Must Know: Important Documents Required For Filing ITR In 2019

By | June 25, 2019

Here’s the list of documents that you need to keep handy while filing ITR for FY 2018-19. Take a look.

The deadline to file Income Tax Returns for FY 2018-19 is 31st August 2019. As the date for filing ITR is almost here, it’s smart to keep the required documents handy in advance to avoid any nasty surprises later.

Here’s the list of documents that you will require while filing your returns:

Form 16

Form 16 is a TDS certificate issued by an employer to all salaried individuals. The form provides the detailed break-up of your salary and the tax deducted on it.

The new format of form 16 is in sync with the ITR-1 and ITR-2 forms issued by the tax department for the financial year 2018-19. Your form 16 will have two 2 parts – Part A and Part B. Part A will have all the details of the tax deducted from your salary by your employer and other details such as your Permanent Account Number (PAN), and PAN and TAN of your employer. Whereas, Part B will have the details regarding your salary break-up like perquisites, exemption allowances, etc.

Make sure to cross-check all the details of your Form 16 carefully before filing the returns. In case you find any discrepancy, immediately inform your employer and get it rectified at the earliest.

Form 26AS

Form 26AS is a consolidated annual tax statement that includes tax details that have been deposited against your PAN like tax deducted by your employer, banks or other such organisations, self-assessment tax paid, etc.

To download your Form26AS, simply visit the income tax website and login to the e-filing portal using your account details. Next, click ‘View 26AS (Tax Credit)’ under the ‘My Account’ section. You will now be redirected to the TRACES website to download the form.

Make sure that all the taxes deducted in FY 2018-19 are reflecting against your PAN in Form 26AS to claim tax credit for that TDS deduction. In case of any mismatch, ask the deductor to make the amends.

Interest Certificates From Banks And Post Office

This year, the government has made it mandatory for taxpayers to specify the source of their interest incomes earned from Fixed Deposits (FD), Savings Account, etc. In case you do not receive interest certificates, you have the option to update your passbook with interest details credited to your bank account till March 31, 2019.

Form 16A/Form 16B/Form 16C

You will receive Form 16A from the bank if TDS is deducted from income sources other than your salary, such as Fixed Deposit and Recurring Deposit. If you are selling a property, then the buyer will issue you Form 16B stating the TDS deducted on the paid amount. In case you are a landlord earning rental income above Rs. 50,000, then your tenant will provide you Form 16C stating the tax deducted on the rent received.

Tax-Saving Investment Proofs

All your tax-saving investments incurred by you for deductions under section 80C, 80D, and 80E during the FY 2018-19 will have to be stated in the income tax returns. Make sure to keep all the investments proofs handy before filing your returns.

Home Loan Statement

Under Section 24 of the IT Act, one can claim a deduction of up to Rs. 2 lakh for the interest paid to the Home Loan. So, if you have taken a Home Loan, make sure to collect your Home Loan statement for the last financial year from the bank. This statement provides break-up details of the principal and interest you have repaid to the bank towards your loan.

Capital Gains Statement

Any capital gains that you have received from Mutual Funds, equity shares, and selling of property have to be notified to the income tax department via ITR.

To file the income received from selling your house, you will need a purchase and sale deed. For Mutual Funds and shares, you need to get the statement from respective fund houses and brokers. If you are filing ITR-2, the details of the buyer like name, PAN, address, etc. should be provided.

Pre-Validation Of Bank Account For ECS Refund

The income tax department has notified that they will issue only e-refunds from March 1, 2019. Such refunds will be processed to the bank accounts that are linked to PAN. So, pre-validate your bank account with PAN before filing your ITR.

Apart from these, you will need your salary slips, updated passbook, bank account details, and Aadhaar to file your ITR.

Additional Reading: The New ITR Forms: Up Close And Personal

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