ITR Filing 2024: What Documents Are Required At The Time Of Filing An Income Tax Return?

Filing an Income Tax Return (ITR) is crucial for taxpayers to declare their earnings within the fiscal year spanning April 1 to March 31. While not mandatory for everyone, filing offers significant advantages such as tax refunds, loss carry-forwards, and proof of income.

Essential Documents for ITR Filing:

1. PAN and Aadhaar Cards: Both PAN and Aadhaar cards are mandatory for the ITR filing process.
2. Bank Account Details: Ensure you have your bank account details readily available.
3. TDS Certificates: TDS certificates like Forms 16, 16A, and 26AS, indicating tax deductions at source, are essential.
4. Tax Payment Challans: Keep records of tax payments made, including challans.
5. Investment Proofs: Gather investment proofs for deductions under Sections 80C and 80D.
6. Form 16: For salaried individuals, Form 16 from employers provides details on salary income and deductions.
7. Monthly Salary Slips: Retain monthly salary slips for reference, including details on taxable allowances and exemptions (e.g., HRA, LTA).
8. Bank Statements and Interest Certificates: If you earn income from sources like savings account interest or fixed deposits, provide bank statements and interest certificates.
9. Dividend Warrants: Track dividend warrants, noting that tax-free dividends up to Rs 10 lakhs are exempt; excess is taxed at 10%.
10. Form 26AS: Form 26AS offers a comprehensive tax statement, including TDS details from various sources and other income like NSCs and lottery winnings (taxed at 30%).
11. Agricultural Income: Support agricultural income with bank statements and receipts; report clubbed income of dependents as per tax regulations.
12. Rent Agreement: For rental income, provide a valid rent agreement to verify rental receipts.
13. Home Loan Interest Certificates: Obtain interest certificates from banks for claiming home loan interest deductions, detailing principal and interest payments.
14. Property Details: Provide property address for claiming related deductions; include co-owner details if applicable.
15. Municipal Tax Receipts: Keep receipts of municipal taxes paid for verification purposes.
16. Form 16A: If applicable, retain Form 16A for rent, reflecting taxes deducted on rent payments.
17. Pre-construction Interest Details: Include details of pre-construction interest, claimable in five installments, for accurate tax computation.
18. Ownership Proof: Provide proof of ownership for claiming home loan interest deductions under section 24(B) of the Income Tax Act, 1961.

These documents are essential for a smooth and accurate filing of your Income Tax Return, ensuring compliance with tax regulations and maximizing available deductions.