Documents required for Income Tax Return filing in India

Income Tax Return or ITR forms are different on the basis of income sources. Specific documents of the taxpayer are required to file ITR.
Other documents required may differ based on the income situation. These documents are not required to be submitted to the IT Department while filing the Income Tax Return. Since ITR is an annexure-less form. However, if a taxpayer receives a notice from the ITD such documents may be required to be submitted.

List of Basic Documents required for filing the Income Tax Return – ITR

Following are the basic documents mandatory to file an ITR in India:

ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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Documents Required for Different Income Heads

Salary Income/ Pension Income

Following documents are required from taxpayer having salary/ pension income:

  • Form 16
  • Salary Slips (If form 16 is not available)
  • Pension Statement / Passbook

House Property Income

The following documents are required to determine when rental income is earned by a taxpayer or there is a home loan. These documents will help determine the correct deduction and Income from House Property.

  • Property Address
  • Rent Agreement
  • Co-ownership details in case of co-owned property
  • Municipal Tax Receipts
  • Form 16A if TDS is deducted on rental income
  • Home loan repayment certificate/ Interest Certificate from the bank
  • Pre-Construction Interest Details
ITR for Multiple House Properties
CA Assisted Income Tax Return filing for Individuals and HUFs having multiple house property income, multiple salaries and income from other sources.
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ITR for Multiple House Properties
CA Assisted Income Tax Return filing for Individuals and HUFs having multiple house property income, multiple salaries and income from other sources.
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Capital Gains Income

When an individual sells any movable or immovable property a Capital Gain arises. It also includes the sale of shares and securities.

  • Sales and Purchase deed, stamp duty valuation in case of sale of the land/ building
  • Details of Improvement cost.
  • Details of expenses incurred on the transfer of capital assets
  • Proof of cost of the asset, cost of improvement and sales receipts in case of movable assets
  • Details of investment made to claim exemptions
  • Capital Gains Deposit Account details if any
  • For shares & securities- Trading statement/ Stock Ledger/ Contact Notes
ITR for Gains from Sale of House / Property
CA Assisted Income Tax Return filing for individuals and HUFs having Capital Gains / Loss income from sale of house, property, land, etc.
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ITR for Gains from Sale of House / Property
CA Assisted Income Tax Return filing for individuals and HUFs having Capital Gains / Loss income from sale of house, property, land, etc.
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Business and Professional Income

Following are the documents required to file the return if you are earning any income from Business and Profession during the year:

  • Balance Sheet and Profit & Loss Statement
  • Bank Account Statement/ Passbook
  • Supporting documents for expenses incurred
  • Cash Register
  • Any other documents required to maintain the books of accounts of the business & profession
  • Audit Report in case the profit from the business is less than 8% of the Total Turnover.
ITR for Proprietors with Professional Income
CA Assisted Income Tax Return filing Plan for Individuals & HUFs earning professional income from proprietary firm.
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ITR for Proprietors with Professional Income
CA Assisted Income Tax Return filing Plan for Individuals & HUFs earning professional income from proprietary firm.
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Income from Other Source

Any income which does not fall under any of the above heads of income, in that case, it will come under the head Income From Other Source.

  • Total Interest income earned from savings/ current account
  • Interest certificate from deposits/ Bonds/ NSC
  • PPF Account Statement/ Passbook
  • Dividend Warrants/ counterfoils
  • Proof of details of receipt of any other incomes
  • Rent Agreement in case of let out machinery
ITR for Pensioners
CA Assisted Income Tax Return filing for individual senior citizens receiving pension income.
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ITR for Pensioners
CA Assisted Income Tax Return filing for individual senior citizens receiving pension income.
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Documents Required for Tax Saving Investments (Section 80)

One can invest in some of the tax-saving investment schemes to save taxes and claim a tax deduction. Following are the documents that come in handy for tax saving investment made:

  • ELSS/ ULIP/ NSC investment details
  • PPF account passbook/ statement
  • Life/Medical Insurance Receipts
  • Details of Tax Saving FD
  • National Pension Scheme investment details
  • Senior Citizen Saving scheme investment details
  • Donation Receipts
  • Children Tuition Fees Paid Receipts
  • Repayment Certificate for home loan/ education loan
  • Certificate from specified medical authorities in case of disability
  • Receipts/proof of any other tax saving investment/contributions

Documents Required for Foreign Income and Foreign Investments

  • Details of foreign income and taxes deducted on the same
  • Details of Assets held outside India including the foreign bank accounts.
ITR for Residents with Foreign Income
CA Assisted Income Tax Return filing plan for resident individuals having foreign income.
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ITR for Residents with Foreign Income
CA Assisted Income Tax Return filing plan for resident individuals having foreign income.
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FAQs

What is the list of documents required for filing basic ITR?

The basic list of documents required to file ITR is as follows:
PAN (Permanent Account Number)   
Aadhar Number
Form 26AS
Bank Account Details
Challan of any advance tax or self-assessment tax (if paid during the year)
Details of the original return (if filing a revised return)

What is Form 16?

It is a certificate of TDS on salary. Every employer issues Form 16 to an employee after the end of a Financial year. Employees usually receive Form 16 before 31st May of the next financial year. It contains details of income earned and the taxes deducted. Furthermore, Form 16 is divided into two parts: Form 16 Part A and Form 16 Part B.

What is Form 26AS?

