Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results

    Income tax e-filing

    Income Tax E-filing: Key Documents Required to File Your Return

    Last Updated On 21-11-2024

    In a digital world like ours, income tax e-filing has become a common practice. E-filing, or electronic filing of income tax returns is mandatory for all the taxpayers. Income tax is a tax levied on an individual's or an entity's earnings and profits. There are specific documents that must be included with an income tax return that can be used as proof of the income received in a given fiscal year. It is necessary for everyone who owes income taxes to take action and provide the necessary paperwork to the income tax department.

    Save More on Taxes!

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.

    Income Tax E-filing helps you in simplifying the process of submitting tax returns, saves time, and also decreases the risk of errors. There are specific documents that must be included with an income tax return that can be used as proof of the income received in a given year. It is necessary for everyone who owes income taxes to take action and provide the necessary paperwork to the income tax department. This article guides you through the process of income tax e-filing and provides you with a complete list of the documents that are required to file your return. Whether you are an owner of a business, a salaried employee, or someone with many sources of income, having the right paperwork on hand helps expedite and streamline the e-filing process.

    What is Income Tax E-filing?

    Income tax e-filing is the process of submitting your tax return to the government. Taxpayers can either file directly on the website of Income Tax Department’s or opt for authorised third-party platforms. E-filing online is more beneficial than the traditional one as it is fast, convenient and reduces errors. With an income tax calculator you can calculate your income tax easily.

    Important Documents Required for Filing ITR?

    Documents for income tax returns (ITRs) vary depending on the tax filer's sources of income. Regardless of their source of income, all taxpayers must have specific documentation. The common ITR documents that are needed to file an ITR are listed here.

    • PAN Card

      When completing an income tax return, this is the most important document to have. In order to deduct TDS and to receive a direct credit of your income tax refund (if any), your PAN must also be connected to your bank account. A salaried employee can locate their PAN number on a PAN card, Form 26AS, Form 16, Form 12BB, etc.; it is issued by the Income Tax Department. But according to a recent government reform, taxpayers can also file the ITR with their Aadhar Card.
    • Adhaar Card

      As per the Income Tax Act's Section 139AA, people are required to submit their Aadhaar card details when filing their returns. In your IT returns, you must include the enrolment ID if you have applied for Aadhaar but do not yet have your card. By connecting your PAN and Aadhar, you can use an OTP to validate your income tax return online. The deadline for individual income tax returns is July 31st each year.
      Card Aadhar is issued by UIDAI. You can also get it online if you have misplaced it or were unable to locate your Aadhaar card.
    • Form 16

      The information on this form includes the employee's pay details as well as the total amount of TDS withheld. Form 16 is divided into two sections, Part A and Part B. Along with the employer's PAN and TAN information, Part-A includes information about the amount of tax the employer withheld throughout the fiscal year. TDS computations, such as gross salary breakdown, exempt allowances, perquisites, etc., are included in Part B of the form.
      Note that the employer is the one who issues Form 16. It is an essential document that salaried individuals need to file their ITRs. Learn how to file your ITR without Form 16 if you do not have it.
    • Forms 16A, 16B, and 16C

      For TDS deducted on payments other than salaries, such as income from fixed deposits, recurrent deposits, etc., Form-16A is provided. When someone sells their property, Form-16B is provided. It contains information on TDS withheld from the buyer's payment to the seller. A TDS certificate, Form 16C, certifies the TDS that a person or HUF is required to deduct from rent at the rate of 5% under section 194IB. Deductors such as banks, contractors, etc. issue Form 16A. On the other side, the buyer issues Form 16B. Additionally, after providing the Challan cum statement in Form 26QC, the person deducting TDS from rent must provide Form 16C to the payee within 15 days.
    • Passbook/Bank Statement

      Bank statements display details on the interest received during a fiscal year on savings accounts, revenue from fixed deposits, and other investments. When submitting an ITR, these details are necessary.
    • Details of your bank account

