For Salaried Employees:

If you are a salaried employee, gather these documents to e-file your income tax returns. Go through this list to see the documents you’ll need to do your taxes.

  • PAN
  • Form-16 issued by your employer
  • Month wise salary slips

From the AY 2019-20, it is essential to gather the information on all taxable allowances received and the amount claimed exempt out of such allowances e.g., house rent allowance, leave travel allowance, etc and disclose the same in the IT return.

Documents related to interest income:

  • Bank statement/passbook for interest on the savings account.
  • Interest income statement for fixed deposits.
  • TDS certificate issued by banks and others.

Section 80 Investments:

An investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C.

 

Documents Required to Claim the Following Expenses as 

Deductions:

Keep these documents at hand to claim the following expenses as deductions –

  • Your contribution to Provident Fund
  • Your children’s school tuition fees
  • Life insurance premium payment
  • Stamp-duty and registration charges
  • Principal repayment on your home loan
  • Equity Linked Savings Scheme/Mutual funds investment
  • The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.

Other Investment Documents:

  • Interest paid on housing loan: Interest on a housing loan is eligible for tax saving up to Rs 2,00,000. This is for a self-occupied house. For let out or deemed let out property, there is no limit of interest on housing loan eligible for tax saving till FY 2016-17.

From FY 2017-18, the total loss from house property available for set off against other income is capped at Rs 2 lakhs, and therefore, interest on housing loan is eligible for tax saving up to Rs 2,00,000 for let out the property as well.

  • Education loan interest payments.
  • Stock trading statement: The stock trades that were made during the year may be taxed under Capital Gain.