ITR filing 2024: The deadline for individuals to submit their Income Tax Returns (ITR) is July 31, 2024, unless an extension is granted by the government. It is essential to compile and organise pertinent documents such as salary or income records, bank statements, and previous tax returns in preparation for filing. The process of filing varies according to the type and source of income, including but not limited to salary, business revenue, investment earnings, and other categories.
ITR document requirements vary from person to person as it depends on the earning sources of the tax filer. However, some documents are mandatory for every taxpayer.
Here is the list of such common ITR documents that are required to file ITR in FY 2023-24 (AY 2024-25)
1. PAN Card
For filing ITRs, PAN cards are a must. PAN is essential for TDS deductions and needs to be connected to your bank account for direct income tax refund. It’s provided by the Income Tax Department and can be found on various documents like PAN card, Form 26AS, Form 16, Form 12BB. Recently, taxpayers can file ITR using Aadhaar instead of PAN.
2. Aadhaar Card
Income Tax Act’s Section 139AA states individuals need to provide his/her Aadhaar card details while filing the returns. If you do not have your Aadhaar card but have applied for the same, you must provide the enrolment ID in your IT returns. Linking PAN with Aadhar facilitates online income tax return verification via OTP. The deadline for filing income tax returns for individuals is 31st July annually. Aadhar cards are issued by UIDAI. If lost or misplaced, you can easily download Aadhar cards online.
3. Form 16
Form 16, which is generated by the employers, is a summary of the details of the employee’s salary and the amount of TDS deducted from the salary. Form 16 has two parts: Part A shows the employer’s tax deductions, PAN, and TAN details for the financial year. Part B includes TDS calculations such as gross salary breakup, exempt allowances, and perquisites.
If you don’t have the Form 16, even they you can file your ITR.
Read More: Taxpayers alert! Major changes made in ITR-1 for AY2024-25
4. Form 26AS
Form 26AS summarises taxes deducted and paid by you, provided by the Income Tax Department. It includes details of tax deductions by deductors, tax deposits by taxpayers, and tax refunds received in the financial year. Access this form on the I-T Department’s website.
5. Section 80C investment documents
Investments made under Public Provident Fund (PPF), National Savings Certificates (NSC), Unit Linked Insurance Plans (ULIPs), Equity Linked Savings Schemes (ELSS), and Life Insurance Corporation policies (LIC) are eligible for deductions under Section 80C of the Income Tax Act. It is advised to retain all relevant slips, receipts, and documentation pertaining to these investments for the purpose of tax savings. Additionally, it is prudent to preserve these documents for a few years as a precautionary measure.
6. Other documents required
These documents or copies should be available for ITR filing:
> Your contribution to Provident Fund
> Your children’s school tuition fees
> Life insurance premium payment
> Stamp-duty and registration charges
> Principal repayment on your home loan
> Equity Linked Savings Scheme/Mutual funds investment
> The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.
Read More: ITR filing 2024-25: What is the best time for maximum benefits?
7. Details of bank accounts
All current bank accounts must be disclosed in your income tax return. Include bank name, account number, IFSC, and total accounts held. Designate one account as primary for tax refunds. Bank information is crucial for verifying income disclosures and transactions. Access details in passbooks, statements, or online banking.
8. Annual Information Statement
Annual Information Statement (AIS) provides taxpayers with a detailed overview of their information in Form 26AS. Taxpayers can give feedback on the displayed information. AIS includes both the reported value and the modified value (after feedback) for sections like TDS, SFT, and Other information.
9. Taxpayer Information Summary
Category-wise aggregated information summary for a taxpayer is the Taxpayer Information Summary (TIS). It includes processed and derived values under different categories like Salary, Interest, and Dividend. The derived data will be used for prefilling tax returns when relevant.
10. Home loan details
Individuals receive details of principal and interest repayment in their home loan statement. This breakdown is essential for tax filing. For home loans from banks, it’s crucial to gather statements for the previous financial year.
11. Stocks, property for capital gain tax
When you sell shares, securities, or property, you will experience either capital gains or losses. To support this, you must possess documentation such as broker statements and property sale deeds.
12. Dividend income
For investors holding shares or mutual funds, it is imperative to report any dividend income earned when filing your income tax return. The specifics of the dividends received throughout the financial year can be obtained from your broker statement or Demat account summary.
