Documents Required for Income Tax Return (ITR) Filing for FY 2022-23
Documents required for filing an Income tax return (ITR) differ according to the earning sources of the taxpayer. However, certain documents for ITR filing are mandatory for every taxpayer, irrespective of income sources.
In this article, we will discuss the list of all the crucial income tax proof submission documents you must have ready before beginning the income tax filing 1 process. Whether you’re a salaried employee, business owner, NRI or deceased person, you’ll get the list of all the documents needed for filing income tax returns for FY 2022-23 and ay 2023-24.
What is ITR Filing?
According to the laws and regulations governing income tax, every Indian citizen is required to pay tax on their earnings. Therefore, filing your Income Tax Return (ITR) each year is crucial.
ITR is a form an individual submits to the IT Department to file information about their income and taxes payable during that year. The information in an ITR must apply to a particular financial year.
There are several documents required for an income tax return. The taxpayer must ensure that all these are available as these are considered crucial income tax proof for submission.
Documents Required for ITR Filing
Depending on your income sources, several documents are required. But regardless of the sources, some important documents are needed for every taxpayer. Here is a list of important documents.
1. Pan Card
If you are filing an ITR, this is the most important document. The name on the PAN card and in the ITR must match. Additionally, PAN is necessary for TDS deduction and must be linked to your bank account for direct deposit of income tax refunds (if any).
2. Aadhar Card
Under Section 139AA of the Income Tax Act, taxpayers must include information from their Aadhaar card while filing returns. Your income tax return can be electronically verified by linking your PAN and Aadhar with an OTP.
3. Form 16
Form 16 is another important ITR document and a mandatory document required for a salaried individual to file an ITR. This form contains the employee’s salary and the amount of TDS deducted. It includes 3 forms, i.e., Form 16A, 16B, and 16C.
- Form 16A is issued against the TDS deducted on commissions, professional fees, etc.
- Form 16B: This form is issued against TDS deducted on the property purchase from the resident seller.
- Form 16C: This form is issued against the TDS deducted on payment of rent by the resident tenant.
4. Bank Account details
As a part of the documents required for ITR filing, you must provide details of your bank accounts. The IT return must include information about your bank account, including your name, account number, and IFSC. If you have multiple accounts, you should disclose all their details.
5. Bank Statements and Passbook
You need to submit your updated bank account statement and the passbook for the last financial year to file your Income Tax Return.
6. Form 26AS
It contains all the taxes you have deposited against your PAN yearly. These include:
- TDS deducted by the bank
- TDS deducted by the employer
- TDS deducted from your payments by other organisations
- Advance taxes deposited by the individual
- Self-assessment taxes paid by the individual
7. Details of Tax Saving Instruments
When filing your taxes, if you have any tax-saving investments like tax-saving FDs, ELSS, investment receipts, etc., you must have the relevant documents ready when filing taxes.
8. Details of Capital Gains
If you have sold any stocks, bonds, or other assets, you may have made or lost money on them. You must have supporting documents, such as broker statements and property sale deeds, for the same.
9. Foreign Income/Dividend Income
If, as a result of a job relocation or otherwise, you have income from a foreign country, you must have that information on hand and provide it when submitting your IT return.
10. Dividend Income
You must provide that information if you have invested in shares or mutual funds and have received dividend income from those investments.
You can get the details of your dividend income from your demat or broker statement.
11. Rental Income
If you receive rental income from your home or property, you must disclose it while filing your ITR. You must request rent receipts from your landlord if you pay rent. These are optional to be included with the documents required. They should be saved in case they need to be provided to your employer or income tax department.
12. Statement of Home Loan
The home loan statement mentions details of the principal and interest paid. You need to provide this information as proof while filing your ITR.
