ITR documents are different for different taxpayers. In this, your income and investment are different. If you divide the documents required for the return into 3 parts, it will be easy. First- income and investment proof, second- tax statement and third personal details.
ITR Filing 2024: The time has come to file income tax returns. July 31 is the last date. The sooner you file the return, the sooner the refund will come to your account. But, it is important to prepare for it before filing the return. A list of documents related to ITR has to be prepared. Which documents are required. And why do you need them. Most importantly, ITR documents are different for different taxpayers. In this, your income and investment are different. If you divide the documents required for the return into 3 parts, it will be easy. First- Income and Investment Proof, Second- Tax Statement and Third Personal Details.
1. Income and Investment Proof
While filing ITR, you have to tell how much income you have earned in a financial year and where you have invested.
If you have invested in tax saving tools like FD, ELSS etc. covered under section 80C of Income Tax Act, then keep the documents related to them ready.
If you have taken a home loan, then tax exemption is available here too. You can claim tax deduction on the interest paid on the principal amount and for this you have to show the home loan statement.
If you have income from rent, then it has to be disclosed. If you live on rent, then definitely attach the bill receipt from your landlord, this can help you save tax. You do not have to attach these papers, but keep it safe, just in case.
Apart from this, if you have earned money by selling shares, securities or property, then also it should be disclosed and for this you may have to provide broker statement, property sale deed etc. If there is income from dividend, you can show it through demat account statement.
2. Tax Statement/Form 16
Now let’s talk about Form 16. Salaried employees especially wait for it. In their case, it is issued by the employer, which contains the details of your salary and TDS deduction. It has two parts – A and B. Part A tells how much tax has been deducted, what is the PAN and TAN of the employer. Part B contains the details of gross salary breakup, exemptions etc.
Form-16A/Form-16B/Form-16C
Information about salary, interest etc. is in Form 16A. Whereas, if you sell a property, your buyer gives you Form 16B. Form 16C contains details of TDS deduction on rent.
Form 26AS and AIS
Form 26AS is like a tax passbook. It contains details of all the tax you have deposited. If TDS has been deducted, it will be reflected in it, if you want to get a refund, then you must ensure that all the details in this form are correct. Similarly, Annual Information Statement
is also your tax horoscope, in this too you get all your information from tax deduction, liability displayed.
3. Personal details
Pan-Aadhaar is important
PAN is issued by the Income Tax Department. This is the most important document. PAN should be linked to your bank account. If it is linked to Aadhaar card, then it is easy to file returns. According to Section 139AA of the IT Act, it is mandatory for taxpayers to provide Aadhaar number at the time of filing ITR.
Bank details – Bank statement/passbook
For ITR filing, you will have to provide details of all your bank accounts. You will have to tell the bank name, account number, IFSC and how many accounts you have. You will also have to tell in which account you want the tax refund. Also, you will have to give a copy of the bank statement or passbook, so that it can be checked how much you have earned from interest on savings account in a financial year
