ITR: Key Documents You Need To Keep Handy Before Filing Income Tax Return

As the income tax return (ITR) filing season has already started, being well-prepared with the necessary documents can make the process easier. Keeping all necessary documents ready well in advance can help in minimising errors while filing the ITR for the financial year 2024-25 (Assessment Year 2025-26).

Whether you're a salaried individual, a freelancer or a business owner, keeping your paperwork in order is important for a hassle-free experience.

Before diving into the process, one important step is to choose between the old and the new tax regime, whichever suits you best. Before filing your ITR for FY 2024-25, it’s important to keep your documents as per the old or new tax regime you choose and the deductions you want to claim.

If you opt for the old regime, you'll be required to submit investment proofs, rent receipts and other documents to claim deductions under various sections of the Income Tax Act, 1961. On the other hand, the new regime offers lower tax rates but removes most exemptions and deductions, significantly reducing the need for investment proofs.

Let’s take a look at the essential documents you should keep ready for filing ITR 2025.

• PAN and Aadhaar Card: Mandatory for login, verification and ITR submission.

• Form 16 (for salaried employees): Contains income details and TDS deductions. The form is issued by the employer at the end of the financial year.

• Form 26AS and AIS (Annual Information Statement): Shows TDS, advance tax paid, interest income, dividends, share transactions and other income details.

• Bank account details: Include account number and IFSC for refund processing.

• Capital gains statements: If you've sold mutual fund units, stocks or property, keep your capital gains summary handy.

• Other income details: Freelance work, rent, savings account interest, crypto income or foreign income should be documented.

Investment proofs for Section 80C deductions:

• Life insurance premiums (LIC)

• PPF, EPF statements

• ELSS mutual fund investments

• Tax-saving FDs

• National Savings Certificates (NSC)

• Health Insurance Premiums (Section 80D)

Other documents required for old regime

• Home loan interest certificate: For deductions under Section 24 (home loan interest up to Rs 2 lakh).

• Rent receipts and rent agreement: To claim HRA exemption you have to keep these documents ready. Also needed for Section 80GG (those paying rent without receiving HRA from their employer).

• Donation receipts (Section 80G): Valid receipts with PAN of the institution for claiming deduction on charitable donations to eligible institutions of funds.

• Education loan interest certificate: For claiming deduction under Section 80E.

Organise these documents before your file your ITR. Using a tax filing platform or consulting a tax expert becomes easier when your paperwork is in order.