Income tax Return Filing Tips It is time to file income tax returns. All taxpayers have to file returns before 31 July 2024. Taxpayers should keep all the necessary documents in one place before filing ITR so that time is saved and there is no problem while filing ITR. Know here which documents are necessary while filing ITR.
Income Tax Return 2024: The time has come to file income tax return (Income Tax Return Filing 2024). All taxpayers have to file their returns (Income Tax Return) before 31 July 2024. Often, while filing ITR, we look for the documents related to it. In such a situation, time is wasted and trouble is also created.
To save time and avoid hassles, taxpayers should keep all the necessary documents in one place before filing ITR. This will make the process of filing returns very easy and there will be no hassle while filing ITR.
One thing that the taxpayer should take special care of is that he should fill all the information in the ITR correctly. If any mistake is made, the ITR is rejected by the Income Tax Department. Let us tell you which documents you should keep ready while filing income tax return.
Income Tax Return 2024: Detailed List of Documents Required
Filing your Income Tax Return (ITR) requires careful preparation. Here’s a comprehensive list of all the documents you should have ready:
1. Personal Information
- PAN Card: Ensure your PAN card details are correct.
- Aadhaar Card: Aadhaar number is mandatory for filing ITR.
- Bank Account Details: Bank account number, IFSC code, and details of all active accounts.
2. Income Proofs
- Form 16: Issued by your employer, this form contains a summary of your salary and TDS deducted.
- Form 16A: For TDS deducted on income other than salary such as interest income.
- Form 16B: For TDS on sale of property.
- Form 16C: For TDS on rent payments by tenants.
- Salary Slips: Monthly salary slips if Form 16 is not available.
- Bank Statements: For interest earned on savings accounts, fixed deposits, and other investments.
3. Investment Proofs for Deductions
- Section 80C Investments: Proofs for investments up to ₹1.5 lakhs such as:
- Life Insurance Premiums
- Public Provident Fund (PPF)
- National Savings Certificates (NSC)
- Equity Linked Savings Scheme (ELSS)
- 5-year fixed deposit receipts
- Sukanya Samriddhi Yojana
- Section 80D: Medical insurance premiums for self, family, and parents.
- Section 80E: Interest on education loan.
- Section 80G: Donations made to charitable organizations.
- Section 80TTA/80TTB: Interest income from savings accounts (up to ₹10,000) and fixed deposits for senior citizens (up to ₹50,000).
4. Property and Loan Details
- Home Loan Statements: Interest and principal repayment certificates from the bank.
- Rent Receipts: If claiming HRA, rent receipts, and rental agreement.
- Capital Gains Details: Documents related to the purchase and sale of property, shares, or mutual funds.
5. Foreign Income and Assets
- Foreign Income Details: Information about income earned abroad.
- Foreign Asset Details: Information about foreign bank accounts and assets held abroad.
6. Other Income Sources
- Interest Certificates: From banks for interest earned on savings accounts and fixed deposits.
- Dividend Income: Details of dividends received from investments in shares or mutual funds.
- Agricultural Income: Proof of agricultural income, if applicable.
7. Business and Professional Income
- Profit and Loss Statement: For those running a business or profession.
- Balance Sheet: Details of assets and liabilities of the business.
- Audit Report: If your business turnover exceeds the specified limit.
8. Tax Payment Receipts
- Form 26AS: Annual tax statement showing details of TDS, advance tax, and self-assessment tax paid.
- Advance Tax Receipts: Receipts for any advance tax payments made.
- Self-Assessment Tax Receipts: Receipts for any self-assessment tax payments.
9. Other Documents
- Proof of Exempt Income: Details of any exempt income such as interest from tax-free bonds.
- Professional Tax Receipts: If applicable.
- Pension Certificates: For pensioners, details of pension received.
Having all these documents ready will ensure that you can file your ITR accurately, claim all eligible deductions, and avoid any penalties for non-compliance.
Contact Us
Email: info@taxservicemitra.com
Phone: +91-9135051086
Website: www.taxservicemitra.com
Experience the difference with Tax Service Mitra—your trusted partner for accounting and bookkeeping.
