In this article, we will discuss in detail about the documents needed for filing IT Returns in India.
1. Select the applicable ITR Form.
Taxpayers have to choose the ITR form applicable to them for the A.Y. 2020-21 considering their heads of income & threshold limit of income. If you select an incorrect form, it may be rejected & may be treated as if no return has been filed. Consequently, penalty provisions may be attracted for late filing unless it is rectified before the end of assessment year.
ITR-1 (SAHAJ) :- For Resident Individual having Income from Salary/Pension, One House Property & from other sources( excluding winning from lottery & from Race Horses) and Agricultural Income upto Rs. 5000. But following cannot use. ITR 1 form :-
- Total Income exceeding Rs. 50 Lakh.
- If the Assessee is a Director in a company.
- Have made any investments in unlisted equity shares of a Company at anytime during the previous year.
- Has any assets including financial interest in any entity located outside India
- Have signing authority in any account located outside India.
- In cases where loss is brought forward in house property from previous years.
- Having any foreign assets or foreign income.
ITR-2 :- For Individuals & HUFs not having Income from Profits& gains of Business/Profession.
ITR -3 :- ForIndividuals & HUFs having Income from Profits&gains of Business/Profession.
ITR-4 (SUGAM) :- For Individuals & HUFs (other than LLPs), being a Resident having total income up to Rs. 50 lakhs and having income from Business/Profession which is computed on presumptive basis u/s 44AD, 44ADA, 44AE but not for Individual who is either a Director in company, or has invested in unlisted equity shares.
ITR-5 :- For Firms, LLPs, AOPs, BOIs, Artificial Juridical Person(AJP), Estate of deceased, Estate of insolvent, Business trust & Investment Fund.
ITR-6 :- For Companies other than companies claiming exemption u/s 11 of IT Act, 1961 i.e. for charitable purposes.
ITR-7 :- For persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D). Any Person who derives income from property held under trust or other legal obligations wholly or partly from charitable or religious purposes & partly for voluntary contributions, assessable as representative assessee.
2. Prepare the statements of accounts i.e. B/S & P/L in the respective format prescribed in the return which is very similar to format under schedule VI of the Companies act, 1956.
3. Compute the income under each source first and than each various head of income and arrive Total Income and ascertain Tax liability / refund as the case may be and get it checked with a tax preparer.
4. Collect the necessary information to fill the return.
List Of Additional Information to be kept ready for Form ITR-1
Name, Address, Pan No, Mobile No, Pin Code of the Assessee.
- Alternate Mobile Number & Email Address.
- Aadhaar number / Aadhaar Enrolment ID.
- Return U/S 139(1) i.e. if income exceeds taxable limit of Rs. 250000 / 300000/ 500000 for Normal Assessee, Senior Citizen super senior citizen as applicable else complies with any one or more of the following condition.
- Whether occupied one house property or
- Whether owner/lessee of motor vehicle or
- Whether incurred expenditure for himself or for any other person for travel to a foreign country.
- Whether he is a holder of a credit card issued by any institution.
- Whether he is a member of a club and entrance fee exceeds Rs. 25000 or more.
5. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)
6. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)
7. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)
8. Income from house property whether (Form No.2 & others):-
- self occupied
- let out or deemed let out.
- Corporation tax paid
- Interest payable on capital borrowed from bank/any institution upto Rs. 200000
- Arrear rent received during the year less 30%
9. Other Information:-
Details of all bank accounts held in India at any time during the previous year.
IFS code of the bank, name of the bank, account number
Minimum one account should be selected for refund credit
IT details of advance tax and self assessment tax payments
– BSR Code
– Date of deposit
– Serial number of challan
– Tax paid
TDS / TCS details:-
Tan of deductor / collector
Pan / Aadhar number of the tenant
Name of deductor / collector / tenant
Gross Payment / receipt which is subject to tax deduction / collection
Year of Tax deduction / collection
Tax Deducted / collected
TDS / TCS credit claimed this year
Capacity in which Signing
Two ways of filing
1. Electronically on E-filing web portal of Income tax Department
-Digitally Signing the verification part or
-Authenticating by way of Electronic Verification Code(EVC) or
-By sending duly signed paper Form ITR –V to CPC within 120 days of filing
2. In paper form at the designated office of Income Tax Department alon with duly signed ITR V
10. Documents :
- Form 16 (salary certificate) & 16A
- Proof of house rent paid
- Proof of claiming exemption u/s 10 if any(all forms)
- Receipt for corporation tax paid.
11. To claim deduction under chapter VI A, details &information:-
- Tuition fees, education fees
- Mediclaim amount paid
- payment to National pension scheme
- House rent paid
- Donation under section 80G
- Medical expenses for specified diseases under section 80DDB
- long term investment in bonds up to rRs.20,000
- Money spent for a disabled person by a resident under section 80U
- Interest on loan for higher education for himself or relative under section 80E
- Interest on loan for residential house up to Rs.150000 under section 80EEA and eligibility information
- Interest for electric vehicle loan upto Rs.150000 Under Section 80EEB
In case of revised return original return filing acknowledgement slip and date.
In case of Return under………………………….Notice- Unique No, / Document Identification Number DIN, date of notice
12. Documents :-
- LIC receipt
- PPF passbook
- Receipt for school fee
- Receipt paid for NPS
- Donation receipt and appeal, if any with PAN, Reference number and exception grant number under section 80G of Donee
- Evidence for medical expenses received form insurance company
- Loan schedule for repayments on education loan and residential house
- rent receipt to claim deduction under section 80GG
In case of other deduction- proof of payment
Additional information forForm No. 2
- Residential status country of residence and TIN number
Specially in case of non- resident – whether citizen of India or POI holder Total period of stay in India in the previous year.
- In case of filing by representative Assessee- Name, capacity, Address, PAN number
- If the Assessee is Director in a company –Name of the company, PAN No: DIN No, whether listed/ unlisted
- Whether held any share of unlisted Company, if yes – Opening balance, number of shares purchase, number of shares, amount, transfe of shares ………………………………
- Salary – Name of the employer