New Delhi: The Income Tax Return (ITR) filing deadline for financial year 2023-24 (FY24) and assessment year 2024-25 (AY25) is July 31, 2024. Several tax payers are yet to file tax returns. According to the Income Tax (I-T) Department, as of July 22, 2024, over four crore ITRs were filed for AY25. Last minute rush can lead to technical glitches on the e-filing portal. ITR can be filed on Income Tax portal – https://www.incometax.gov.in/iec/foportal/. It is imperative to file taxes on time. Let’s see what compiles the ITR filing documents list for FY24. A tax payer can use these documents to file ITR 1, ITR 2, ITR 3 and ITR 4 forms.
ITR filing documents list
Pan card, Aadhaar card
Your Aadhar card and PAN card are two essential income tax documents required for ITR filing. Under Section 139AA of the Income Tax Act, 1961, it is mandatory for the tax payer to link Aadhaar with PAN for e-filing taxes. The I-T Department will not process tax returns if the person hasn’t linked these two documents. These bonafides find an important place in the ITR filing documents list.
Salary Slips
Albeit, pay slips are not mandatory for ITR filing, but then, it would make the job all the more difficult! A tax payer finds details of his salary components in salary slips like Dearness Allowance (DA), House Rent Allowances (HRA), Travelling Allowances (TA), EPFO contributions, etc. Without these information, it will become difficult for him to correctly claim deduction benefits in ITR filing.
Tax-saving Investment Proofs
A tax payer gets various deduction benefits under numerous sections of the I-T Act, 1961 on investments made in tax savings avenues. Tax-saving investment proofs help the individual get all these information regarding how much benefits he could avail. It makes his job easier. A tax payer is also required to submit the Tax-saving Investment Proofs with his employer to save on taxes. Other wise, his employer might deduct higher taxes.
Form 16
Form 16 is an imperative constituent of ITR filing document list. A salaried employee can procure this instrument from his employer. It contains details of Tax Deducted at Source (TDS) on the employee’s income in a particular financial year. It is basically a TDS Certificate.
Form 26AS
Form 26AS is the Annual Information Statement which contains details of all TDS and Tax Collected at Source (TCS) on a tax payer’s income. A tax payer can find information regarding name of all deductors and collectors of taxes on his income in this form. It serves as proof of tax deducted and collected at source on his income. It also helps him to match TDS details from Form 16 making it an imperative constituent of ITR filing documents list.
Health Insurance Premium Receipts
Under Section 80D of the I-T Act, a tax payer gets tax deductions of up to Rs 25,000 on health insurance premiums paid in a single fiscal. He would get such information easily with Health Insurance Premium Receipts. Otherwise, he would have to manually gauge his entire bank statements to calculate total premium deducted. This would make the entire thing cumbersome.
Instruments like Pan card, Aadhaar card, Salary Slips, Form 16, etc find an important place in the ITR filing documents list for financial year 2023-24. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
