Important Documents Required for Filing ITR for FY 2023-24 (AY 2024-25)
Filing Income Tax Returns (ITR) can be complicated, especially if you have income from various sources. The required documents differ based on income sources, but there are some mandatory documents needed for everyone. Below is a checklist of the essential documents you must have ready when filing your ITR for FY 2023-24 (AY 2024-25):
Mandatory Documents for Filing ITR
- PAN Card: Essential for all taxpayers.
- Aadhaar Card: Required for identification purposes.
- Form 16 (for salaried individuals): Contains details of salary and TDS deducted.
- Bank Account Details, Statement/Passbook (01/04/2023 to 31/03/2024): Details of interest earned, savings, and fixed deposit interest.
- Home Loan Statement (If Any): For deductions related to home loan interest payments.
- Tax Saving Instruments: Investment proofs for schemes like tax-saving FDs, ELSS, etc.
- Capital Gains Details: Documents for any sale of shares, securities, or property.
- Rental Income: Details of income earned from property rental.
- Dividend Income: Information on dividends earned from shares or mutual funds.
Documents to Claim Deductions under Sections 80C to 80U
If you're claiming deductions under sections 80C to 80U, keep the following documents ready:
- Home Loan Statement: For deductions related to home loan interest.
- School Fee Receipts: For deductions on tuition fees.
- Contribution to PPF, Life Insurance Premium Receipts: For claiming deductions.
- Investment in NPS: To claim deductions for NPS contributions.
- Donation Receipts: For claiming deductions under section 80G.
- Details of Medical Insurance: For deductions under section 80D.
- Education Loan: Documents for claiming deductions under section 80E.
Documents for Capital Gain Income
If you have earned capital gains, the required documents depend on the type of asset sold:
- Property/Gold/Silver Sold: Sale and purchase agreements, capital gain calculations, registration details, etc.
- Equity Shares Sold: Capital gain statements from brokers.
- Mutual Funds Sold: Capital gain statement from the mutual fund house.
Documents for Income from House Property
For income from house property, ensure you have the following documents:
- Address of Property
- Co-owner Details
- Rent Agreement (If Any)
- Ownership Details
- Interest Certificate for Loan
- Pre-Construction Interest Details
- Municipal Tax Receipts
- Rental Income Details
Documents for Businessmen or Professionals
If you are filing ITR as a businessman or professional (opting for presumptive taxation under sec 44AD or sec 44ADA), you will need the following:
- Gross Turnover/Receipts
- Gross Profit
- Details of Sundry Debtors, Sundry Creditors, Stock in Trade, and Cash Balance
Additionally, ensure that your 26AS statement matches the TDS deductions and is accurately reflected.
If you are a business owner with sales exceeding Rs. 1 crore or a professional with receipts over Rs. 50 lakh, you may be required to get your accounts audited under Section 44AB.
Do I Need to Attach Documents While Filing ITR?
No, the income tax return filing process is paperless. While you don't need to attach documents while submitting your ITR, it's recommended to keep all your documents for 7 years in case your returns are scrutinized.
The deadline for filing ITR for FY 23-24 is approaching, so file your return soon to ensure smooth processing and avoid any last-minute rush.
Consult a Tax Professional for a Smooth Filing Experience
Filing taxes can be complex, especially if you have multiple income sources. To ensure that you don’t miss out on deductions and avoid penalties, you can consult with tax professionals. Book an appointment with eCA today for a hassle-free tax filing experience.