ITR: List of key documents required for filing income tax return for FY21

As the last date of filing the income tax returns (ITR) for the financial year 2020-21 (FY21) is nearing the deadline of December 31, the I-T (income tax) department has been issuing repeated reminders to taxpayers through several platforms such emails, SMS, social media and more. 

"Hope you know that ITR is an important document for any loan processing. So, why delay? File your ITR today! Due date for filing Income Tax Return for AY 2021-22 is 31st December, 2021," it tweeted. In case of failing to file a tax return, the I-T department is going to impose a penalty of up to Rs 5,000 on the defaulters.

Also Read: Twitter trends extend income tax filing deadline as Dec 31 looms

Last date of filing ITR 

The deadline for filing of the tax returns has been extended by the Central Board of Direct Taxes (CBDT) from September 30, 2021, to December 31, 2021. 

Usually, the deadline for filing of ITRs falls on July 31 every year, but, this year, the last date has been extended twice owing to technical hitches on the new income tax portal and the COVID-19 pandemic. 

Here is a list of documents you will need to file your ITR: 

1. Form 16: It is a key document for filing the tax returns for all salaried individuals. Form 16 is issued by an employer to its employee as an acknowledgement that the tax has been cut from the latter's salary and deposited with the I-T department. The document, which is a tax deducted at source (TDS) certificate, carries the details of the salary paid to the employee and his/her respective TDS details.

2. Interest income certificates: The interest income certificate provides details pertaining to the amount of interest an individual has received in a financial year for his/her fixed deposits (FDs) as well as savings accounts. The document can be downloaded through net banking at the end of the financial year. 

Also Read: Income Tax Returns: What happens if you miss the ITR due date?

3. Investment proof for tax saving: Employees who were not able to furnish their actual tax-saving investment proofs to their HR/Accounts department in the previous financial year, can submit them directly to the I-T department for claiming tax deductions. These investment proofs comprise, receipt of medical insurance, receipt for LIC premium paid, receipt of donation paid, receipt of tuition paid, receipt for investment in Public Provident Fund (PPF), mutual funds investments, FD receipts etc.

While an individual can claim a maximum amount of Rs 1.5 lakh under Section 80C, he/she can claim a deduction of Rs 25,000 under Section 80D on insurance for self, spouse, and dependent children. Furthermore, a deduction for insurance for parents is also available, up to Rs 25,000, if they are less than 60 years-old. If the parents are above 60 years of age, the deduction amount is Rs 50,000. 

4. Form 26AS: Also called the annual consolidated statement, Form 26AS is a key document that has all tax-related information of the taxpayer comprising TDS, advance tax, etc. The document can be downloaded from the new I-T portal. 

Besides all the above-mentioned documents, Aadhaar cards, salary slips and PAN cards are also required while filing the tax returns. 

Also Read: Income tax: Over 4.43 crore returns filed till December 25 for FY21