Checklist of important documents required to file a tax return

Salaried taxpayers must keep their pay stubs at all times.

The filing date for the tax return for the 2021-2022 fiscal year is July 31, 2022. Other taxpayers who are subject to audit must file their return before October 31, 2022. Depending on the amount of income generated annually and the source of income, such as salary, business profit, investment profit, etc., there are many ways to file a tax return.

One step in the process is to prepare all your documents. Certain documents must be produced and retained as evidence under the Income Tax Act 1961 and the Income Tax Rules 1962.

Form 16

TDS (withholding tax) certificate is another name for Form 16. Form 16 is the basic basis for submitting tax returns. Therefore, Form 16 should be the first document collected. The form will be given to you by your company after you have provided information regarding taxes paid on your behalf. Your wages, allowances and deductions are taken into account before you do this.

Salary statements

Salaried taxpayers should keep their pay stubs handy at all times. Basic salary, dearness allowance (DA), TDS amount, rental allowances (HRA), travel allowances (TA), normal deductions, etc. are all included in the payslip. To prepare tax returns, these details are necessary.

PAN card

One of the most important things you should always have on hand is a PAN card. Your tax returns must contain your permanent account number (PAN), which serves as identification.

Map of Adhar

Aadhaar information must be provided in order to file your ITR correctly. According to Section 139AA of the Income Tax Act, individuals must disclose their Aadhaar information when filing their tax returns.

Form 16A

Form 16A includes TDS information on term deposit interest income. For example, you will receive a Form 16A if your bank has deducted TDS from your fixed deposit interest income, TDS from rent receipts, TDS from insurance commissions, or any other income subject to such a deduction. The income earned and the TDS deducted and deposited on that income are both specified on Form 16A. The names and addresses of the deductor and deductee, as well as PAN, TAN and TDS challan information are also included.

Annual transaction details

In November 2021, the income tax office will provide this statement showing every financial action taken by a person in a given fiscal year. Additional information on interest, dividends, corporate actions, mutual fund trading, international remittances and other matters is included.

Form 26AS

To obtain Form 26AS, individuals should visit the new Income Tax Portal. Similar to a tax booklet, it contains details of tax deducted and submitted to the government using your PAN.

Declaration of capital gain

A capital gain statement is required if you have invested in stocks, mutual funds or other securities. This statement will be issued by your brokerage firm. It specifies any short-term capital gains that must be paid if you sell certain stocks before the end of the year. You must include long-term capital gains on your return even though you are not required to pay tax on them.

Individuals have the choice of submitting their ITRs offline (by downloading forms and utilities and then uploading them to the new income tax system) or online (without downloading forms or applications).

Tax investment proof

When producing their ITR, taxpayers must also provide proof of their investments and expenses that reduce their tax savings. It should be noted that if someone chooses the old tax system when completing their ITR, they can deduct investments and expenses that save them money on taxes.

First published: June 29, 2022, 10:13 a.m. IST

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