Documents list for ITR Filing, Choose right ITR form and New ITR Dates

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Filing income tax returns (ITRs) requires meticulous preparation and accurate documentation to ensure compliance with tax regulations. From financial statements to investment proofs, the list of documents for ITR filing is extensive and varies depending on individual circumstances. As taxpayers gear up for the tax season, understanding the essential documents required for ITR filing is crucial for a smooth and hassle-free process.

These documents serve as proof of your income from different sources and highlight your investments made during the financial year.

Accurate documentation ensures hassle-free tax compliance
Each document is crucial for calculating tax liability accurately
ITR filing deadline for FY 23-24 is July 31, 2024

Filing the Income Tax Return (ITR) is a crucial task, requiring careful preparation and having the right documents is essential to ensure a smooth process.

Whether you’re a salaried employee, a business owner, or have multiple sources of income, certain documents are mandatory for all taxpayers.

These documents serve as proof of your income from different sources and highlight your investments made during the financial year.

Each document plays a critical role in accurately determining your tax liability. Missing even one document could impact the tax amount you owe for the year.

Here’s a list of the important documents you’ll need to file ITR for the Financial Year 2023-24 (Assessment Year 2024-25).

PAN Card: Your PAN (Permanent Account Number) is fundamental for filing your ITR. It’s used for TDS deduction and should be linked to your bank account for direct income tax refunds. If you can’t find your PAN card, you can also use your Aadhaar number to file your ITR, as per the recent government amendment.

Aadhaar Card: Under Section 139AA of the Income Tax Act, you must provide your Aadhaar details while filing your returns. If you’ve applied for Aadhaar but haven’t received it yet, use the enrolment ID in your ITR. Linking PAN and Aadhaar allows online verification of your ITR through OTP.

Form 16: This document is issued by your employer and contains details of your salary and TDS (Tax Deducted at Source). It’s crucial for salaried individuals filing ITR. Form 16 has two parts: Part A includes tax deducted details by the employer, and Part B covers TDS calculations like salary breakup.

Form-16A/ Form-16B/ Form-16C: These forms are essential for TDS on incomes other than salaries (like from deposits or property sales). Form 16A is issued by deductors like banks, while Form 16B and Form 16C are related to property transactions and rental income, respectively.

Bank account details: You must disclose all active bank accounts in your ITR, specifying one account for tax refunds. Bank statements or passbooks are needed to report interest earned on savings accounts or fixed deposits.

Form 26AS: This is an annual tax statement showing taxes deposited against your PAN. It includes TDS details from banks, employers, or other organizations. Ensure all deductions match your records to claim tax credits correctly.

Home loan statement: Details of home loan principal and interest payments are crucial for tax filing. Obtain statements from financial institutions if you’ve taken a home loan.

Tax saving instruments: Keep documents related to tax-saving investments like FDs (Fixed Deposits) or ELSS (Equity Linked Savings Scheme) ready for tax filing.

Capital gains details: If you’ve sold assets like shares or property, retain broker statements or sale deeds to report capital gains or losses.

Rental income: Declare rental income from properties in your ITR. Keep receipts from landlords for rent paid.

Foreign income: Documents related to income earned abroad are needed to claim tax benefits or DTAA (Double Taxation Avoidance Agreement) benefits.

Dividend income: Report dividend income from investments in shares or mutual funds. Obtain details from broker statements or Demat account summaries.

By ensuring you have these documents in order, you can simplify your tax filing process and meet your obligations as a taxpayer effectively.

Keep these records safe and organised to facilitate smooth interactions with tax consultants or the Income Tax Department when required. Remember, accurate documentation is key to hassle-free tax compliance.

The last date to file ITR for FY24 is July 31, 2024.

How to choose Correct ITR form

Same way like you need Correct Documents for ITR filing in same way it is important that you choose correct ITR form, below video is your guide to choose correct ITR form