It is a consolidated Tax Credit Statement which provides the following details to a taxpayer:

1. Details of taxes deducted from the taxpayer’s income.
​2. Details of taxes collected from taxpayer’s payments.
3. Advance Taxes, Self Assessment Taxes, and Regular Assessment
4. Taxes paid by the taxpayers.
5. Details of the refund received during the year.
6. Details of any high-value transactions (for eg. Shares, Mutual Funds, etc.).

EPF ( Employee Provident Fund ) – Calculation, Benefits and Comparison

Employee Provident Fund (EPF) is nothing but a savings scheme for employees.  Every month a portion of your salary is deducted towards EPF. This fund can be availed when you are unable to work or when you retire. This scheme was introduced by the Government of India in order to inculcate the habit of savings within salaried individuals. EPF is monitored by EPFO (Employees Provident Fund Organisation) and it comes directly under the jurisdiction of the Government. This article will help you get a clear idea on various aspects of EPF.

How is the Interest on EPF Calculated?

Employee’s Contribution to PF: 12% of your Basic Salary + DA (Comes out of your Salary).

The Employee Contribution goes entirely towards the EPF Scheme.

Employer’s Contribution to PF: 12% of your Basic Salary + DA (Comes out of your Employer’s Pocket).

The Employer Contribution gets split up as follows:

  • 3.67% into EPF
  • 8.33% into EPS

Example

Let us take an example to understand these calculations better:

Note: The current per annum rate of interest is 8.5% hence, the monthly rate of interest will come to 0.708% (8.5/12)%

Ms Amrita works at a start-up and earns a monthly salary of INR 20,000. Ms Amrita’s contribution of 12% is directly transferred to her Employee Provident Fund Account, in this case, INR 2,400. The contribution of Amrita’s employer will be divided into two parts: 3.67% towards EPF account, INR 734 (20,000*3.76%) and 8.33% towards EPS, INR 1,666 (20,000*8.33%)

So now the total contribution towards Ms Amrita’s EPF account is INR 3,134 (2,400 + 734)

The monthly interest accrued will be INR 22.18 (INR 3,134*0.708%)

One has to note that the interest earned in a month is credited to the account only by the end of the year.

 

What are the Tax Benefits of an EPF Scheme?

Employee’s contributions to EPF was tax-deductible under section 80C, while the employer’s contribution is completely tax-free. However, as per the recent announcement in Budget 2021,  interest earned on annual PF contribution exceeding INR 2.5 lakhs from April 2021 will now be taxable.  Any withdrawal after the specified period (5 years) is exempt from income tax.

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What is the Current EPF Rate of Interest?

An interest rate is determined by the government and central board of trustees. Any interest earned towards credit standing in one’s PF account is deposited on 1st April of every year. Historically PF has earned interest between 8% to 12%. For FY 2019-20 interest rate is 8.5%. Interest accumulated during employment is taxfree. 

What are the Different EPF Forms?

An EPF Form is very important and mandatory if an employee wants to carry out any activity in their EPF Account. These forms are used for processes like a nomination, to avail tax deduction, account transfer, avail monthly pension etc.

Below-mentioned is the list of forms serving different purpose:

Form Purpose of the Form
Form 2 For Nomination and Declaration
Form 5 For Registration
Form 5IF To avail a claim under EDLI Scheme
Form 10C To avail withdrawal benefits or scheme certification 
Form 10D To avail monthly pension
Form 11 To transfer EPF account
Form 14 To purchase LIC policy
Form 15G To avail tax-saving benefits on interest
Form 19 For settling EPF
Form 20 For settling EPF in case of death
Form 31 For EPF Withdrawal

Comparison of Different Tax Saving Investments Schemes

Investments Returns Lock-In-Period Risk
ELSS  12-15%* 3 Years Market Risk
FD 7-9 %*  5 Years Risk-Free
NSC 8% 5 Years Risk-Free
NPS 8-10%* Till Retirement Market Risk
PPF 8% 15 Years Risk-Free

All the above tax savings investment options are tax-deductible upto INR 1,50,000. (*Subject to change)

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FAQs

Can an employee contribute to the EPF after leaving the service?

No, it isn’t possible to continue contributing to EPF once he/she has left the service. EPF mandates that an employer contributes the same amount as the employee. But since an Individual has left service, he/she cannot be deemed an employee.

What are the measures by which the PF amount is recovered from a defaulting employer?

In case your PF account is lost due to a defaulted employer, these are the ways in which you could recover it:
– Attachment of Bank Accounts
– Realization of dues from Debtors
– Attachment & Sale of properties
– Arrest and Detention of the Employer
– Action under Section 406/409 of Indian Penal Code
– Section 110 of the Criminal Procedure Code
– Prosecution under section 14 of the EPF & MP Act,1952

How a member is informed about the non-payment of contributions recovered from the wages of the employee but not paid to the EPF?

The Annual P.F. Statement of Account/Member Passbook will indicate the amount paid by the employer. The default period in a year is thus made known to the members. In the current scenario if the member has activated her/his UAN the non-payment/payment of contributions can be verified every month through the e-passbook. Currently, members also receive SMS on their registered mobile phones on credit of monthly contribution into their PF account.

How can one convert an EPF account into VPF account?

The process to convert to VPF account is very simple. All one needs to do is inform the employer regarding opening a VPF account and mention the amount that he/she will be contributing to the account.