What documents do I need to attach with my tax return? Step by Step Guide
When filing your income tax return (ITR), you may need to attach certain documents as supporting evidence for the income and deductions claimed in the tax return. These documents can vary depending on the source of your income and the deductions you are claiming.IT depends on which ITR form you will file . Click here to check New ITR Form AY 2023-24 I How to Choose the Right One I Step by Step guide I CA Satbir singh
Here is a list of the most commonly required documents that you may need to attach with your tax return:
- Form 16/16A: Form 16 is a certificate issued by your employer that contains details of your salary, tax deducted at source (TDS), and other allowances. Form 16A is a similar certificate issued by entities other than employers, such as banks or post offices, for TDS on income other than salary. Both forms are required to be attached with your tax return.
- Form 26AS and AIS: Form 26AS is a consolidated statement of TDS, advance tax, and self-assessment tax paid by you during the financial year. It is available on the Income Tax Department’s website, and you can download it and attach it with your tax return.Similary Annual Information Statement is available on income tax department’s e-filing website .
- Investment proofs: If you have made investments in tax-saving instruments such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), or National Savings Certificate (NSC), you need to attach the investment proofs with your tax return. These documents serve as proof that you have made the investment and are eligible for claiming tax deductions.
- Capital gains statement: If you have sold any capital assets such as property or shares during the financial year, you need to attach the capital gains statement with your tax return. This statement shows the gains or losses made on the sale of the asset and the corresponding tax liability.
- Rent receipts: If you are claiming HRA (House Rent Allowance) exemption, you need to attach rent receipts with your tax return. The receipts should have the name of the landlord, the amount of rent paid, and the period for which it was paid.
- Home loan statement: If you have taken a home loan, you need to attach the home loan statement with your tax return. The statement shows the principal and interest components of the loan repayment and the corresponding tax benefits claimed.
- Donations receipts: If you have made any charitable donations during the financial year, you need to attach the donation receipts with your tax return. The receipts should have the name of the donee, the amount of donation, and the mode of payment.
- Bank Statements : Sometimes there my be the etntries in the Bank statments which needs to be disclosed in ITR. like gifts received , bank interest etc.
- Interest Certirficate : You need Bank FDR interest Certificate or other income proof to show in your ITR
It is important to note that these documents are required to prepare ITR by are not to be attached with the tax return . These are to be produced if demanded by Income tax department on scrutiby of ITR . these can vary based on individual circumstances. It is advisable to keep all relevant documents organized and ready before filing the tax return to ensure smooth processing and avoid any penalties or scrutiny later on.
In conclusion, attaching the required documents with your tax return is a crucial step in the tax-filing process. By keeping your documents organized and submitting them along with your tax return, you can ensure that your tax filing is accurate and complete.
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