Important Documents Required to file Income Tax Return

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Income Tax return filing should be done more cautiously and in time this time because the late filing would attract the penalty. While filing the return, there are certain documents that should be kept handy because they act as a proof. These are the following documents; an individual should keep ready before starting the return filing.

Form 16- Perhaps the most important document for the salaried person is Form 16. It is nothing but a TDS certificate that is issued by the employer to provide the necessary details and the TDS deducted. If the employer deducts TDS from the salary, it is mandatory to issue the Form 16.

Interest Certificates – The tax payer should know that Interest from post office saving account, savings bank account, recurring and fixed deposits are taxable. It is therefore pertinent to get the interest certificates from the post office branch or the bank to calculated the exact amount of interest received and tax thereon. However, if the banks or Post office do not give the interest certificate then the account passbook should be updated, showing the details regarding the interest credited in the account.

Income Tax Return

Tax Saving Investment Proofs

A tax payer can claim tax deduction of up to 1.5 lakhs by investing under section 80C, 80CCC and 80 CCD(1) during the FY 2017-18. Some of the most common investment instruments under 80C are Employees provident Fund, Life Insurance Premium Paid, Public Provident Fund and Investment in ELSS schemes of Mutual Funds. The investment Proofs should be present with the tax payer to claim those deductions.

Home Loan Statement – If you have availed loan from a bank or NBFC, taking the loan statement should not be missed. The statement offers the clear picture of principal and interest that has been repaid by the borrower. Under section 24, the interest paid on the loan can be significant in lowering the tax liability and the maximum amount that can be deducted would  be Rs 2 lakh. The individual taxpayer should mention the amount of interest paid on the ITR form in addition to the rental income earned from the house property.

Capital Gains –  For those taxpayers who have earned the capital gains from the sale of property and/or mutual funds, the gains should be mentioned in the Income Tax Return.  A taxpayer would need the purchase deed and sale deed of the said property on the sale of house property, land or building. Individual tax payer should also ask for the statement from mutual fund houses/brokers from the sale of mutual fund or shares.

Equity shares and equity oriented mutual fund that has been sold on or before March 31, 2018 after holding it for more than a year, should remain exempt from the tax.

Aadhaar Card – To file the Income Tax Return, one should always have the Aadhaar Card. As per section 139AA of the Income -tax Act, every individual filing the Income Tax should have Aadhaar. In case, you have sent the application of Aadhaar but still to get it, then enrolment ID should be offered for the tax returns.


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An MBA in finance, I like to cover the wide range of topics related to Taxation, SEBI, Finance and anything that is Public Helpful. The motive is always to make it simpler for the taxpayers understand the system better and take informed decisions.

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