2. LIC
   3. 5-Year Fixed Deposits
   4. ELSS (Equity Linked Saving Scheme)
2. Total deduction capped at Rs. 1.5 lakh.
3. Ensure to keep investment proof or receipts ready.

National Pension Scheme (NPS)

1. Section 80CCD(1): Deduction up to Rs. 1.5 lakh.
2. Section 80CCD(1B): Additional Rs. 50,000 deduction.
3. Keep NPS investment proof handy.

Donations

1. Section 80G: Donation receipts required. If amount exceeds Rs. 2,000, it must be paid in non-cash mode. Deduction allowed at 50% or 100%, depending on the institution.

Medical Insurance Premiums

1. Section 80D: Rs. 25,000: For self, spouse, and dependent children. Rs. 50,000: For senior citizen parents. Up to Rs. 50,000: For medical expenses if senior citizen parents are uninsured.

Education Loan Interest

1. Section 80E: Deduction for interest on higher education loans (self, spouse, or children). No upper limit; allowed for 8 years from the start of repayment. Proof of interest payment is required.

Other Investment Receipts

1. Maintain receipts of any other eligible investments to claim relevant deductions under the Income Tax Act.

Documents needed for Capital Gains 

Given below are the documents you will need for capital gain:

1. Sold Mutual funds sold: Statement of capital gain

1. Sold silver, gold, or property: Details of registration, price of purchase, improvement cost, etc.
2. Sold equity shares: a summary of the broker's stock trading statement

Documents Required for Income from House Property

  Given below are the documents you will need for income from House Property:

1. Property’s address

1. Details of the co-owner
2. Rent agreement
3. Details of ownership
4. Certificate of interest for loan
5. Details of pre-construction interest

1. Receipts of municipal tax
2. Details of rental income

Documents Required by Businessmen or Self-Employed Individuals

Given below are the documents required by a businessman:

1. Gross profit

1. Gross receipts or turnover
2. Details like sundry debtor, sundry creditor, cash balance, stock in trade, etc.

Documents Necessary to Deduct the following Expenses

You must have certain documents at your disposal so that you can claim the following deductions:

1. The contribution made to the provident fund

1. Your children’s school tuition fee paid by you
2. Payment of your life insurance premium
3. Registration and stamp-duty charges
4. Home loan principal repayment
5. Investments made to a mutual fund or ELSS

1. Under Section 80C, you can claim a deduction of up to Rs.1.5 lakh

Documents Required for Tax Saving Investments

The documents required for tax saving investments are listed below:

1. Investments Eligible Under Section 80C

1. Fixed deposit receipt (5 years or more with a scheduled bank)

1. Public Provident Fund (PPF) deposit receipt

1. 5-year Time Deposit receipt from the Post Office

1. Mutual Fund investment proof (ELSS)

1. Life Insurance premium receipts

1. Deferred annuity investment proofs

1. NSC (National Savings Certificate) accrued interest statements

1. Provident Fund contribution receipts

1. Senior Citizen Savings Scheme deposit proof

1. Superannuation fund contribution receipt

1. Tuition fee receipts for children

1. Investment in debentures or shares approved by CBDT

1. Principal repayment of housing loan, including stamp duty, registration fees, etc.

1. Subscription to notified deposit schemes

1. Subscription to National Housing Bank’s deposit schemes

1. ULIP (Unit Linked Insurance Plan) contribution receipts

1. Any other relevant receipts under 80C

1. Investments Under Section 80CCC: Contribution receipts to Pension Funds

1. Investments Under Section 80CC

1. Employee’s contribution to NPS – Section 80CCD(1)

1. Additional employee contribution to NPS – Section 80CCD(1B)

1. Employer’s contribution to NPS – Section 80CCD(2)

1. Investment Under Section 80CCG (now discontinued but still applicable in certain legacy cases)

Receipts for investments under Rajiv Gandhi Equity Saving Scheme

1. Investment Under Section 80EE: Documents proving interest paid on a housing loan for a first-time homebuyer.