Documents Required For Income Tax Return (ITR) Filing In India FY 2023-24 (AY 2024-25)

Documents Required For Income Tax Return (ITR)

What are the Important Documents Required for Filing ITR?

Income Tax Return (ITR) documents differ as per the earning sources of the tax filer. But, certain documents are mandatory for every taxpayer, irrespective of income sources. Here is a list of such common ITR documents that are required to file ITR in FY 2023-24 (AY 2024-25)

1.    PAN Card

2.    Aadhaar Card

3.    Form 16 (Salaried individuals)
This form consists of the details of the employee's salary and the amount of TDS deducted from the salary.

4.    Bank Account details, Statement/ Passbook  ( 01/04/2023 to 31/03/2024 )
Bank statements show the information on the interest earned on a savings account, interest income on fixed deposits, etc, during a financial year. This information is required while filing an ITR.

5.    Home Loan Statement (If Any)

6.    Tax Saving Instruments
If you have invested in any tax-saving schemes like tax-saving FDs, ELSS, investment receipts, etc.

7.    Capital Gains Details
If you have sold shares, securities, or property, it will result in a capital gain or losses. Detail documents for the same.

8.    Rental Income
If you are earning an income from your house or property

9.    Dividend Income
Details of dividends earned during the financial year can be taken from your broker statement or Demat account summary.

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What Documents are Required to Claim a Deduction u/s 80C to 80U of Income Tax While Filing ITR?

The following documents are important and should be compiled by the taxpayer to avoid last-minute hassle:

Home Loan statement from Bank
School fee receipt for tuition fees
Contribution to PPF, Life Insurance Premium Receipts
Investment in NPS
Donation Receipts
Details of Medical Insurance
Education loan

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What Documents are Required for Capital Gain Income?

The documents which are needed for Capital Gain Income are as mentioned below:

·         Property/ Gold/ Silver sold: Sale and purchase agreements/deeds; Calculation of capital gain is done based on the purchase price, sale price, cost of improvement and transfer expenses, etc; Registration details

·         Equity shares sold: capital gain statements from the broker.

·         Mutual Funds sold: Capital Gain Statement of Mutual Fund

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What Documents are Required for Income from House Property?

The below-mentioned details are required to be quoted correctly to make full and true disclosure of your income from house property:

·         Address of Property

·         Co-owner details

·         Rent agreement, if any

·         Ownership details

·         Interest certificate for loan

·         Pre-Construction Interest Details

·         Municipal Tax Receipts

·         Rental income details etc

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What are the Documents Needed by a Businessman or Professional While Filing ITR?

If you are opting presumptive scheme as a businessman under sec 44AD or as a professional u/s 44ADA, then you require only the following information :

·         Gross Turnover/ Receipts

·         Gross Profit

·         Other details include Sundry Debtors, Sundry Creditors, Stock in Trade, and cash balance at the end of the year.

It is also important to reconcile your 26AS statement to check whether the TDS deducted in your business name is being reflected completely and correctly.

In case you are running a business(not opting for presumptive taxation) and the total turnover or sales exceeds Rs. 1 crores during the financial year, you need to get your accounts audited under section 44AB. This limit is 10 crores, applicable from the F.Y. 2021-22. Additionally, a professional like Chartered accountants, Doctors, Lawyers, etc., with a total receipt exceeding Rs 50 lakhs, are required to get accounts audited. In case of audit requirements, all the books of accounts need to be maintained properly.

Filing Income Tax Returns can be challenging and time-consuming if you have income from multiple sources. You might also miss out on some deductions and benefits that can decrease your refund from the Income Tax Department. To avoid this, you can consult with tax professionals. Book eCA today for a smooth and rewarding tax filing experience.

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Do I Need to Attach the Document with the Income Tax Return?

An income tax return is a paperless return. Hence, no documents are required to be attached while filing an ITR. However, it is advisable to keep the income and tax-deductible documents safe for 7 years. This will be useful if your file is taken for in-depth scrutiny by the income tax department.

The ITR filing season for FY 23-24 is here and the income tax department has already started online filing for individuals. Hurry up and file your ITR ASAP to ensure smooth processing and avoid last-minute rush. 

While filing an income tax return, certain documents need to be submitted and held as evidence for the income earned in a particular financial year. Every person liable to pay Income Tax is required to act and submit such documents to Income Tax Department.

The process of filing taxes and the documents required vary depending on the income earned and the source of income like business profit, investment profit, salary income, etc. Keeping these documents ready and organized timely helps taxpayers streamline the ITR filing process and ensure compliance with tax regulations.

Here, we provide you with a checklist of the most important documents for filing an Income Tax Return (ITR) that you must have ready before you start filing your Return for FY 2023-24 (AY 2024-25).

you start filing your Return for FY 2023-24 (AY 2024-25).

 

Remember that not submitting the right documents can result in a penalty of up to 200% for filling out incomplete information in the ITR. Know which document to submit on your case, and connect with the experts.