Preparing for ITR Submission in FY 2024-25: Essential Documents Every Taxpayer Should Keep Ready
Navigating Your Income Tax Return Filing: 8 Essential Documents to Simplify the Process
Are you ready to tackle your Income Tax Return (ITR) with ease and certainty? Whether you're a seasoned filer or a newcomer, taking care of the necessary documents can make all the difference. Here are the top 8 documents to have on hand as you embark on this tax-filing adventure.
1. PAN Card
A must-have for identification and tax-related activities, the PAN card is essential for linking your tax details and crucial for tax deduction and refund purposes. Make sure yours is up-to-date and ready to go.
2. Aadhaar Card
Quoting your Aadhaar number has become mandatory for tax filings. Linking your Aadhaar with your PAN is necessary for online verification of your ITR. Take care to ensure your Aadhaar enrolment ID is no longer acceptable as of 2025.
3. Form 16 (for salaried individuals)
Issued by your employer, Form 16 provides details of your salary income and the tax deducted at source (TDS). This is a crucial document for filing your salary income tax returns.
4. Interest Certificates and Bank Statements
Interest certificates from banks, post offices, and other financial institutions, as well as your yearlong bank statements, will help you report interest income accurately and reconcile it with Form 26AS.
5. Proof of Tax-Saving Investments and Expenses
Good news for those opting for the old tax regime! Keep your documents proving investments and eligible expenses under sections such as 80C, 80D, 80CCD(1B), including life insurance premiums, PPF contributions, health insurance, and home loan interest certificates, close at hand. These documents will help you claim deductions and reduce your overall tax liability.
6. Details of Foreign Income and Assets (if applicable)
If you own foreign shares or foreign bank accounts, it's essential to report these details, including company name and shareholding, to make sure your filing goes smoothly.
7. Capital Gains Statements (if applicable)
Statements related to capital gains from the sale of property, shares, mutual funds, etc., are necessary to report your correct income and pay the corresponding tax.
8. Bank Account Details
Provide your bank account details to facilitate a refund if applicable and for verification purposes. Linking your bank account with your PAN and Aadhaar will streamline the verification process.
Remember, these documents are vital for a hassle-free ITR filing experience, so get them in order and set yourself up for success! Happy filing!
1. Personal-Finance Document: When you're claiming deductions for tax-saving investments and expenses, have the documents like life insurance premiums, PPF contributions, health insurance, and home loan interest certificates readily available to ensure you can successfully reduce your overall tax liability.
2. Finance Document: If you have foreign shares or foreign bank accounts, it is necessary to report the details, including company name and shareholding, to ensure a smooth Income Tax Return filing process.
