When filing income tax returns you need to have the proof of your income, the source of income and tax liability. Besides filling up the ITR form, the individuals must also have the following documents with them during the filing of income tax return:
1. For Salaried Employees
They need to have the PAN number and Form-16 that is issued to them by their employer
2. Documents related to interest income
- Passbook or bank statement for income proof
- Interest income statement of fixed deposits
- TDS certificate issued by the bank
3. Home Loan Statement
You also need to show the statement for the home loan from the lender to find out detailed breakup of interest repayment and principal amount. After that, you can enjoy the home loan tax benefits by claiming a deduction on the principal payment under Section 80C.
4. Section 80 Investments
The documents made under NSC, PPF, LIC, ULIPS, ELSS, etc. also qualify for the deductions as per the Section 80C.
5. Documents Needed to Claim the Following Expenses as Deductions
You need documents for:
- Contribution to Provident Fund
- Life insurance premium payment
- Children’s education fees
- Registration and Stamp-duty charges
- Principal repayment on the home loan
- Mutual funds investment
- Equity Linked Savings Scheme
- Stock trading statement: It can be made during the year when an individual is taxed under Capital Gain.
- Education loan interest payments
The maximum amount that an individual can claim under Section 80C is INR 1.5 lakhs. If your income is not liable for a tax deduction or you have availed a loan, you can surely claim for income tax return.