ITR filing 2023-24: Keep this list of crucial documents at hand while filing income tax returns
By: Admin
June 28, 2024
Categories: Income Tax|Income Tax News
4 Min Read
July 31 – the due date for filing income tax returns for the financial year 2023-24 – is now just over a month away.
If you do not want last-minute income tax e-filing portal glitches due to heavy traffic flows closer to the due date or your busy work schedule to delay the process of filing returns on time, you need to act now.
You need not log in to the income tax department’s official e-filing portal (incometax.gov.in) and start the process right away. You can start with step one – gathering all the documents critical to the process.
Here’s a list of essential documents that you must start obtaining right away:
ITR filing 2023-24: Must-have documents
The relevant ITR form – ensure that you file returns using the right form, else your return will be considered defective:
Bank TDS certificates
Bank account statements
Aadhaar and PAN – ensure that these two are linked
Form-26AS
Annual Information Statement (AIS)
Tax return filing documents that salaried individuals need
Form-16 issued by employers – all the forms if you have switched jobs during the FY
Past tax returns filed
Salary slips, including income earned abroad, if any
Rent agreements and receipts to claim HRA
Foreign bank account statements if you were deputed abroad
Transaction statements of foreign investments made to make the relevant disclosures
Form 67 if you are claiming credit of taxes paid in a foreign country with which India has double taxation avoidance treaty
Details of your assets and liabilities if your income exceeds Rs 50 lakh and you have to file returns using ITR-1, which contains AL (asset-liability) schedule
Tax deduction documents
Do note that you need not attach these documents with your ITR form when you submit returns. However, preserve these documents to address any queries that may arise due to any mismatch in Form-16 and Form-26AS or AIS. This is particularly the case if you have chosen the new regime in your proposed investment declarations submitted to the employer but wish to switch to the old regime while filing returns.
For Sections 80C and 80CCD(1B) deductions
Confirmation of having invested in equity-linked saving schemes (ELSS)
National Pension System (NPS) own contribution proof
Premium receipts of life insurance premiums paid
For Section 80D
Health insurance premium receipts
For Section 80E
Interest certificate from the bank that has extended the education loan
For Section 24B
Interest certificate from your bank to claim deduction of up to Rs 2 lakh under section 24(B)
For Section 80G
Receipts of donations to charitable institutions eligible for deductions under section 80G
Earn income from other sources? Keep these documents at hand
Capital gains/loss statements issued by mutual fund house or 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
Source from: https://www.moneycontrol.com/news/business/personal-finance/itr-filing-2023-24-keep-this-list-of-crucial-documents-at-hand-while-filing-income-tax-returns-12757036.html
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