The deadline for filing Income Tax Returns (ITR) for the assessment year 2024-25 is approaching on July 31, which is just over a month away.
To avoid potential last-minute issues with the income tax e-filing portal due to high traffic or disruptions from your busy schedule, it’s best to file your returns as soon as possible. Take action now to ensure a smooth and timely filing process.
You don’t need to log in to the income tax department’s official e-filing portal and start filing immediately. Instead, begin with the first step by gathering all the necessary documents.
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Must-have Documents for ITR Filing AY 2024-25
Here’s a list of essential documents you should start collecting right away:
– Bank TDS certificates
– Bank account statements
– Aadhaar and PAN: Ensure these are linked together.
– Form 26AS
– Annual Information Statement (AIS)
Documents for Salaried Individuals
– Form 16 issued by employers, including all forms if you switched jobs during the financial year.
– Past tax returns filed
– Salary slips, including income earned abroad, if applicable.
– Rent agreements and receipts for claiming HRA.
– Foreign bank account statements if you were assigned abroad.
– Transaction statements of foreign investments for relevant disclosures.
– Form 67 if claiming credit for taxes paid in a foreign country with which India has a double taxation avoidance agreement.
– Details of your assets and liabilities if your income exceeds Rs 50 lakh and you need to file returns using ITR-1, which includes the asset-liability (AL) schedule.
Tax Deduction Documents
You don’t need to attach these documents to your ITR form when you submit your returns. However, keep them on hand to address any queries that might arise from mismatches in Form-16, Form-26AS, or AIS.
This is especially important if you chose the new regime in your investment declarations to your employer but want to switch to the old regime when filing returns.
For Sections 80C and 80CCD(1B) Deductions
– Confirmation of investment in equity-linked saving schemes (ELSS)
– Proof of own contribution to the National Pension System (NPS)
– Premium receipts for life insurance payments
Also Read: Income Tax Return (ITR) Filing Mistakes to Avoid for AY 2024-2025
For Section 80D – Health insurance premium receipts
For Section 80E – Interest certificate from the bank that provided the education loan
For Section 24B – Interest certificate from your bank to claim a deduction of up to Rs 2 lakh under Section 24(B)
For Section 80G – Receipts for donations to charitable institutions eligible for deductions under Section 80G
Earn income from other sources? Keep these documents ready
Keep your capital gains/loss statements from mutual fund houses, intermediaries, or stock brokers. Also, have your bank account statements and TDS certificates ready.
Additionally, ensure you have virtual digital assets (VDA) transaction statements for proper disclosures, particularly in the VDA schedule.
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