What do I need to file my taxes?

The documents you need for tax prep depend on your situation. To help you prepare for your tax appointment or for filing your own taxes, we've created a checklist to help you know what forms to bring.

Personal Information

Permanent Account Numbers are mandatory items on your checklist. All taxpayers will need the following to do their taxes.

  1. Your Aadhar No
  2. Your email id and Mobile to be used on Income tax portal for communication
  3. Bank account numbers and IFSC code to receive your refund by direct deposit.
  4. Income tax login credentials ( To download 26AS , AIS , TIS , Prefilled XML , Last year ITR form)
Other information

Are any of these following applicable to you . If yes pls share details

  1. If you are director in any company , please share company name
  2. If you have owned shares in any unlisted company in india , please share company name, share holding and date of acquisition
  3. You are resident and have Foreign assests or income or have paid taces outside India .
  4. You have incurred expenditure of more than 2 lakhs on foreign country travel during previous year
  5. You are NRI or have spent time outside India

Sources of Income

Employed- Salaried
  1. Forms 16 ( Part A and Part B ) from all Employee
  2. For Retired Person, Pension income statements
  3. Rental Paid Details ( For calculating HRA exemption )
Employed- Salaried above 50 Lac

For individuals having taxable income more than 50 lacs following information needs to be declared in Income Tax Return mandatory as per Income Tax Act.

Details are required as on at the end of the financial year (Approx figures will do):

  1. Details of the immovable asset with Cost Value
  2. Deposits in the bank ( Including bank balance )
  3. Shares and securities value
  4. Insurance Policies
  5. Loans and Advances given
  6. Cash In-hand
  7. Jewellery, bullion, etc.
  8. Archaeological collections, painting, sculpture, or any work of art
  9. Vehicles, yachts, boats, and aircrafts
  1. GST Login details, Income Records to verify amounts in case GST not filed (Business Bank statements)
  2. Records of all expenses — check registers or credit card statements, and receipts
  3. Business-use asset information (cost, date placed in service, etc.) for depreciation
  4. Office in home information, if applicable
  5. Record of advance tax payments made (Challan Copy)
  6. Balance sheet and P&L data in case prepared
  7. Remuneration from Partnership firm
  1. Records of income and expenses from let out properties
  2. Rental asset information (cost, date placed in service, etc.) for depreciation
  3. Record of advance tax payments made
  4. Record of Loan running on properties ( repayment schedule + Interest Certificate)
  5. Ownership details ( details of all co owners – PAN and share percentage)
  1. Income from sales of shares/Bonds or stock option/RSU or other property
  2. Dates of acquisition and records of your cost or other basis in property you sold
  3. Expenses related to your investments
  4. Record of estimated tax payments made
  5. Transactions involving cryptocurrency/Bitcoins (Virtual currency)
  6. Futures and options and Derivatives Trading Income ( P&L accounts statements for eg from zerodha , CAMS, Upstocks etc )
  1. Dividend Income from shares and Mutual Funds
  2. Interest Income from savings account, FD accounts and Investments
  3. Gambling income (records showing income, as well as expense records)
  4. Income of Minor Child
  5. Income from REIT/Business Fund/Trusts
  6. Royalty Income
  7. Any other income received
  8. Record of alimony paid/received with ex-spouse's name
  9. Interest on Income tax refund
  10. Agriculture Income
  11. Exempt Income ( Interests from PPF)
  12. Income from Gifts

Types of Deductions

The types of deductions you can take depend a lot on your life situation. It's likely you won't need all of the documents listed below for your taxes.

Home Ownership
  1. Housing loan repayment statements(Interest and principal paid )
  2. Real estate and personal property tax records ( Municipal taxes paid )
  3. Receipts for home improvements
  1. Cash amounts donated to houses of worship, schools, other charitable organizations
  2. Records of non-cash charitable donations
  1. Amounts paid for healthcare, insurance, and to doctors and hospitals (Spouse/Parents/Children)
  2. Amounts paid for heallth insurance premiums Medical Expenses done on disabled dependent ( Spouse/Parents/Children) or for any disability

Fees paid to a Schools

Education loan interest ( Repayment schedule and Interest certificate)

  1. Premium of Life Insurance
  2. Fixed deposits ( More than 5 years lock in)
  3. ELSS Mutual Funds
  4. PPF
  5. Contribution to Pension Fund/Annuity Fund/ New Pension scheme (NPS)
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