Documents Required for Filing Income Tax Return for Salaried Person
The following list of documents is required to file your ITR if you are a salaried individual:
- Salary Slips
- House Rent Receipts
- TDS certificates
- Pension Certificate
- Full & Final Settlement (F&F)
- Travel bills
- PF withdrawal receipt
- Gratuity or leave encashment details
Documents Required for Filing ITR for Business
The following list of documents is required to file your ITR if you own a business:
- Balance sheet
- Audit Statements (if applicable)
- TDS certificates
- Income Tax Statement Challan Copy
Documents Needed for Filing ITR for House Property Income
The following list of documents is required to file your ITR if you earn income from House Property:
- Address of Property
- Details of the Co-owner
- Ownership Details
- Form 16A on rent
- Rental Agreement, if any
- Municipal Tax Receipts
- Rental Income Details
- Interest Certificate for Loan
- Pre-construction Interest Details
Documents Needed for Filing ITR for Income from Other Sources
The following list of documents is required to file your ITR if you earn income from other sources.
- Interest or TDS certificate for interest earned from Bank FD
- Rent Agreement and TDS certificate (if applicable)
- Dividend warrant in the case of dividend income.
- Form 26 AS
- Income from Agricultural Income
- Accrued interest from NSC or any other scheme
- Other documents, applicable, if any.
Documents Required to Claim Deductions Under Sec 80
Chapter VI of the Income Tax Act 1961 offers various deductions and exemptions for tax-saving purposes. Here is a list of documents that you require to claim those avenues:
- Receipts of Contribution to PPF, LIC, etc.
You can claim up to a deduction of ₹1.5 lakhs u/s 80C every financial year if you invest in PPF, LIC, 5-year tax-saving FDs, etc. You need to submit the receipt of the payment to claim the deduction.
- Investment in NPS.
You are allowed a deduction of ₹1.5 lakhs u/s 80C if you invest in National Pension System. Also, an extra deduction of ₹ 50,000 is allowed under section 80CCD. You can invest in NPS for an additional benefit if you have used the limit under 80C.
- School fee receipt
Section 80C allows a deduction on payment of tuition fees of two children. You need to have a break-up of tuition fees and the amount paid for other activities mentioned in the school fee receipt to claim the deduction.
- Receipt of Donation
Donations to a few qualified institutions are subject to deduction under section 80G. If the donation amount is more than ₹2,000, it should be made in a mode other than cash. You will need the receipts of these donations to claim the deductions.
- Home Loan Statement
A deduction of up to ₹ 1.5 lakhs is allowed u/s 80C for the principal amount repaid in a Financial Year against the home loan. You can get the home loan statement from the bank.
- Receipts of other investments
If you have any other kinds of investments applicable for deductions or exemptions, you need to submit the receipt of all of them.
Additional Documents You’ll Need to File Income Tax Return for FY 2022-23
- Maintainance of certain documents by people carrying out business or profession:
- Sales Bills,
- Purchase Bills,
- Stock Registers,
- Electricity Bills,
- Water Bills,
- Party Ledger, etc.
- Other documents than those mentioned in Point 1
- TDS Return Copy,
- Excise Duty Return Copy,
- Annual Return Copy,
- TCS Return Copy, etc.
- All individuals need to keep the following documents handy:
- Partnership Deed,
- Trust Deed,
- Registration Certificates, if applicable
- Service Tax certification number, if applicable, and many more.
According to the Income Tax Act of 1961 and the Income Tax Rules of 1962, a specific set of documents required for ITR filing must be presented and kept as proof. Everyone qualified to pay income tax must do it and submit proper documents to the income tax department.
The income tax filing process and the supporting documents may vary depending on the amount of income earned annually as well as the sources of the revenue, such as business profit, salary, interest income, investment profit, etc.
Frequently Asked Questions
Can I file my ITR using both my PAN and my Aadhaar card?
As per the most recent laws, you may now file your income tax return using your PAN and Aadhaar card.
Do I need to provide any documents when I file my tax return?
No, you don’t have to present documents when you file your tax return. However, you might need to provide these documents if there is scrutiny.
Can I file my ITR without using Form 16?
The basic ITR filing form for salaried people is Form 16. You may need Form 16 to submit an ITR if you are a salaried employee. Even if you don’t have Form 16, several additional documents can be used as references when filing an ITR.
What documents are necessary to submit an ITR for agricultural income?
For filing agricultural income returns, no documents are required. However, you must include information in Schedule EI (Exempt Income) of the ITR form for exempt agricultural income.
What documents are needed to file an amended return?
When filing the revised return, the form used to file the original return and the documents about the details that need to be changed would be required. The original ITR’s acknowledgement number must also be provided while filing a revised return.