Income Tax News: July 31, 2024 is the deadline for submitting your income tax returns (ITRs) for the fiscal year 2023–2024 (assessment year 2024–25). Arranging and compiling the required paperwork is essential to a seamless filing procedure. This is a complete list of typical papers you will need in order to file your ITR:
PAN Card and Aadhaar Details
An important identification for taxes is your Permanent Account Number (PAN). It’s necessary for direct tax refunds via bank account connectivity and TDS deductions. Additionally, Aadhaar card is also very important in filing ITR. Make sure you have easy access to both, your Aadhaar and PAN card.
Form 16
Form 16 is provided by your employer and summarizes your salary details and TDS deductions. It’s split into Part A (employer’s tax deductions) and Part B (detailed salary breakup). If you don’t have Form 16, you can still file your returns.
Form 26AS
Form 26AS is a summary of taxes deducted and paid by you, accessible from the Income Tax Department’s website. It includes details of TDS deductions, tax deposits, and refunds received during the financial year.
Investment Proofs for Section 80C Deductions
For Section 80C deductions, retain records of investments such as PPF, NSC, ULIPs, ELSS, and LIC policies. To optimise tax savings, hold onto receipts and associated paperwork for these investments.
Bank Account Details
Disclose all current bank accounts in your tax return, specifying one account for tax refunds. Include bank name, account number, IFSC, and total accounts held. This information is vital for verifying income and transactions.
Annual Information Statement (AIS)
The AIS provides a detailed overview of your tax-related information in Form 26AS. Verify and provide feedback on the displayed data to ensure accuracy.
Home Loan Statements
Keep statements that show the principle and interest paid back on your house loans. In order to declare deductions linked to house loans, certain declarations are necessary.
Capital Gains Documentation
For capital gains or losses on shares, stocks, or real estate transactions, save documents such as broker statements and property sale deeds.
Dividend Income Details
Report dividend income earned from shares or mutual funds. Obtain specifics of dividends received from broker statements or Demat account summaries.
Other Essential Documents
- Contribution to Provident Fund
- Children’s school tuition fees
- Life insurance premium payment
- Stamp-duty and registration charges
- Principal repayment on home loans
- ELSS/Mutual funds investment
