Which documents do you need to file ITR? The documents required to file ITR depends on the kind of Income you have. This article explains in detail what documents are required for Income from Salary, what documents are required for Income from House property, what documents are required for Income from Other Sources, what documents are required for Income from Capital Gain on sale of the property, what documents are required for Capital Gain of equity or Mutual Funds.
Table of Contents
General Documents needed to file ITR
You will have to file ITR online. You don’t need to submit any documents to file ITR. But you should keep them with you for 7 years from the end of the financial year. So, this would mean that if you have filed ITR for FY 2018-19, then you must keep the related documents with you till the end of FY 2025–26.
One must verify the TDS with Form 26AS before filing ITR. Check that TDS details match those with your Form 16/16A etc.
- To File ITR one needs: PAN, Aadhaar, Bank account details in which you are first holder(Account number, IFSC Code)
- Challan details: If you have paid any Advance Tax, Self Assessment Tax, Deducted TDS on buying property, paying rent above Rs 50,000 per month.
- Original Return/Notice: If filing a revised return or a return in response to notice received, you need to keep original return and details of notice.
- Bank account statements: To find Interest on Saving bank account etc.
Documents needed to File ITR For Income from Salary
The image below shows the excerpt of ITR for Income from Salary, allowances, perquisites and standard deduction. You need Form 16 Part A & B. Most of the information can be filled in directly from Form 16 new format as explained in our article How To Fill Salary Details in ITR1, ITR2 etc . This year please claim Standard Deduction of Ra 40,000.
If you have left your job then you need Full and Final settlement details like Gratuity/Leave Encashment and you need to find out how much of is it taxable.
Pension Certificate: Employee pension is treated as Income from salary. Collect the Pension certificate (Form 16) from the payment banker and keep it handy as and when needed. Please note that Pensioners can also claim Standard deduction.
If you are claiming HRA(House Rent Allowance) then it is good if you have lease document and rent receipts, PAN number of the owner. Note: If you haven’t submitted proof of HRA to the employer and it does not show up in Form 16 you can still claim it while filing ITR. But you cannot claim LTA.
If you have RSU or ESPP of the MNC then you need to show foreign assets in your ITR2 (You cannot file ITR1). Our article Are ESPP, ESOP in MNC to be filed in ITR as Foreign Assets? discusses What are foreign assets? The Foreign Asset schedule in ITR2.
Documents needed to File ITR For Income from Sources
The image below shows the details required to fill in Income from other sources. So to fill it you need following documents to fill in Income from other sources.
- Bank account statements for interest on all your Saving bank accounts. Add the interest from all the saving bank accounts and put it. Please note that you can claim deduction upto Rs 10,000 under section 80 TTA. Our article Interest on Saving Bank Account: Tax, 80TTA, ITR explains in detail.
- If you have a Fixed Deposit/Recurring Deposit. Interest earned on Fixed Deposits/Recurring deposits etc you need Form 16A if TDS have been deducted. In any case Please check Form 26AS and approach the deductor for correction in case of mismatch
- Accrued Interest from NSC for the year
- Clubbed Income Income of dependents which you will declare as your own. For example, if you have a saving bank account of your child. Interest earned on it will be clubbed with your income
Documents needed to File ITR For Income from House Property
You have income from house property If you own a house in which you live or have given the house or commercial property on rent. Our article Income from House Property and Income Tax Return explains in detail.
You need Co-owner Details If the property is co-owned, their respective shares in ownership of property will be required. Can claim Rent, Deduction as per the cowner percentage.
Loan Processing Fees & Foreclosure Charges These charges are treated as Finance costs and can be deducted u/s 24b
- If you have taken Home Loan: Certificate of home loan of the property for Interest and Principal amount.
- If you have given property on Rent or is vacant: Rental Income, Property Taxes
Documents required to file ITR For Income from Capital Gains
You have income from Capital Gain when you sell property, stocks, mutual funds, gold etc. You need to find whether you have long term or short term capital gain. The image below shows How much tax you pay on your different types of assets
Documents required to File ITR for capital gain from Sale of House Property
When a house/property is sold, then for Income Tax one requires details like sale price, purchase price, improvement costs, year of the sale, year of purchase, year of sale, as shown in the image below. If you are claiming exemptions then have required documents ex for Exemption under section 54E Capital Deposit account details of any. Our article How to show Long Term Capital Gains on sale of House in ITR explains it in detail.
- Sale n Purchase Deed Property: including stamp valuation of the property
- Costs of Improvement If any improvements made (claim only if you have receipts)
- Expenses Incurred on Transfer (ex. brokerage, commission, transfer fees, etc.) are tax deductible, and hence the records should be maintained as proof of expenses
Claim Exemptions for Sale of House Property
Re-investment Purchase Deed You can claim exemptions on capital gains on re-investing the amount in certain specified assets like house, bonds, etc. You need to maintain the record to claim exemptions in this case.
