The income tax return filing season, or ITR filing, has started already. People often find it difficult to file returns on time. The biggest problem is when you file returns in the last few days and you do not understand what documents are needed to get the work done as soon as possible.
First of all, you should know which ITR is applicable to you. Many documents have to be submitted at the time of filing income tax returns for different types of ITRs. It is better to keep a list of Income Tax documents in advance than waiting for the last chance.
However, you don’t have to worry about the documents anymore, you just have to identify which ITR is applicable to you. Today we are telling you what documents or documents you will need under which ITR.
Different Documents Required for Different ITRs
Required Documents for ITR-1 (Sahaj)
ITR-1 is applicable to resident individuals whose total income is less than or equal to Rs 50 lakh. The applicable sources of income include salary or pension, singer house property (without any loss) and other sources. If the agricultural income is up to Rs 5,000, then ITR-1 can be used.
- Form 16.
- TDS (Tax Deduction at Source) Circular.
- Bank Statements.
Required Documents for ITR-2
ITR-2 is applicable to resident individuals or a Hindu Undivided Family (HUF) whose total income exceeds ₹2 lakhs. It is also applicable to resident individuals who have capital gains, or income from multiple household assets; Foreign assets or income; Or are directors in a company or have unlisted equity shares in their name. Additionally, individuals for whom cash withdrawals of more than ₹50 crores (under Section 1N) have been deducted tax will also have to file their returns using ITR-194.
- Form 16, Form 16A.
- Statement or description of capital gains, if any.
- Bank Statement.
Required Documents for ITR-3
ITR-3 is for resident individuals or a HUF who have income from business or profession. Also, if a resident person is a director in a company, or has made any investment in unlisted equity shares, or is a partner in a firm, then ITR-3 has to be used. Income from home property, salary or pension and other sources will also be included.
- Accounts Book.
- Profit-loss account.
- Form 16, Form 16A.
- Details of capital gains, if any.
- Bank Statements.
Required Documents for ITR-4 (Sugam)
ITR-4 or Sugam, other than Limited Liability Partnership (LLP), is applicable to resident individuals, HUFs and partnership firms who have:
- Business income (up to ₹44 crores) as per the income scheme projected under section 44AD or 2AE), or,
- Business income (up to ₹44 lakhs) as per the income scheme projected under Section 50ADA, or,
- Income up to Rs 50 lakh from salary or pension, or
- Income up to ₹ 50 lakhs from single house property, or
- Income from other sources (excluding lottery and racehorses) is up to ₹50 lakhs.
If there is compulsory business income, then the turnover should be up to ₹ 2 crore. For other eligible income, the maximum limit is ₹50 lakh.
- Form 16, Form 16A.
- Bank Statement.
Required Documents for ITR-5
ITR-5 is applicable to firms, associations of persons, bodies of individuals, limited liability partnerships, artificial juridical persons and firms other than LLPs that do not claim an exemption under Section 11 of the Income Tax Act.
- Accounts Books.
- Profit – Loss Account.
- TDS Certificate.
- Bank Statement.
Documents Required for ITR-6
ITR-6 is available to companies other than those claiming exemption under Section 11 of the Income Tax Act.
- Accounts Books.
- Profit – Loss Account.
- TDS Certificate.
- Bank Statement.
Required Documents for ITR-7
ITR-7 is available to assessees required for filing returns under Sections 7(139A), 4(139B), 4(139C), or 4(139D) of the Income Tax Act.
- The audit report, if applicable.
- TDS Certificate.
- Bank Statements.
