Know about mandatory Income Tax Return documents in 2022

Know about mandatory Income Tax Return documents in 2022

Income Tax Return documents ease the filing process of Income Tax Return. Further, the procedure, as well as the form applicable for filing ITR varies as per the sources of income but, the documents almost remain the same.

Documents Required for ITR Filing

The Income Tax Return documents are as follows:

Know about mandatory Income Tax Return documents in 2022

PAN and Aadhaar

The first and foremost income tax return documents are PAN and Aadhaar. This is so because there cannot be filing of ITR without a valid PAN and Aadhaar. The PAN as well as the Aadhaar acts as an identity proof of the person filing the ITR. Further, the Aadhaar must be linked with PAN for ITR filing. In addition to this, Section 139AA of the Income Tax Act mandates that the assessee must provide his/her Aadhaar details while filing his/her return of income.

Form 16

Form 16 also known as TDS Certificate for Salary is another important document among other Income Tax Return documents. This form is provided by the employer to the assessee after furnishing the information of taxes paid on his behalf. Thereby, this form contains the details of the assessee’s salary, allowances, exemptions, deductions as well as TDS amount.

Please note that apart from Form 16, there are 3 more TDS certificates namely Form 16A, Form 16B, and Form 16C. And, these forms are equally as important as Form 16.

Also Read: Section 192: TDS on Salary

Form 26AS and Annual Information Statement

The next important Income Tax Return documents are Form 26AS and the Annual Information Statement. On the one hand, Form 26AS is an annual consolidated statement, which contains all the tax-related information of the taxpayer. On the other hand, the Annual Information Statement (AIS) is an annual comprehensive statement that contains details of all the financial transactions of the assessee in a relevant financial year. Further, AIS is comprehensive because it contains details of salary, dividend, interest from savings accounts, etc as well as information wrt TDS, TCS, and any tax demand or refund. Accordingly, these documents are very much useful for filing ITR.

Also Read: Difference Between TDS And TCS Easily Explained

Interest Income Statements

There may be cases wherein the assessee may have income from other sources such as interest on FDs, interest on the savings account, mutual funds, etc. Accordingly, in such cases, the interest income statements are essential income tax return documents for filing ITR. This is so because the assessee has to report all his/her income from all the sources in the ITR and it should be the correct amount. If there will be any mismatch in the actual amount of interest and interest that the assessee mentions in ITR, then he may get a notice from Income Tax Department.

Also Read: All You Need To Understand About Mutual Fund Taxation SIP

Capital Gains Statements

In addition to the above, the assessee may also have income from capital gains from the sale of capital assets. And therefore, he has to declare this income also in his/her ITR. Further, the assessee has to mention the amount of capital gains in the ITR, even if it is tax-exempt.

Also Read: How To Treat Income From Transfer Of Shares?

Section 80 Investments

Section 80 investments are the deductions that help assessee in saving taxes significantly. Therefore, the Section 80 investments documents are the heart and soul of the Income Tax Return documents. Consequently, the document required for claiming deductions under Section 80 are as follows:

Sections

Income Tax Deduction for FY 2022-23 (AY 2023-24)

Documents Required

Section 80C

Deduction on investments like LIC, PPF, Tax Saving Fixed Deposits, ELSS, etc

  • List LIC premium statements

  • PPF receipts

  • Bank receipts

  • FD statements

  • Mutual fund statements, etc

Section 80CCD(1B)

National Pension Scheme

Bank statement

Section 80D

Medical Insurance Premium and Medical Expenditure

Medical insurance receipts

Section 80DD

Medical Treatment of a Dependent with Disability

Certificate by Chief Medical Officer

Section 80DDB

Treatment of specified diseases

  • Hospital receipts

  • Treatment receipts

Section 80E

Interest paid on Loan taken for Higher Education

  • Bank receipts

  • Interest certificates

Section 80EE

Interest paid on Housing Loan

Interest certificates

Section 80EEA

Interest paid on Housing Loan

Interest certificates

Section 80EEB

Interest paid on Electric Vehicle Loan

Interest certificates

Section 80G

Donation to Charitable Institutions

Donation receipts

Section 80GG

Income Tax Deduction for House Rent Paid

House rent receipts

Section 80GGB

Contribution to Political Parties

Contribution receipts

Section 80GGC

Individuals on contribution to Political Parties

Contribution receipts

Section 80RRB

Royalty on Patents

  • Copy of registration of patent under the Patents Act, 1970

  • Royalty payments receipt

Section 80QQB

Royalty Income of Authors

Royalty income receipts

Section 80TTA

Interest earned on Savings Accounts (<60 years)

Bank statements

Section 80TTB

Interest earned on Savings Accounts and FDs (> 60 years)

  • Bank statements

  • Interest certificates

Section 80U

Disabled Individuals

Certificate by Chief Medical Officer

Also Read: A Quick Look At Deductions Under Section 80C To Section 80U

Challan of Advance Tax or Self Assessment Tax

Advance tax is a tax that is paid by the assessee in advance by self-assessing the tax liability. Further, the payment of advance tax is made through Challan 280. The tax that has already been paid is reduced from the actual tax liability of the assessee. So, the challan of advance tax or self-assessment is also an essential document for ITR filing.

Also Read: How To Pay Advance Tax Online? (Challan 280)

Others

Last but not the least, some of the other documents which may be essential for filing of ITR are as follows:
– Rent Agreement
– Bank passbook/statement
Form 15G/15H
–  Dividends statements
Agricultural income receipts/details
Clubbed income details
Lottery/prize-winning statements/receipts, etc

Important Note:
The above list is not exhaustive. Further, the views of the authors are personal. Kindly take the help of experts at TaxHelpdesk before taking any action.

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