Document Checklists: Income Tax Checklist For The FY 2022-23

Income Tax Checklist For The FY 2020-21

The last day to file your Income Tax Returns for any particular financial year is normally July 31st of the assessment year following the financial year. Filing your Income Tax Returns in India necessitates some planning. This is why the government normally provides you with a four-month window to gather the necessary documents, such as salary/income details, bank statements, previous tax returns, and so on. The procedure changes depending on the amount of money earned each year and the source of income, such as salary, business profit, investment profit, and so on.

Getting all of your documentation together is only one part of the process. Here’s the list of all the documents required to file Income Tax Returns in India for the FY 2020-21 in this article.

Income from Salaries

  • Bank Statement from 01-04-2020 to 31-03-2021 (All Banks)
  • Form 16 Issued by the company
  • Trading details/Login credentials if any

Income from House Property

  • Rental Income Details (Tenant wise)
  • Housing Loan Statement
  • Interest Certificate

Income from Business / Profession

  • Bank Statement from 01-04-2020 to 31-03-2021 (All Banks)
  • GST Returns/Login Credentials
  • Loan Statements
  • PF & ESI Returns
  • TDS Payment Challans
  • Fixed Assets Purchase bills (if any)
  • Investment details (if any)
  • Deposits details (if any)
  • Business Expenses details
  • Stock statement/stock details

Income from Capital Gains

  • Capital Gain/Loss statement
  • Trading details/Login credentials
  • Sale of Property/Land/Machineries

Income from Other Sources

  • Fixed Deposit/RD Interest details
  • Any other income excluding above

Chapter VI Deductions

  • LIC Payment challans
  • PF & PPF Contributions
  • Sukanya Samriddhi Account
  • Tuition Fees
  • NPS Scheme
  • Health Insurance payment challans
  • Education Loan Statement
  • Electric Vehicle Loan Statement
  • Donations details
  • Tax Saving Investments (any)
  • Any other

Final thoughts:

The income tax return you file is an annexure-free return, which means it doesn’t require any documents or proofs to be attached. The Income Tax Act enables taxpayers to obtain certificates and proofs in order to claim deductions, however, it is unclear to whom those certificates and proofs must be submitted.

The taxpayers must keep those certificates and receipts for future reference, but they are not required to attach them to or send them to anyone. If an assessing officer (AO) issues a notice requesting documents or explanation on transactions described in the returns, the taxpayer must provide the proofs to the AO.

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