Filing your income tax return? Keep these documents ready
What's the story
As the deadline for filing income tax returns (ITR) for financial year 2024-25 approaches, taxpayers are advised to prepare necessary documents. The last date for ITR submission has been extended to September 15, 2025. Having all relevant paperwork in order can ensure a smooth process of submitting income tax details and filing accurate returns. Here are the documents you should keep ready before filing your ITR.
Document requirements
PAN linked with Aadhaar and bank account details
A valid Permanent Account Number (PAN) linked with Aadhaar is must for income tax purposes under Section 139AA of the Income Tax Act. Also, bank account details including account numbers and IFSC codes are crucial for claiming refunds.
List
Tax deduction certificates and Form 26AS
Tax deduction certificates like Form 16 (salary details) and Form 16A (non-salary TDS data), along with the consolidated Form 26AS, are extremely important. These documents provide a comprehensive overview of tax deducted at source (TDS), advance tax paid, and refunds. They play a crucial role in ensuring that your ITR is filed accurately, reflecting all necessary deductions and payments made throughout the financial year.
Verification
Download your Annual Information Statement
Taxpayers are also advised to download their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) from the e-filing portal. These documents help verify the income sources, deductions, dividend details, and credits. This step is crucial as it ensures all financial details are accurate before filing the ITR, reducing the chances of errors or omissions that could lead to penalties later on.
Investments
Keep proof of deductions under Sections 80C, 80D, and 80E
Taxpayers must also keep original receipts for investments made under Sections 80C, 80D, and 80E. Other documents such as housing loan interest, rent agreements, insurance policy number details, and documented donations to charitable institutions are also necessary. These documents are important under the old tax regime as they provide proof of deductions claimed on various investments and expenses.
Assets
Capital gains statements from brokers
Taxpayers should request their respective brokers, asset management companies, or registrars to provide capital gains statements. These documents must detail equities, mutual funds, property sales, and share buybacks. Having such information handy will help your chartered accountant calculate your total tax liability smoothly.
Foreign
For foreign assets or income, keep necessary documents ready
If you have earned income or hold assets abroad, it's important to keep clear records. These should include bank account statements and Form 67 (for claiming tax relief under the Double Taxation Avoidance Agreement). You should keep complete details of foreign investments/property. These documents are necessary for accurate income tax calculation, filing, and proper compliance with national laws.