As tax season kicks off, preparing your Income Tax Return (ITR) for FY 2023-24 can be a smooth process with the right documents at hand. Filing your ITR not only meets a legal obligation but also contributes to national development and provides benefits to taxpayers. The deadline for filing is Wednesday, July 31, 2024. To avoid penalties and ensure accuracy, here’s a detailed checklist of the essential documents required.
General Documents:
- PAN (Permanent Account Number)
- Aadhaar Number
- Bank account details
- TDS certificates (Form 16, Form 16A, Form 26AS)
- Tax payment challans
- Investment proofs (for deductions under sections 80C, 80D, 80E, 80TTA, etc.)
Documents for ‘Salaried Income’:
- Form 16 (Salary Certificate)
- Pension certificate
- Arrears in salary documents
- Full and Final Settlement (F&F) documents
- Rent agreements or receipts (for HRA claims)
- Travel bills
- PF withdrawal documents
- Gratuity or leave encashment records
- Joining or relocation bonus documents
- Foreign salary slips and tax returns
Documents for ‘Income from Other Sources’:
- Bank passbook, post office savings passbook, statements, and interest certificates
- Dividend warrants
- Form 26AS
- Accrued interest documents
- Lottery income records
- Agricultural income documents
- Clubbed income documents
Documents for ‘Income from House Property’:
- Rent agreement
- Interest certificate from the bank
- Property address
- Co-owner details
- Receipts of municipality taxes paid
- Form 16A on rent
- Details of pre-construction interest
- Documents proving ownership
- Home loan processing charges and foreclosure charge receipts
Documents for ‘Capital Gains’:
- Purchase and sale deeds
- Transfer expenses incurred
- Purchase deed in case of reinvestment.
Documents for ‘Tax-Saving Investments’:
- Receipts for investments in ELSS, PPF, EPF, Sukanya Samriddhi Yojana, tax-saving fixed deposits, SCSS
- Receipts for donations made
- Education loan interest-paid receipts
- Receipts for Mediclaim insurance (for self and family)
- Receipts for all other investments.
Expert Insights:
Aditi Nayar, Chief Economist at ICRA, highlighted, ‘Organising your documents is crucial for a smooth ITR filing experience. With the right preparation, taxpayers can avoid delays and additional scrutiny.’
Madan Sabnavis, Chief Economist at Bank of Baroda, advised, ‘Keeping all necessary documents handy ensures compliance and can prevent last-minute hassles during the ITR filing process.’
With this checklist, you can confidently navigate the ITR filing process, ensuring you have all necessary documents to substantiate your income, deductions, and tax payments. Happy filing!
