• By ADMIN
• Posted 28 May, 2023
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Details required for ITR filing of Individuals FY 2022-23(AY 2023-24)

The following are the details and documents required for filing Income-tax Return for INDIVIDUALS for the financial year 2022-23 (Assessment Year 2023-24). There are various reasons to file Income-tax returns, one must ensure the reasons for which the ITR to be filed. Read our blog on Who has to file ITR.

A. Residential Status

Please download and fill out the details of stay in India based on entries in the Passport. Both the date of exit and entry into India shall be treated as stay in India. [Template Link]

B. Income from Salary

1.Salary income details for the year including break up of all components of salary for the entire year

2. Form 16 for the year.

3. Details of pension received during the year.

C.Income from House Property

1. List of properties held during the year.

2. Ownership details of all the house properties (including ratios if any)

3. Address of all the house properties owned.

4. Details of let out / self-occupied.

5. Year of purchase of properties

6. Name of the Tenants

7. Copy of Rental agreement(s)

8. Details of municipal rent paid for the year.

9.Gross rent received for each property for the year.

10.Soft Copy of housing loan interest certificate for the year.

11.Details of pre-construction period interest to be claimed for the year.

D.Income from Business/Profession

1. Nature of Business / Profession

2. Books of Accounts for the year

3. Bank Statements of the business 

4. Quantitative Particulars for the year

E. Capital Gain

1. Details of assets if any sold during the year (both movable & immovable)

2. Copy of purchase deed & Copy of sale deed

3. Expenditure incurred for sale of property.

4. TDS if any deducted on the sale of properties

5. Details of sale of shares, debentures, mutual funds during the year and its purchases – Provide the details capital gain statement received from the DEMAT Service provider.

6. Details of assets if any purchased during the year (both movable & immovable) along with SOURCE for the same

7. Details and proof of investment made to claim capital gain exemption for the year

F.Other Sources

1. Any gift received/ anything free of cost received from relatives and others during the year. 

2. Any gift given / anything given free of cost to relatives and others during the year

3. Details of Fixed Deposit /Term Deposit interest income for the year

4. Details of Savings interest income for the year

5. Details of dividend received during the year

6. Any other income/ amount received during the year, details of the same

7. Any amount gifted to Non-Resident during the year

8. Any family pension received during the year

G. Chapter VI-A : Deductions

1. Copy of Life insurance premium payment receipt / statement of premium paid for the year

2. Copy of school fee paid receipt for the year

3.  Copy of PPF payment for the year

4. Copy of Tax Saving FDR made for the year

5. Copy of housing loan principal repayment certificate for the year.

6. Copy of Mediclaim Insurance premium paid receipt for the year

7. Details of family members and their age and medical expenditure incurred for each one in the family (including medicine purchased and medical checkup) during the year (with proof) and their insurance coverage details

8. Proof of payment of National Pension Scheme (NPS) during the year

9. In case of Donation made to claim 80G Exemption, the following details are mandatory.

(a) Name and address of donee

(b) PAN of Donee

(c) Donation made in cash

(d) Donation made in other mode

(f) Donation Receipt

H.Foreign Tax Credit (FTC)

In case of any taxes paid outside India for the year, the following details are required

1. Details of such income

2. Name of the Country

3. Tax Identification Number in the above said Country

4. Proof of Taxes paid outside India to claim FTC in India for the year.

I.Disclosure of Foreign Assets & Income by Resident in Income-tax Return

In case of resident of India (other than not ordinarily resident) has to disclose the details of Foreing Assets located outside India and Foreign source of income in the ITR. The details are listed in separate article. Failure to provide such details or incorrect disclsoure amounts to offences under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Law). The brief about this law is explained in a seprate blog.

J. Bank Accounts & Loan Accounts

1. soft copy of all savings banks statements for the year (whether operated or not during the year)

2. Soft copy of all Current Account statements for the year (whether operated or not during the year)

K. Basic Details 

1. Mobile number

2. Email address

3. Aadhaar Number / Aadhaar Enrolment Id

4. Details as to whether you are opting for New Tax Regime for the year or not?

5. If you are NON-RESIDENT, Jurisdiction of residence (s) & Taxpayer Identification Number(s) to be provided

6. Whether you were Director in a company at any time during the previous year, if so , Name of Company, Type of Company, PAN of the Company, Whether its shares are listed or unlisted, Director Identification Number (DIN).

7. Whether you are Partner in a firm, if so, Name of Firm & PAN.

8. If you are NON-RESIDENT, is there a permanent establishment (PE) in India.

9. If you are NON-RESIDENT,is there a Significant Economic Presence (SEP) in India? Provide the following details.

(a) aggregate of payments arising from the transaction or transactions during the previous year as referred in Explanation 2A(a) to section 9(1)(i)

(b) number of users in India as referred in Explanation 2A(b) to section 9(1)(i).

L. Details of unlisted shares held

 1. Whether you have held unlisted equity shares at any time during the previous year, if so provide the following details

a. Name of company

b. Type of Company

c. PAN

d. Opening balance

  (i) No. of shares

  (ii) Cost of acquisition

e. Shares acquired during the year

   (i) No. of shares

   (ii) Date of subscription / purchase

   (iii) Face value per share

   (iv) Issue price per share (in case of fresh issue)

   (v) Purchase price per share (in case of purchase from existing shareholder)

f. Shares transferred during the year

    (i) No. of shares

   (ii) Sale consideration

g. Closing balance

   (i) No. of shares

   (ii) Cost of acquisition 

 

M. Exempt Income

Details of all exmpt income during the year to be disclosed.