ITR Filing – Salary and House Property.

For reporting property-related details, here are the required documents and their descriptions:

Documents Required:

1. Property Address Proof
   • What it is: Official documentation showing the address of your property. This can include property registration documents, utility bills, or property tax receipts.
   • Purpose: Verifies the location of your property, which is essential for tax filing, especially if the property is rented or used for business purposes.
2. Proof of Occupation Status (Self-occupied or Let Out)
   • What it is: Documentation indicating whether the property is self-occupied or rented out. This may include rent agreements, self-occupation declaration, or lease agreements.
   • Purpose: Determines tax applicability on income from rented properties or eligibility for self-occupation tax deductions.
3. Housing Loan Interest Certificate (if applicable)
   • What it is: Issued by your bank or financial institution, this certificate details the interest paid on your housing loan during the financial year.
   • Purpose: Helps you claim deductions on interest payments under Section 24(b) and for principal repayment under Section 80C.
4. Property Tax Payment Challan or Receipt
   • What it is: A receipt or challan showing the property tax paid to local authorities for the financial year.
   • Purpose: Provides proof of property tax paid, which can be used to claim deductions or to calculate net rental income in case of let-out properties.
5. Additional Property Details
   • What it is: Any other relevant information or documents regarding the property, such as maintenance receipts, renovation expenses, or improvements made to the property.

Purpose: Supports tax deductions and accurate income reporting, particularly for let-out properties where maintenance costs may be claimed.

Description for the required documents related to salary and tax details:

Documents Required:

1. Professional Tax Paid Receipt
   • What it is: A receipt or proof showing the professional tax deducted by your employer and paid to the state government.
   • Purpose: Confirms professional tax payment, which is a state-level tax deducted from your salary, helping document all tax components accurately.
2. Salary Computation Sheet from Employer
   • What it is: A detailed sheet from your employer that outlines your salary breakup, including basic pay, allowances, bonuses, and any TDS deductions.
   • Purpose: Provides a comprehensive view of salary components and deductions, ensuring precise income and tax reporting.
3. Form 16 (Part A & B)
   • What it is: Issued by your employer, this form provides a summary of your salary and tax deducted at source (TDS) over the financial year. Part A covers details like TDS and the employer’s TAN, while Part B shows a detailed salary breakup.
   • Purpose: Essential for confirming salary income and TDS deductions, Form 16 is a critical document for accurate tax filing.
4. Form 12BA
   • What it is: A form provided by the employer that specifies any perquisites and fringe benefits received during employment, along with their valuation.
   • Purpose: Ensures all benefits and perquisites are recorded, allowing accurate calculation of taxable income beyond basic salary.