29 Jun ITR Filing 2023-24: Essential Documents Checklist for Hassle-Free Income Tax Returns
The deadline for filing income tax returns for the financial year 2023-24 is approaching fast, with July 31 just over a month away.
To avoid the last-minute rush and potential issues with the income tax e-filing portal due to heavy traffic or your busy schedule, it’s crucial to start the process now.
You don’t need to log in to the income tax department’s official e-filing portal (incometax.gov.in) immediately. Begin with the first step: gathering all necessary documents.
Here is a list of essential documents you should obtain right away:
ITR Filing 2023-24: Must-Have Documents
Relevant ITR form: Ensure you use the correct form; otherwise, your return will be considered defective.
Bank TDS certificates
Bank account statements
Aadhaar and PAN: Ensure these are linked.
Form-26AS
Annual Information Statement (AIS)
Documents for Salaried Individuals:
- Form-16 issued by employers: Include all forms if you changed jobs during the FY.
- Past tax returns filed
- Salary slips: Include income earned abroad, if applicable.
- Rent agreements and receipts: To claim HRA.
- Foreign bank account statements: If you were deputed abroad.
- Transaction statements of foreign investments: To make relevant disclosures.
- Form 67: If claiming credit for taxes paid in a foreign country with which India has a double taxation avoidance treaty.
- Details of assets and liabilities: If your income exceeds Rs 50 lakh and you file returns using ITR-1, which includes the AL (asset-liability) schedule.
Tax Deduction Documents:
For Sections 80C and 80CCD(1B) Deductions:
- Confirmation of ELSS investments
- National Pension System (NPS) contribution proof
- Life insurance premium receipts
For Section 80D:
- Health insurance premium receipts
- For Section 80E:
Interest certificate from the bank for education loan
- For Section 24B:
Interest certificate from your bank to claim a deduction of up to Rs 2 lakh
- For Section 80G:
Receipts of donations to eligible charitable institutions
For Income from Other Sources:
- Capital gains/loss statements: Issued by mutual fund houses, intermediaries, stock brokers, etc.
- Bank account statements and TDS certificates
- Virtual Digital Assets (VDA) transaction statements: To make appropriate disclosures, particularly in the VDA schedule
You do not need to attach these documents with your ITR form when submitting returns. However, preserve them to address any queries that may arise due to discrepancies in Form-16, Form-26AS, or AIS. This is especially important if you chose the new tax regime in your investment declarations submitted to your employer but wish to switch to the old regime when filing returns.
For more details, refer to the source article.
No Comments