Updated on: Jun 17th, 2024
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4 min read
The last date to file ITR for individuals for AY 2024-25 is 31st July 2024 unless extended by the government.
To file the income tax return (ITR), one must prepare and gather various documents such as salary/income details, bank statements, and previous tax statements. The specific procedure for filing varies depending on the income type and its sources, such as salary, business income, investment income, and others. While organizing the required documents is an important part of the process, this article will provide a comprehensive discussion of the documents necessary for filing Income Tax Returns in India.
Taxpayers have to choose the correct ITR form applicable to them. The income tax department has launched pre-filled ITR forms for AY 2024-25. Determining which ITR form to choose can be challenging but if you file with Cleartax, we auto-suggest the correct ITR form for you based on your income details.
If you are a salaried employee, gather these documents to e-file your income tax returns in India. Go through this list to see the documents you’ll need to do your taxes.
It is essential to gather information on all taxable allowances received and the amount claimed as an exemption from such allowances, e.g., house rent allowance, leave travel allowance, etc., and disclose the same in the IT return.
Did you know that Form-16 is all you need to e-file your income tax returns on Cleartax? It’s that simple really. Got your Form-16? Start income tax e-filing.
Gathering the details mentioned below is necessary in order to provide complete and truthful disclosure of your income from house property.
Capital gain includes proceeds from the sale of immovable properties such as land, building, house etc, also includes shares, debentures, mutual funds, jewellery etc., irrespective of gain or loss, the transactions must be reported.
Cleartax automatically gives you a tax benefit as per Section 80TTA when you enter your income from savings account interest. You won’t need all the documents listed here as they vary on a case-by-case basis.
Form 26AS
Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refunds received in the financial year. This form can be accessed from the I-T Department’s website. Learn how to access your Form 26AS.
The Annual Information Statement (AIS) is a detailed summary of a taxpayer's information, which is given in Form 26AS. In addition to the TDS/TCS details, the AIS will also show interest, dividends, stock market transactions, mutual fund transactions, etc.
AIS shows both reported value (value reported by the reporting entities) and modified value (i.e., the value after considering taxpayer feedback) for each type of information, i.e., TDS, Statement of financial transaction (SFT), and various other information.
On the other hand, a Taxpayer Information Summary is an aggregated category-wise summary for a taxpayer. It shows the processed value (i.e., value generated after deduplication of information based on predefined value) and derived value (i.e., value derived after considering the taxpayer’s feedback) for each information category. The derived information in TIS is used for pre-filling IT returns.
Section 80C investment documents. The investments made under PPF, NSC, ULIPS, ELSS, and LIC qualify for deductions under Section 80C. Make sure you have the slips and receipts of all the investments made for tax-saving purposes. Also, these documents should be preserved for a couple of years for the safe side.
Keep these documents at hand to claim the expenses as deductions :
Click here to see the detailed list of all the deductions available under Section 80. To know more about how to claim deductions against your home loan, Click here.
From FY 2017-18, the total loss from house property available for set off against other income is capped at Rs 2 lakhs. Therefore, interest on housing loans is eligible for tax savings up to Rs 2,00,000 for letting out a property as well.
The income tax return you file is an ‘annexure less’ return, i.e. no documents or proofs are required to be attached to the returns. The Income Tax Act specifies obtaining certificates and proofs to claim deductions, which makes it ambiguous for the taxpayers as to whom they must hand over those certificates and proofs.
The taxpayers must preserve those certificates and receipts for future reference and need not attach or send them to anyone. If an assessing officer (AO) sends a notice asking for documents or clarification about the transactions mentioned in the returns, the taxpayer will have to submit the proofs to the AO.
Individuals must file ITR by July 31 unless extended. Gather various documents like salary details, bank statements, and tax statements. Organize documents based on the income type. Choose the correct ITR form, gather documents for salary, house property, capital gain, interest income. Obtain Form 26AS and AIS/TIS. Preserve documents for tax-saving investments and deductions. No need to attach documents to filed returns.