      All current bank account disclosures must be included in the ITR. The income return must include information about your bank accounts, such as the name of the bank, account number, IFSC, and total number of accounts you have. Additionally, one primary account will be chosen in order to let the Income Tax Department credit your tax refund to that account electronically. Your income disclosures, high-volume transactions, etc. are verified using your bank details. It is simple to locate this information in bank statements, cheque books, passbooks, net banking accounts, etc.
    • Forms AIS/TIS and 26AS

      It is an annual tax statement that contains information on all the taxes you have submitted against your PAN, much like a tax passbook. These consist of:
      1. TDS that the bank deducts
      2. The employer's TDS deduction
      3. TDS withheld from your payments by other organisations
      The person is responsible for making sure that on Form-26AS, all taxes withheld throughout the fiscal year are matched to the PAN. You won't be able to get the tax credit for the TDS deduction if there is a discrepancy. Thus, contacting the deductor is necessary to correct the same.
    • Tax-Saving Documents

      When you submit your taxes, you should have the necessary documentation if you have made any investments in tax-saving plans such as tax-saving FDs, ELSS, investment receipts, etc. It can take a while to manually calculate every tax deduction. To calculate your 80C deductions with accuracy, utilise the 80C calculator.
    • Statement of Home Loans

      The information that they repay, such as principal and interest, is sent to them in their loan statement. This informational breakdown is required for both filing your income tax returns and serving as proof. The person should get the statement for the most recent fiscal year if they have taken out a home loan from a bank or other financial institution. You might also want to consider an Immediate Annuity Plan for better financial planning in the future.
    • Rental Income

      You must declare any income you get from your home or other property when submitting your ITR. Additionally, remember to gather your landlord's receipts if you are paying rent. These records, though not have to be submitted with the ITR, should be stored securely in case they are needed later on and can be provided to your employer or the Income Tax Department.
    • Details of your Capital Gains

      Selling shares, stocks, or real estate will either result in a capital gain or a loss. Documents such as broker statements and property sale deeds are required for the same. Get in touch with our tax professionals if you find capital gains taxation to be confusing and require help filing your capital gains ITR. Alternatively, you can compare life insurance plans to help reduce your tax liabilities.
    • Interest Certificate

      Taxpayers would need to keep interest certificates relevant to the same in order to claim tax benefits on interest on home loans, etc.
    • Income from Dividends

      When submitting your income tax return, you should disclose any dividend income you have received from shares or mutual funds that you have invested in. You can obtain information about the dividends you received during the fiscal year by referring to your Demat account summary or broker statement.
    • Foreign/ overseas Income

      To help you claim the benefit of tax credits and DTAA, you should provide your tax adviser with the documentation for any income generated in or from a foreign nation during a job deployment or for a portion of the year. It is necessary to organise the documentation for any overseas revenue with the contractor or employer.
      Remember that incomplete information on the ITR might result in a penalty of up to 200% if the proper documents are not submitted.

    Importance of Choosing the Right ITR Form

    The ITR form is a document that people use to report their income and any taxes owed. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 are the seven distinct ITR forms that the Income Tax Department has released for varied income tax obligations.

    It's important to select the correct form when submitting the different income tax records needed for the ITR. Even if you have filed all the necessary income tax documentation, your return could be denied if you use the incorrect form.

    Income tax e-filing is a straightforward procedure that needs careful planning. If you prepare all the required paperwork ahead of time, you can make sure your tax return is accurate and submitted on time. Whether you are an independent contractor, an employee, or the owner of a business, having the appropriate documentation will enable you to deduct all of your expenses. Before you begin the electronic filing procedure, make sure you double-check all of your forms, bank statements, certificates and use an income tax calculator to make sure everything is in order.

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra.

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI or its officials is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

     

    RELATED PRODUCTS

    Want to know more about how you can protect your family?

    See all our articles

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+

    Get Trusted Advice Get Trusted Advice

    Ask khUshi

    Hi! I’m khUshi. How can I help you?