ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 is quickly approaching on July 31. With only limited time remaining, it’s crucial to act now to avoid any last-minute issues. The income tax department reports that over 5 crore taxpayers have already filed their returns, so you should prepare to ensure a smooth filing process.
Before accessing the official e-filing portal at www.incometax.gov.in, start by gathering all necessary documents to expedite the process. Here’s a checklist of essential documents you should collect:
ITR Filing 2023-24: Essential Documents
- Relevant ITR Form: Ensure you use the correct form to avoid your return being deemed defective.
- Bank TDS Certificates
- Bank Account Statements
- Aadhaar and PAN: Verify that these are linked.
- Form-26AS
- Annual Information Statement (AIS)
For Salaried Individuals:
- Form-16 from your employer (all forms if you changed jobs during the fiscal year)
- Previous Tax Returns
- Salary Slips (including income from abroad, if applicable)
- Rent Agreements and Receipts for claiming HRA
- Foreign Bank Account Statements if applicable
- Transaction Statements for foreign investments
- Form 67 if claiming tax credit for taxes paid in a foreign country with a double taxation avoidance treaty
- Asset and Liability Details if income exceeds Rs 50 lakh and filing with ITR-1, which includes the AL (Asset-Liability) schedule
Tax Deduction Documents:
While these do not need to be attached to your ITR form, keep them handy in case of queries or discrepancies between Form-16 and Form-26AS or AIS. This is especially relevant if you opted for the new tax regime in your investment declarations but are switching to the old regime while filing.
- For Section 80C and 80CCD(1B):
- Proof of investments in Equity-Linked Saving Schemes (ELSS)
- National Pension System (NPS) contribution receipts
- Life insurance premium receipts
- For Section 80D:
- Health insurance premium receipts
- For Section 80E:
- Interest certificate from the bank for education loans
- For Section 24B:
- Interest certificate from your bank for claiming up to Rs 2 lakh deduction
- For Section 80G:
- Receipts of donations to eligible charitable institutions
For Income from Other Sources:
- Capital Gains/Loss Statements from mutual fund houses, stock brokers, etc.
- Bank Account Statements and TDS Certificates
Ensure you have all these documents ready to avoid last-minute complications and ensure accurate filing.
