Income Tax Return: Today we are telling you here which documents will be needed before filing ITR for the financial year 2022-23.
The process of filing Income Tax Return has started. Income Tax Department has issued new forms to fill ITR. Changes have also been made in some forms. The last date for filing ITR is 31 July 2023. If an income tax payer wants, he can also file his ITR. Now returns are filed online. Even sitting at home, you can handle this important work very easily.
To file the return (ITR Filing), you will have to do some preparation in advance. You have to collect the necessary documents with you while filing ITR. By the way, even if you get the returns filed by the CA, you have to collect the documents related to income and expenses and give them to the CA. We are telling you which documents will be required before filing ITR.
1. Form 16
If you are a salaried individual, then this is one of the most important documents for you to file your ITR. Form 16 is a kind of TDS certificate, which is considered the most important document during ITR filing. It is mandatory for the employer to issue it to its employees. This form is in two parts, in which tax deduction in salary is mentioned on behalf of your employer during a financial year.
2. Home loan statement from Bank/NBFC
If you have taken home loan from any bank or other financial institution, do not forget to collect the loan statement for the last financial year. It will provide you the break up details of how much principal and interest has been repaid by you. This statement is required as both proof of source of information and proof for filing your income tax return. Under section 24, you can take advantage of the exemption of home loan interest payment.
3. Tax Saving Investment Proof
All tax saving investments and expenses are eligible for deduction under section 80C, 80CCC and 80CCD. Through this, you can claim tax savings of only Rs 1.50 lakh during a financial year. You need to carry these investment proofs with you.
4. Bank and Post Office Interest Certificates
In this year’s ITR forms, information will also be sought from taxpayers about the source of interest income, such as interest on savings account or interest on fixed deposits or interest on other income. Usually the interest income earned is taxable, but if the interest income is up to Rs 10,000 during a year, you can claim it under section 80TTA of Income Tax.
5. Securities Statement
Securities Statement or Holding Statement provides a comprehensive record of all transactions relating to securities like equity, mutual funds, bonds and debentures during the financial year.
6. Documents related to capital gain
If you have received capital gain through sale of property, mutual funds and equity shares, then you should also keep its documents with you. You have to mention this during ITR filing.
7. It is mandatory to provide Aadhaar details to successfully file Aadhaar Card ITR. As per section 139AA of the Income Tax Act, it is mandatory to mention Aadhaar during ITR filing.
8. Details of all the banks
If you have multiple bank accounts, then you will have to give details of all the bank accounts. In case of not doing this, you can also come in difficulties. So do not forget to give this information during ITR filing.
9. Salary Slip
In this time’s ITR forms, you will also have to provide your salary slip, in which your salary breakup will be mentioned. It will contain all the information like your basic salary, dearness allowance and house rent allowance.
