Documents Required for Filing Income Tax Returns (ITR Filing 2019-20)

When it comes to filing your income tax returns, the accuracy and completeness of your application largely depend on the documents you provide. This article is designed to offer a comprehensive guide on what you'll need to ensure a smooth and hassle-free tax filing process.

Introduction

Filing an income tax return (ITR) in 2019-20 is a critical financial activity for both individuals and businesses. The documents you provide will influence the accuracy and validity of your tax declaration. These documents can vary based on your sources of income and deductions claimed. In this guide, we'll outline the key documents required for a variety of income types, ensuring that you have everything necessary to file your tax returns correctly.

General Documents

Regardless of your income source, certain fundamental documents will be necessary:

PAN (Permanent Account Number): This is your unique tax identification number for all tax-related transactions. Aadhaar Number (optional): This is an additional verification document in case a PAN is not sufficient. Bank Account Details: Include details of your bank account where taxes might have been deposited or where refunds might be credited. Form 26AS: This is a statement of tax deducted at source (TDS) from your income by financial institutes. Form 16 (if salaried employee)): This is the TDS certificate issued by the employer for salaried individuals. Challan: If you have paid any advance tax or self-assessment tax, include the challan details. Details of the Original Return (if filing a revised return)): This is necessary if you're amending your original return.

Documents for Specific Income Types

The type of documents required will depend on the nature of your income. Let's explore the specific requirements for different income types:

Salary or Pension Income

Form 16: This is a certificate issued by your employer for salaried individuals. Salary Slip: In case Form 16 is not available, include your salary slip. Passbook / Pension Statement: This will detail your salary payment history.

House Property Income

Property Address Rent Agreement Co-ownership Details (if applicable) Municipal Tax Receipts Form 16A (if TDS is deducted on rental income)): This certificate shows tax deducted on rental income. Home Loan Repayment Certificate/Interest Certificate from the Bank Pre-construction Interest Details

Capital Gains Income

Sales and Purchase Deed Stamp Duty Valuation (if applicable for sale of land/building) Details of Expenses Incurred on Transfer of Capital Assets Proof of Cost of the Asset and Sales Receipts (if applicable for movable assets) Details of Investments Capital Gains Deposit Account Details (if any) Business and Professional Income: Profit and Loss Statement Balance Sheet Supporting Documents for Expenses Cash Register Any Other Documents Required to Maintain Books of Accounts Audit Report (if profit is less than 8% of total turnover)

Income from Other Sources (IFOS)

Interest Income: Interest Certificate from Savings / Current Accounts Interest Certificates from Deposits / Bonds / NSC PPF Statement / Passbook Dividend Warrants/Counterfoils Proof of Receipt of Any Other Incomes Details of Foreign Income and Taxes Deducted on It Details of Assets Held Outside India Including Foreign Bank Accounts

Conclusion

Accurate and comprehensive documentation is crucial when filing your income tax returns. By ensuring that you have all the necessary documents, you can avoid penalties and ensure that your tax returns are processed efficiently. If you need more information or assistance in filing your ITR, feel free to reach out for guidance.