Capital Gains Accounts Scheme (If applicable) The capital gains earned should either be invested in the specified asset within the time allowed or deposited in the capital gain account scheme by due date of filing the return (31st July) if you are going to claim them as exemptions.
Documents required to File ITR for capital gain for Sale of Mutual Funds
You need details of the sale and purchase of funds i.e purchase date, purchase price and sale date and sale price. You can get the statements from Mutual Fund companies or the R&T Agents of Mutual funds such as CAMS and Karvy. The image below shows the capital gain statement from CAMS for an equity fund(ELSS fund) and Debt Fund.
For equity funds, ELSS funds bought before 31 Jan 2018, you need the cost of the stock/Fund on 31 Jan 2018 to take care of grandfathering.
For Debt funds held for more than 3 years, you can use indexation benefit. Our article Long term Capital Gains of Debt Mutual Funds: Tax and ITR explain how to show the long term capital gain of Debt Funds using indexation benefit.
Our article How to get Capital Gain Statements for Mutual Funds CAMS, Karvy etc explains how you can get it from the Capital Gain Statements by the Registrar and Transfer Agents or Mutual Fund companies such as CAMS and Karvy
NAV of Equity Mutual Funds on 31 Jan 2018 lists the fair market value i.e NAV of equity mutual funds on 31 Jan 2018 which is required to calculate the cost of acquisition and Long Term Capital Gains.
Documents required to File ITR for capital gain for Sale of Stocks
Statement from your broker with purchase date, purchase price and sale date and sale price of the stock. If the stock was bought before 31 Jan 2018 then cost price on 31 Jan 2018 to take care of grandfathering. if there are capital gains after selling the shares
BSE Stock Price on 31 Jan 2018 for LTCG on Shares lists the fair market value i.e highest Price of shares on BSE on 31 Jan 2018
Documents required to File ITR for Tax-saving Investments
Make a list of all your tax saving investments under different sections.
All tax-saving investments made on your behalf in the financial year for deduction under Section 80C, 80CCC and 80CCD. Under these three sections, you can claim only Rs 1.50 lakh for a tax saving during a financial year. You have to keep the following statements with you.
- Employee Provident Fund (EPF) (Form 16)
- Public Provident Fund (PPF) passbook
- Life Insurance: Premium receipt
- For Investments in Equity Linked Savings Scheme (ELSS) Statement from Mutual Funds
- Sukanya Samriddhi Yojana Scheme passbook
- Tax Saving FD investment details.
- Repayment Certificate for housing/education loan
- Senior Citizen Saving Scheme Receipts for furnishing on return
- Children Tuition Fees Receipts
- Other Investment Receipts Retain all the other investment proofs under section 80C for personal income tax assessment as a precaution and to avoid paying excess TDS
If you have invested Rs 50,000 in Tier 1 of NPS to claim National Pension System (NPS) passbook
80D: Premium receipts for Medical Insurance
The premium for Medical Insurance that you can claim is shown in the table below.
80G : Donation Receipts (along with PAN, name and address of the donor) – receipts after making a donation as proof
Documents to file ITR for Exempt Income
Make a list of Exempt Income which includes the following with proof.
Documents required to file ITR for Income from Business and Profession: Presumptive taxation
This applies to freelancers, bloggers, YouTubers, those in professions such as Legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, an authorised representative, film artist, company secretary and information technology.
You need to decide if you want to take Presumptive taxation. Presumptive taxation means income is calculated on a presumptive basis rather than on an actual basis. A person opting for presumptive income has to declare income on certain percentage and is relieved from maintaining books of accounts and getting audited under section 44AB.
If you go for Presumptive taxation you need to find the total income and then declare appropriate %.
You can file ITR4 in such cases. Our article Adsense Earnings for Blog, YouTuber: GST, Income Tax etc explains it in detail.
Documents required to file ITR for Income from Business and Profession (No Presumptive Income)
If Audit applicable, then Audited Statement of affairs
- Balance Sheet as of March 31, 2019, of the Proprietary Business or Profession
- Profit and Loss for the Financial Year
Documents required to Show Advance Tax and Self Assessment Tax paid Challan 280
Before filing the ITR one has to make sure that one owes no tax . If after calculating the income, taking care of deductions and deducting the tax already paid (TDS) one realises that one has paid less tax than due then one has to pay the balance tax. This tax is called Self Assessment Tax.
When one needs to pay tax , Advance Tax, Self Assessment or Regular Assessment tax,Tax Payment Challan, ITNS 280 Challan is used to pay Income Tax due.
You need to enter details of Advance Tax and Self Assessment Tax in ITR as shown in the image below. Explained in detail in our article Self Assessment Tax, Pay Tax using Challan 280, Updating ITR
Video on Important Documents Required
This video by YouTuber CA Rachana Ranade shows 5 Important Documents Required to file ITR.
- Capital Gain Calculator from FY 2017-18 with CII from 2001-2002
- RSU of MNC, perquisite, tax , Capital gains, eTrade
- Basics of Capital Gain