ITR filing 2024-25: Keep These Documents Ready Before Filing Income Tax Return

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ITR filing 2024-25: Your exact tax liability can be determined accurately only with the help of documents. Even a single missing document can impact your annual tax liability because filing an Income Tax Return (ITR) is a vital task. Before filing it, it would be best if you gathered all of the needed papers. Employees, businessmen, and other taxpayers all need papers to file their income tax returns.

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These records reflect the investments you made during the fiscal year and show your sources of income and based on these Your tax liability can be determined accurately. Even a single missing document may have an impact on your tax liability. The papers required to file ITR for the fiscal year 2023-24 (assessment year 2024-25) are listed below.

Under section 139AA of the Income Tax Act, you must provide your Aadhaar card information while submitting your return. If you have applied for Aadhaar but have not yet received it, use the enrollment ID from your ITR. You can verify your ITR online using an OTP by linking your PAN and Aadhaar.

PAN and Aadhaar

You must have a PAN card to file an ITR. Your PAN card should be linked to your bank account. It is utilized for TDS deduction. According to the recent change in rules, if you cannot locate your PAN card, you may file your ITR using your Aadhaar number.

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Form 16A, 16B, and 16C

These are the necessary forms for TDS on non-salary income (such as deposits or real estate transactions). Banks and other deductors use Form 16A. But Form 16B and 16C are used for real estate transactions and rental income. The company gives Form 16 to the employee.

Bank account:  All of your present bank accounts must be included in your ITR, one of which will be selected for your tax return. You must have a bank statement or passbook to record the interest earned on savings accounts or FDs.

Home loan: Homeowners receive a rebate on both principal and interest when filing taxes. You must have your home loan certificate.

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Tax-saving instruments:  Keep papers of tax-saving choices like ELSS and FD (Fixed Deposit) with you.