Taxpayers must file income tax returns (ITR) accurately and on time to comply with government regulations. Each taxpayer’s source of income differs, impacting how tax liabilities should be calculated and the documentation needed when filing ITRs.

Though no one could expect everyone to understand every step involved in filing their Individual Tax Report (ITR), all taxpayers should understand which forms they need to submit with their ITR depending on their source of income and residency status.

Here is a list of documents essential for filing your tax return.

Income sources of individuals could include wages from employment or property ownership or capital gains gained abroad (whether resident Indian or not). Also included as sources are the presumed income of Individuals who reside abroad earning foreign income (presumed Income of Individuals ).

1. Individuals Generating Income Through Salary, House Property & Other Sources of Income:
For individuals earning their living from various sources such as salary, rental property ownership or any other sources, documents to validate these sources typically include these:

2. People Who Generate Income Through Capital Gains:
If your income comes from selling capital assets like mutual funds, stocks, real estate etc., the following documents will be necessary for tax filing:

  • Access to Income Tax Login Credentials password and user ID will provide entry to the online filing portal and its various features.
  • Aadhaar Card:¬†Citizens of India can use Aadhaar cards as proof of identity and residency status. Each 12-digit personal identifier serves both functions.
  • Bank Statement for payments exceeding 10,000/-. Interest Certificate on Home Loan to Let Out or Self Occupy Properties In case of Lease Contract

3. Indian Resident or NRI Who Earns Foreign Income:
For Indian residents or Non-resident Indians (NRIs), who generate income abroad, specific documents will likely be necessary to claim that income legally and tax efficiently:

  • Aadhaar Card:¬†When living in India, Aadhaar acts as identification proof and evidence of address proof for people living within its boundaries. Bank statements must only be presented if earnings surpass Rs 10,000/- month.
  • Capital Gains Statements/Global Report/Profit and Loss Statement: If your funds have been placed into stocks or mutual funds, you should obtain capital gains reports at your asset management company or stockbrokers for review.
  • Information on income tax and related payments made both within India as well as to other nations.

4. People With Presumptive Incomes:
Individuals opting to utilize presumptive income schemes under Section 44AD or 44ADA typically require several documents when electing presumptive income schemes as described herein. These documents include their Social Security number(s).

Access to Income Tax Login Credentials Accessing an e-Filing portal and all features offered through it requires both password and user ID credentials; otherwise, you won’t be granted entry.