Income Tax Documents
There are many documents that are required to be submitted as evidence under the provision of Income Tax Act, 1961 and Income Tax rules, 1962.
All the persons on whom tax is applicable are required to act and submit such documents to the Income Tax Department.
“Person” has been defined under the Income Tax Act, 1961 as:
- An individual
- A Hindu undivided family
- A company
- A limited liability firm
- A firm
- A one-person company
- An association of persons or a body of individuals, whether incorporated or not
- A local authority, and
- Every artificial juridical person, not falling within any of the above categories
The Income Tax Department identifies the person by their PAN i.e. Permanent Account Number.
To get PAN, the person needs to make the submission of the following documents along with Form 49A (Application for Allotment of PAN)
In Case of Individual & HUF Person
- Proof of Identity
- Proof of Address
- Proof of Date of Birth
In Case of Other than Individual & HUF Person
- Copy of Registration Certificate
- Proof of Address
- Copy of Board Resolution
To apply for TAN (Tax deduction and Collection Account Number), a person needs to make submission of following documents along with Form 49B
Copy of PAN Card
The Basic documents are required for filing Income Tax returns as per the mode of Source of Income. These documents should be kept by a person who is liable to file Income Tax Return. The following is the list of documents person wise.
| Type of Income/ Tax Saving investment |
Name of Document |
| Salary Income |
Form 16 |
| Capital Gains Income |
- Purchase and Sale deeds of immovable property
- Contract note/Demat account statement for securities sale/purchase
- Purchase and sale proof/receipts of all applicable capital assets
|
| Income from other sources |
- Interest or TDS certificate for bank FD interest
- Bank account/bank passbook statement for interest earned from the savings account
- Dividend warrant in case of dividend income
- Rent agreement and TDS certificate (if applicable)
- Any other documentary proof (as applicable)
|
| Income from business or profession |
- Balance Sheet
- Audit records (if applicable/mandatory)
- TDS certificates
- Income Tax payment (self- assessment tax/advance tax) challan copy
|
| Tax saving investments |
- Receipt of life insurance premium paid
- Receipt of medical insurance
- Public Provident Fund passbook
- Fixed Deposit receipt
- Home loan repayment certificate/receipt
- Donation paid receipt
- Tuition fee paid receipt
- Mutual Fund Consolidated Account Statement (CAS)
- Education loan repayment certificate
|
| HRA Exemption |
Rent Paid receipt |
| Tax Deduction on medical expenses |
Bills of medical expenses incurred |
| Leave travel allowance |
Applicable tickets and ticket purchase receipts |
A charitable or religious trust will get registration by filing Form 10A along with following documents:
- Certified true copy of trust deed
- Documents evidencing the creation of trust
- Copy of accounts for the previous 3 years immediately preceding the year in which application is made, if applicable
Maintenance of accounts by certain persons carrying on profession or business under section 44AA.
Every person needs to maintain books of account and other documents to calculate total income in accordance with the provisions mentioned in the act which includes the following:
- Daily Voucher such as Cash receipt voucher, Cash Payment Voucher, Bank Payment Voucher, Bank receipt Vouchers
- Purchase Bills
- Sales Bills
- Debit Note
- Credit Note
- Inventory Registers
- Party Ledgers
- Fixed assets Registers
- Investments Registers
- Bank Statements
- Bank Passbook
- Confirmation of Accounts
- Production Flow Chart
- Stock Register
- Audited Annual Accounts
- Tax Audit Report
- Details about related Party Transactions
- Electricity Bills
- Water bills
- Other utilities bill
- Contract note related to Investments
Import or export-related papers such as clearing and forwarding bills, bill of entry, custom duty payment challan, Invoice, exchange rate, etc.
Every person also needs to provide followings documents along with mentioning of above:
- TDS Return copy
- TCS Return copy
- Annual Return copy
- Service Tax Return copy
- Excise duty Return copy
- CST/VAT Return copy
- Other Statutory Returns copy
- Copy of payment challan of all statutory obligations
- Certificate of exemption for TDS
- Other certificates related to exemption or tax benefits under different provisions of the Act.
- Every person has to keep the followings documents, such as:
- Memorandum and Articles of Association, if applicable
- Partnership deed, if applicable
- Trust deed, if applicable
- Limited Liability partnership deed, if applicable
- Registration Certificates, if applicable
- Import- export code number certificate, if applicable
- Excise Registration number certificate, if applicable
- Service Tax Registration number certificate, if applicable
- CST / VAT Registration number certificate, if applicable
- Shop & Establishment number certificate, if applicable
- Professional Tax number certificate, if applicable
For availing loan person needs to keep in records the following, wherever applicable:
- Loan agreement with the financial institution or bank
- Loan confirmation letter
- Loan disbursement letter
- Repayment of loan receipts
- Loan closure letter
Conclusion
Every “person” as defined in Income Tax Act, 1961, needs to provide all proofs of every transaction related to his/her income and expenses and to justify to the government that the Taxable Income as shown is correct and accurate.
Tax, thus computed on this taxable income, is also fair and correct. In case, there is any doubt regarding the computation, the Income Tax department may ask to produce any details along with the documentary proof to justify the computation.
