It is important to carry the required documents along with you to make the process of filing Income Tax Return (ITR) easy. A lot of information is pre-filled in the ITR-1 form used by most of the salaried taxpayers. In the new e-filing portal of the Income Tax Department, the data in ITR-1 is pre-filled.
However, taxpayers should double-check this data.
These documents will be required to fill ITR for the financial year 2020-21
1. Form 16
This is a TDS certificate issued by the employer, which contains information about the total salary paid and tax exemptions as well as the tax deducted.
2. Interest Income and TDS Certificate/Form from Bank and Post Office
In the new ITR form, information has been sought about the interest received from instruments like savings account, fixed deposit. You will need to obtain an interest certificate from the bank and post office for the total interest amount received during the financial year on savings accounts and fixed deposits.
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3. TDS certificate of other income
If you have sold the property during the financial year 2020-21, then the buyer will issue you Form 16B which will give details of TDS deducted on the amount paid to you.
4. Form 26AS
This is your consolidated annual tax statement. It contains information about all the taxes deducted on behalf of the employer, bank, any other organization under the head of your PAN. It also shows the payment of Advance Tax and Self Assessment Tax.
5. Proof of Tax Saving Investment and Expenditure
Information about investments made in public provident fund, insurance policy or any other means to save tax is also mentioned in Form 16. You can match it with their proof.
6. Capital Gains
If you have received capital gains from the sale of property or mutual funds and equity shares, then this information has to be given in the ITR.
7. Aadhaar Number
Under the Income Tax Act, it is mandatory to provide Aadhaar number in ITR.
8. Investment in Unlisted Shares
If you had investments in unlisted shares during the financial year 2020-21, then this information will have to be given in the ITR.
9. Bank Account Details
Information about the bank accounts held with the taxpayer during the financial year 2020-21 will have to be filled in the ITR. These will also include bank accounts that have been closed during the financial year.
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