As the deadline for filing an income tax return (ITR) is nearing, it is important to accumulate the documents that are required for it. Having the documents will help an individual in saving the last-minute rush.

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Here are some of the key documents one must arrange before filing ITR for FY 2019-20:

Aadhaar card

It is vital to keep the Aadhaar card ready as the users may be required to provide your Aadhaar number in the ITR form. Aadhaar number makes the e-verification process simpler as the user would just have to use the One Time Password (OTP) that is sent to the phone number which is registered with the Aadhaar.

Permanent Account Number (PAN) card

PAN card is another important document that users should keep ready. PAN acts as the identity proof and has to be mentioned in the Income Tax Returns.

Form 26AS

Form 26AS is a consolidated annual tax statement. This is just like tax passbook, which has all the information of all the incomes those have been reported, the taxed have been deducted, and other specific financial transaction those have been reported against assessee’s PAN.

Tax-saving investment proofs

During this return period, keeping these documents is an utmost requirement. One has to bifurcate the investments covered in the financial year 2019-20 and period allowed for tax saving investment to provide special relief by the government after the end of the financial year 2019-20 under the COVID-19 pandemic situation.

Form-16

Form 16 is one of the key documents for taxpayers having income from employment as a salary. This form consists of two parts, Part-A and Part-B.

Part-A consists of all the details of the tax deducted by the deductor—the employee during the year. In addition to details of the tax deducted from the salary, Part A consists of the details of the Employee’s PAN, and PAN and TAN of the employer.

Rent receipts

As there is a provision for claiming HRA, rent receipts or agreement has to be kept handy in case someone wants to claim HRA especially of the employer has not considered the same. Income tax authorities might need this to approve the claim, according to ClearTax.

Section 80 Investments

The investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C. Documents related to these investments must be required to enter details in the form.

Documents required to claim expenses as deductions

These documents are required to claim the following expenses as deductions

Contribution to Provident Fund

Children’s school tuition fees

Life insurance premium payment

Stamp-duty and registration charges

Principal repayment on the home loan

Equity-linked savings scheme/Mutual funds investment

(Edited by : Ajay Vaishnav)

First Published:Dec 7, 2020 3:44 PM IST