ITR Filing for financial year 2021-22: 10 important documents required to file income tax return
Check out the top 10 documents you would need while filing income tax returns
Please maintain any records connected to tax payments if you received any overseas income during the period and paid taxes on it abroad.
Capital Gain/Loss Statement
If you sold shares, mutual funds, gold, or a house and made a profit, you must pay capital gains on those profits. Download the capital gain statement via the broker's website or mobile app, or from Registrar and Transfer Agents (RTA) like CAMS and KFintech, to find out the capital gain amount.
You can download the capital gains statement online, for instance, if you invested with Zerodha, using either their app or website. The capital gains for transactions completed through that broker or RTA are shown on the statement. Many online platforms offer the option of automatically reviewing tax reports for capital gains to make tax filing simple.
Home loan interest certificate
Download the home loan interest certificate, which breaks down how much you can deduct under Sections 80C and 24B of the Income Tax Act, if you have taken out a mortgage. You can only deduct up to Rs 1.5 lakh from your principal under Section 80C, and you can deduct up to Rs 2 lakh from your interest payments under Section 24B. This $25,000 cap only applies to privately owned homes.
Bank Interest Certificates
For simple computation of the total interest income credited to your account during the financial year, you should also have interest certificates from banks. It is significant to note that an individual may deduct up to Rs 10,000 under Section 80TTA of the IT Act for interest received on all savings and fixed deposit accounts held with a bank, co-operative bank, or post office.
It is advisable to already have your bank statements for the fiscal year downloaded so that you are aware of the interest and other incomes that have been credited to your account.
Annual Information Statement (AIS)
AIS is more comprehensive than the previous form 26AS, which only provides information on Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) (TCS). It is a single reference document for taxpayers that contains complete and detailed information on salary, dividends, interest from savings accounts and deposits, stocks and mutual fund transactions, off-market debt transactions, overseas remittances, and so on.
The Income Tax Department issues Form 26AS, which is an annual tax statement that includes information about the tax deducted from you, advanced tax paid, and refunds received. Because people frequently misreport or underreport their income, it is always prudent to reconcile your income recorded in ITR with Form 26AS.
Form 16 is a certificate supplied by employers to their employees indicating that TDS has been deducted from the employee's wage and submitted with the tax authorities on the employee's behalf. Form 16 is divided into two sections: Part A and Part B. Part A includes information such as the employer's name and address, the employer's TAN and PAN, the employee's PAN, and month-by-month details of tax deducted at source. Part B details the salary breakdown, as well as deductions and calculations.
Aadhaar is a 12-digit numerical code used to authenticate identity based on demographic and biometric data. It is provided by the Government of India's Unique Identification Authority of India (UIDAI) for the purpose of identity verification. If your mobile number is recorded in the Aadhaar card database, your Aadhar card can also be used to e-verify your ITR form.
A PAN, or Permanent Account Number, is a 10-digit alphanumeric number used to track your financial transactions. If you do not give your PAN, banks may withhold tax at a higher rate of 20%. If the bank has your PAN number, only 10% is deducted.