Income Tax Documents

There are various deductions which tend to reduce your tax liability. You can avail the deductions using income tax documents related to the tax-savings investments you have made or incurred eligible expenses.

Here are the related income tax documents you should keep at hand to claim various expenses as deductions:

1. Income tax documents related to your Provident Fund contribution

2. Life insurance premium payment receipts

3. Stamp-duty and registration charges paid

4. Principal repayment on a home loan

5. Equity Linked Savings Scheme investment proof to be used as one of the income tax documents

6. Self-contribution to National Pension Scheme (NPS)

The Income Tax department wants the taxpayers to provide a breakup of their gross salary income and income earned from other sources while filing the ITR. It is why both taxpayers and tax professionals tend to collect their income tax documents timely.

In general, it is a good practice to keep all the income tax documents required for ITR handy.

Here is a list of income tax documents required for Income Tax Return e-filing:

Form 26AS is one of the most crucial income tax documents and has all the information of the taxes deposited against your PAN number. It is a certificate issued u/s 203 of the Income Tax Act to cover TDS deducted from income under the head ‘salary’.

To add Form 26AS to your stack of income tax documents, simply login to your account on:

Apart from the income tax documents detailed above, here are some other investment documents required to file ITR:

a) Interests paid on home loan borrowed for a self-occupied house (eligible for tax-saving up to Rs. 2,00,000)

b) Education loan interest payment receipts to be used with other income tax documents

c) Stock trading statement

ITR form is a document using which the taxpayers file information about their income and tax payable. The Income Tax Department has issued seven different ITR forms for various income tax requirements, which are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7

While submitting various income tax documents required for ITR, it is crucial to choose the right form as well. Wrong selection of the form may get your return rejected, even though you have submitted all the required income tax documents.

As per income tax requirements, it is mandatory to file ITR in India with the required income tax documents if the gross annual income of a taxpayer is as follows:

Hence, you must also know about different ITR forms while you start collecting income tax documents to file ITR.

As a part of income tax requirements, every Indian taxpayer must link their PAN with Aadhar. Failing to do so implies his/her ITR will not be processed under Section 143(I) of the Income Tax Act. This will happen irrespective of whether the taxpayer has submitted required income tax documents required to file ITR.

By asking for Aadhar-PAN linking along with various income tax documents, the government also takes the initiative to curb black money.

Those who are yet to link their PAN with Aadhar must know that the deadline for Aadhar-PAN linking is June 30, 2020. PAN card, being one of the essential income tax documents may become inoperative otherwise.