Income Tax Slabs for Individual taxpayer for Financial Year 2019-20 (A.Y. 2020-21) |

 

Before one should go to file Income Tax return, he/she should have necessary documents readily available with him to avoid last minute hassle. The check-list below will help you to see whether you have necessary documents with you while e-filing IT return. Some documents and details are mandatory to have with you like Aadhar number, bank details etc. while others are required only if it is applicable in your case like details of agriculture income is required only if you have such income.  

Check-list for Income Tax Return::

1) Aadhar Card Number: is Mandatory for e-filling income tax return on income tax website.

2) All Banks Accounts details like Bank name, Account no., Account type, IFSC code: All the bank account in which you have account need to be compulsory reported in IT return. Saving A/c, Current A/c, CC/OD A/c

3) Pre-validated Bank Account: W.e.f. 01.03.19, income tax department will issue only e-refund. So, assessee need to Pre-validated bank account.

4) Updated Bank pass book, Post Office pass book, PPF pass book:  We need bank balance as at 31st March for return filing and balance-sheet preparation. 

Salary income of the assessee can be traced from his salary bank account. 

In case of PPF investment during the year, 80C deduction is available so, we need PPF investment amount during the Financial Year

5) Interest Certificate from Banks: Get this interest certificate from all the banks in which you have bank accounts. Interest on FD is to be reported in IT return as "Income from other sources". However, interest on saving account is deductible u/s 80TTA upto Rs. 10,000 in case of resident individual.

6) 80C Investment Proof: Amount invested during the year to '80C investments' are deductible from gross income. There are lots of investment option in Section 80C like PPF, Tax Saving FD, Life insurance premium, home loan principal repayment amount etc..

In case of PPF contribution - PPF passbook can be used as proof. 

In case of Tax Saving FD - FD Certificate from bank is used as proof. 

In case of payment of life insurance premium - Payment Receipt used as proof. 

In case of home loan principal repayment amount - Bank statement which shows EMI repayment and loan repayment schedule are used as proof

7) Health Insurance Premium paid:  Payment Receipt. Payment should be in a mode other than cash to get deduction u/s 80D

8) Home Loan Statement: Interest certificate, Loan repayment schedule required to verify Interest payment on Home Loan and principal repayment amount.

You can also read:

Income Tax Slabs for Individual taxpayer for Financial Year 2019-20 (A.Y. 2020-21) |

9) Form 16: This is a TDS certificate by employer. This certificate provides detailed summary of salary & TDS on salary. You can obtain this from your employer.

10) Form 16A: This is also a TDS certificate but this certificate is issued for TDS deducted on income other than salary. 

e.g. FD TDS deducted by banks etc... 

You xan obtain this from deductor.

11) Form 26AS: is a Consolidated Annual Tax Statement. It includes information on TDS/TCS, advance tax, self-assessment tax. It is available on the Income Tax (Traces) website against a taxpayer's PAN. Before filing any income tax return, one must see his 26AS online.

12) Advance tax, Self Assessment Tax (SAT) Challan: These are the challens which are generated after we paid tax online. We need to mention BSR code, challan no., Bank name in Income Tax return. Such details are mentioned on that challan itself.

13) Immovable Property sales transactions [Purchase deed, conveyance deed]: For capital gain calculation, we need this.

14) Capital Gain Statement of MF units sales, stocks sales etc.:  You can get this from your broker. Nowadays it's available online in demat account log in.

15) Details of Unlisted Shares: In case of investment in unlisted shares of company you need to compulsorily mention PAN of that company.

16) Agriculture Income: APMC receipt, transport receipts, entries in bank pass book or ask assessee if agriculture income is in cash mode. Agriculture income is exempt from income tax i.e. no income tax required to be paid on agriculture income, however reporting of such agriculture income is mandatory. It is used to apply slab rates on your total income.

17) Other Exempt Income: Though the income is exempt from income tax point of view but disclosure of such income is necessary. Exempt income like Divided from listed Company etc. You can trace such income from your bank account statement or pass-book.

All these Documents need not be uploaded to income tax department website while e-filing IT return. It is advised to fill all information in Income Tax Return on the basis of some authentic Documents which can latter be used as proofs to show department that your source of income is genuine and any deduction is not claimed arbitrary.

Disclaimer: 

The above article is meant for informational purpose only and does not purport to be advice or opinion, legal or otherwise, whatsoever. While due care has been taken during the compilation of this article to ensure that the information is accurate to the best of our knowledge and belief, the contents of such article do not substitute for professional advice that may be required. The individual expressly disclaims all and any liability to any person who has read this document or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this article.