As the income tax return filing season approaches, taxpayers across the country are gearing up to fulfill their annual obligation to the government. Whether one is a seasoned filer or navigating the process for the first time, understanding the essential documents required is paramount for a smooth and efficient filing experience.
Here is a break-down of key documents needed and deadlines to help tackle tax filing.
Deadline And Preparation
Deadline: July 31, 2024, unless extended by the government. Ensure timely organisation of documents.
Documents needed:
Salary records: Gather Form 16, bank statements, and salary slips.
Business revenue: Compile profit and loss statements, invoices, and receipts.
Investments: Collect details of income from investments like dividends, capital gains, and Section 80C documents.
Filing Process
For salary income: Utilise Form 16, bank statements, and other income sources.
For business revenue: Include profit and loss statements, invoices, and receipts.
For investments: Report dividends, capital gains, and utilise Section 80C documents for deductions.
Key Documents Needed
PAN card: Vital for TDS deductions and linking bank accounts for tax refunds. Now, taxpayers can also use Aadhaar for filing ITR.
Aadhaar card: Mandatory under Section 139AA of the Income Tax Act. In cases where there is no Aadhaar card but an application has been made, enrolment ID can be used. Linking PAN with Aadhaar allows online ITR verification via OTP.
Form 16: Issued by employers, it summarises salary and TDS. Part A covers the employer's tax details, and Part B includes TDS calculations and salary breakup. However, ITR can be filed without it.
Form 16A: Non-employment income and tax deductions (example: bank interest, rent).
Form 16B: Taxes on the sale of immovable property.
Form 16C: Taxes on rental income from house property.
Form 26AS: A summary from the Income Tax Department showing taxes deducted and paid. Accessible on the department’s website.
Section 80C investment documents: Includes PPF, NSC, ULIPs, ELSS, and LIC policies. All related documents for at least three years needs to be included.
Details of bank accounts: Report all current bank accounts with name, number, IFSC, and designate one for tax refunds. Accurate details are crucial for income verification.
Annual Information Statement: Provides a detailed overview of Form 26AS. Allows feedback on displayed information, including TDS and other details.
Taxpayer Information Summary: An aggregated summary of a taxpayer's information, categorised by types like salary, interest, and dividend, used for pre-filing tax returns.
Housing loan certificate: Shows principal and interest paid, necessary for claiming deductions.
Capital gains documentation: Required for selling shares, securities, or property. Includes broker statements and sale deeds.
Dividend income: Report any dividend income from shares or mutual funds. Obtain details from broker statements or Demat account summaries.
Donation certificate for Section 80G: Ensure the receipt includes donor’s details, PAN, donation amount, and payment mode for claiming deductions.
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