ITR deadline fast approaching, list of documents needed for filing income tax return

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The income tax department has said that already over five crore taxpayers have already filed their returns so far

With the due date of July 31 for filing income tax returns (ITR) for the financial year 2023-24 fast approaching, its crucial to collect all the documents required for filing the tax return before you even go to the e-filing portal at www.incometax.gov.in.

The income tax department has said that already over five crore taxpayers have already filed their returns so far on a post on X (formerly Twitter).

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Which documents are needed to file income tax return (ITR)?

1. Bank TDS certificates
2. Bank account statements
3. Aadhaar and PAN, and they should be linked
4. Form-26AS
5. Annual Information Statement (AIS)

Other documents that salaried individuals need for filing income tax return (ITR)

1. Form-16 issued by the employers. This incudes all the forms if you have switched jobs during the same year.
2. Past tax returns which have been filed.
3. Salary slips, including income earned from abroad, if applicable.
4. Rent agreement and rent receipts for claiming HRA.
5. Foreign bank account statements in case you were deputed abroad.
6. Transaction statements of foreign investments made to make the relevant disclosures.
7. Form 67 if you are claiming credit of taxes paid in a foreign country with which India has double taxation avoidance treaty.
8. Details of your assets and liabilities if your income exceeds ₹50 lakh and you are filing returns through ITR-1, which contains AL (asset-liability) schedule.

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What are the documents needed for tax deductions?

For Sections 80C and 80CCD(1B) deductions

1. Confirmation of having invested in equity-linked saving schemes (ELSS).
2. National Pension System (NPS) contribution proof.
3. Premium receipts of life insurance premiums paid.

For section 80D deductions

1. Health insurance premium receipts.

For Section 80E deductions

1. Interest certificate from the bank which granted the education loan.

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For Section 24B deductions

1. Interest certificate from your bank to claim deduction of up to ₹2 lakh under section 24(B).

For Section 80G deductions

1. Receipts of donations to charitable institutions eligible for deductions under section 80G.

Documents for income from other sources

1. Capital gains/loss statements issued by mutual fund house or intermediaries, stock brokers, and so on.
2. Bank account statements and TDS certificates.
3. Virtual digital assets (VDA) transaction statements, particularly in the VDA schedule.