It is mandate to pay income tax for those who have taxable income. Filing of the income tax return (ITR) is also important as it is one of the proofs of your income. So, be ready to file your ITR. Before you start filing your ITR, you need to know 10 Must Have Documents to File ITR for AY 2018-19. Without these documents, you cannot file your IT return. Why? To know keep reading.
Recommended Read: 7 Income Tax Changes Effective from April 1, 2018
10 Must Have Documents to File ITR for AY 2018-19:
1. PAN Card:
Permanent Account Number or PAN Card contains your basic details like Your Name, Father’s Name, Date of Birth and PAN Number. It is one of the mandate document for not only filing of ITR, but for any transactional activity as well.
2. Aadhaar Card:
UID has your Name, Date of Birth, Address and a unique 12-digit number – the Aadhaar Number. Aadhaar Card. AY 2018-19 onwards, you will not be able to file your ITR without your Aadhaar Number.
3. Salary Slips:
You need Salary Slip to find your basic salary, TDS amount, Deductions, Dearness Allowance, House Rent Allowance, Travel Allowance, other allowances etc. Hence, you need your salary slip while filing ITR as one of the mandate documents to File ITR.
4. Form 16:
Form 16, also known as TDS Certificate is another mandate document to File ITR. You will get this document from your employer. It has all the details about your break-up and the TDS deduction. It is important because it has the TAN and the PAN number of the employer.
5. Form 26AS:
Form 26AS is an auto-generated yearly tax statement. You will get all the details of tax deduction against the income you have received for a relevant financial year on your PAN. You have an option to view and download your Form 26AS from the TRACES website.
6. Interest Certificate from Banks and Post Office:
You get an interest certificate on interest received from any savings bank account, post office savings account, fixed deposits or recurring deposits are taxable. Interest Certificates are important to know the total interest amount earned, in case no TDS (tax deducted at source) has been deducted from your salary.
7. Tax-Saving Proofs:
You can reduce your tax liability by investments under Section 80C, 80CCC, 80CCD (1) of IT Act, 1961. Following are the investment options that can help you save taxes:
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Investments in ELSS schemes of mutual funds
- Life insurance premium paid
- National Pension System (NPS)
8. Deductions under Section 80D to 80U:
Apart from investments under Section 80C, you can also claim deductions under Section 80D to 80U for the various investments as well. For example, health insurance premium which you pay is eligible for deduction under Section 80D.
9. Home Loan Statement:
If you have taken a home loan, you can claim deduction under Section 24 and Section 80C of the Income Tax Act, 1961. And, for this, you need your home loan statement.
10. Capital Gains:
If you want to take rebate of capital gains in your income tax, you will have to produce the documents related to capital gains earned from the sale of property or mutual funds, etc.
So, before you start filing your ITR for AY 2018-19, make sure you have all the mandate documents to File ITR. Unlike previous AYs, you need to have proof for every rebate you are taking. That’s why these are Must Have Documents. Or, you may attract penalties for the same.