1. Pan and Aadhaar Card: Linking PAN and Aadhaar are mandatory and helps in verifying your ITR online via an OTP.
2. Bank Account Details: It is mandatory to provide details of all active bank accounts in the ITR. You are required to provide details such as your bank name, IFSC, account number, account type, and the number of accounts that you hold.
3. Bank Statement/ Passbook: To know interest earned on savings accounts, interest income on fixed deposits, etc. during a financial year. Bank account statements are required at the time of ITR filing.
4. Form 16: Form 16 part B or Salary Certificate is issued to you by your employer and has details such as salary paid, taxes deducted, and deposited during the financial Year.
5. Month-Wise Salary Slips: If you are a salaried Individual than month-wise salary slips are also essential so that proper deduction can be claimed.
6. Form 26AS: It is an annual tax statement like a tax passbook that has details of the taxes deposited and deducted from the government against your PAN.
7. Investment Proofs: Tax savings investment and expenditure proofs such as receipt of the life insurance premium paid, Public Provident Fund passbook, receipt of medical insurance, fixed deposit receipt, donation paid receipt, home loan repayment certificate/receipt, tuition fee paid receipt, mutual fund consolidated account statement, education loan repayment certificate, etc. are essential Documents to claim a deduction when filing ITR. (These deductions can be claimed only if you opt for the old tax regime when filing ITR)
8. Capital gains from the sale of property, Mutual Funds, or Shares: The sale of property, shares, or Securities will result in capital gains or losses. For this, you need to have documents like Capital Gain Statement, P&L Statement, Holding Statement, Property sale deeds, etc.
9. Details of investment in Unlisted Shares: In case you were holding unlisted shares during the financial year, you need to disclose the same in your ITR. In this case, at the time of filing your tax return use ITR-2 instead of ITR-1.
Name: Vazna Sayyed
Qualification: Article Assistant
Company: Bashmakh & Co
Location: Shill, Thane.
Disclaimer: This is meant purely for general education purposes. While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Readers should conduct and rely upon their own examination and analysis. This note is not an offer, invitation, advice, or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however, caused or sustained, by the person who relies upon it. This information provided is for the intended recipient for knowledge and guidance purposes only.