ITR filing 2024-25: Important documents for filing tax return

ITR filing 2024-25: Important documents for filing tax return

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).Â

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.

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.

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.

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.Â

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