There are mainly four documents required to carry out the Individual Tax Return filing process:
- Proof of Income
- Proof of Tax Paid
- Proof of Deductible Expenses
- Proof of Investments
Proof of Income
All the documents that reflect income, i.e., Salary slips, bank statements, property papers, statements of shares and dividend transactions, etc that are required to be collected by the taxpayer to calculate the total income are needed to file the tax return.
Proof of Tax Paid
Form 26 AS needs to be submitted for filing the tax return as it lists all the taxes paid by or on behalf of the taxpayer. People who earn salary need to collect Form 16 from their employer and others need to collect Form 16A from those who have deducted tax on their behalf. Advance tax challans paid for the year is also required to be submitted.
Proof of Deductible Expenses
Receipts for deductible expenses which are incurred for business or profession need to be submitted while filing the tax return.
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Proof of Investments
Investments statements and proofs of investments as securities that are allowed as the deduction under Section 80C, for e.g., PPF account statements, NPS statements, investments in life insurance, etc.