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income tax return: The time to file income tax returns has begun. Taxpayers need many documents while filing ITR. But many times at the last moment it is found that some or none of these documents are with them. But if you want to avoid such hassles during the process of filing income tax return, then keep all the necessary documents ready in advance. Thus, each taxpayer may have to provide different documents depending on their income and financial transactions, but there are some major documents that most people need.
1. PAN card
All income tax return filers are required to provide their Permanent Account Number while filing returns or filling income tax challans. This is required under section 139A(5) of the Income Tax Act.
2. Aadhar Card
Along with the PAN number, it is also necessary for income tax payers to get their Aadhaar card made and give its information in their returns. Along with this, Aadhaar card has to be linked to your PAN card. This is necessary to get income tax refund.
3. Form 16/Form 16A
If you are a salaried person, you must also have Form 16 issued by your employer to file ITR. This form contains details of your salary and the TDS deducted on it. If your income includes interest from banks, professional fees or income from any source other than salary, you must also have a certificate of TDS deducted on it, called Form 16A. Form 16A is issued by your bank or payment institution.
4. Form 26AS
While filing returns, you should also have knowledge of Form 26AS, which contains details of all your important financial transactions throughout the financial year. This also includes details of purchase and sale of assets, high-value investments and TDS/TCS transactions. The information filled in your return should be the same as the information given in Form 26AS. If this is not done, the Income Tax Department may ask you for clarification.
5. Annual Information Statement
Another document required for filing income tax returns is the Annual Information Statement (AIS), which is prepared based on the current information with the Income Tax Department of all your financial transactions. Apart from Form 26AS, AIS also provides several other information related to the taxpayer's financial transactions. This includes interest received on savings account, dividend income, rental income, remittances from abroad and several other transactions including purchase and sale of shares.
6. Tax Information Statement
The Income Tax Department also has a Tax Information Statement (TIS) associated with each taxpayer. It contains all the information related to the income tax of the taxpayer including income tax returns, tax payments, refunds. All the above documents i.e. Form 16, Form 16A, Form 26AS, SIS and TIS should be checked and verified before filing ITR. This is so that there is no mismatch between the information available with the Revenue Department and the details given in your return. If there is a match then you should have the necessary proof to prove that the information given by you is correct. If you check it on time and find any error then you can get it corrected by giving feedback on the tax portal. If there is any mistake in the TDS/TCS statement, you can tell the deductor and get it corrected.
7. Details of dividend, rent or capital gains
If you receive dividends, house rent or any other passive income, you should also keep the details of it while filing income tax returns. For example, if you buy and sell shares, keep the details of your demat account for the entire financial year. This will help you a lot in filing your returns correctly and also reduce the risk of missing out any important information. Although you do not have to give such documents to the income tax department, they may be needed for future reference, so keep them safe.
8. Home Loan Interest Certificate
Taxpayers who are claiming tax exemption on home loan interest should retain the home loan interest certificate as it may be required while filing ITR and for future reference. Also keep receipts and proof of payments related to insurance policies and other tax saving instruments.
Last date for filing return
As per the Income Tax Act, all taxpayers are required to file their income tax returns on or before the given due date. For taxpayers who are not required to get their accounts audited, the last date for filing income tax returns is July 31. For corporates and taxpayers who want to get their accounts audited, the deadline is October 31. For corporate taxpayers who are required to file transfer pricing reports, the deadline to file returns is November 30. The deadline to file revised returns is December 31, 2024 and for those who were required to file returns by July 31 but could not, the deadline to file returns with penalty is December 31.