ITR filing: The taxpayer will have to provide information about all his bank accounts during the financial year 2023-24. It is mandatory to provide information about bank accounts whether there is income tax refund or not. While providing information about bank accounts, mention the name of the banks, account number, account type and IFSC code.
The process of filing Income Tax Return (ITR) has started. You must also be preparing to file your return. However, before filing the return, it is important that you gather the necessary documents. By doing this, you will be able to file error-free returns and avoid the hassle later. So let us know what documents you will need to file income tax returns.
1. PAN and Aadhaar
PAN is an important document while filing income tax returns. To log in or register on the income tax e-filing portal, taxpayers must provide their PAN or Aadhaar. Any tax deducted or collected from the taxpayer during the year is deposited on the basis of PAN. It is important to mention the correct PAN in the ITR form while filing tax returns.
2. Form-16
Form-16 is an important document required for filing ITR by salaried individuals. It is a TDS certificate issued by the employer to the employees. It provides information about the total tax deducted from the employee’s salary during the financial year and deposited against his PAN, the total salary income paid and the deductions and exemptions claimed by the employee as per the tax regime chosen.
3. Form 16A and other TDS certificates from banks Tax
can be deducted on other income such as interest earned from fixed deposits, recurring deposits, dividends, etc. Banks, companies and other financial institutions have to issue Form 16A if the tax has been deducted during the financial year for which the tax return is being filed. It is a TDS certificate given to a person certifying the tax deducted on interest/dividend etc. paid to the person.
4. Interest Certificate
One can receive interest income from various sources other than banks. These include interest earned from investments in post office schemes, RBI floating rate bonds, sovereign gold bonds, etc. It is important to collect interest certificates for interest earned from various sources to report the correct income in the ITR form.
5. Annual Information Statement (AIS)
Taxpayers should download their AIS from the Income Tax e-filing portal. This statement contains information about most of the income of an individual in the relevant financial year. This includes interest received on balances in savings accounts, capital gains from selling shares and mutual funds, salary received from employer and dividends received, etc.
6. Form-26AS
This is a tax passbook that shows the tax deducted from various incomes during the financial year and deposited against the PAN of the taxpayer. If tax (TCS) is collected from the taxpayer on expenses such as buying a car or travelling abroad, such tax will also be reflected in Form 26AS.
7. Capital gains
The taxpayer is required to report the income from capital gains in the ITR form. One can earn capital gains by selling land, building, house, equity shares, equity mutual funds, gold, etc.
8. Proof of tax saving investments and expenses
While filing ITR this year, individuals wishing to file returns under the old tax regime should specifically opt for it. This is because the new tax regime is the default tax regime. Only a person filing ITR under the old tax regime can claim various deductions from income and exemption from tax for specified income exemptions. These include deduction up to Rs 1.5 lakh under Section 80C; deduction up to Rs 25,000/50,000 under Section 80D.
9. Foreign Income and Unlisted Shares
Many individuals have started investing directly in foreign shares. If there is any capital gain or dividend from foreign shares, such information should be reported in ITR. It is mandatory for resident individuals to report foreign assets in ITR.
10. Bank Account
The taxpayer has to give information about all his bank accounts during the financial year 2023-24. It is mandatory to give information about bank accounts whether there is income tax refund or not. While giving information about bank accounts, mention the name of the banks, account number, account type and IFSC code.
