Documents Required for ITR Filing for AY 2024-25

Documents Required for ITR Filing
Table of Contents

Introduction

As the financial year comes to an end, taxpayers across India prepare to file their Income Tax Returns (ITR). Filing your ITR accurately and on time is essential to avoid penalties and to ensure compliance with tax laws. To streamline the process, especially for those focusing on ITR Return filing in Jaipur, it’s crucial to have all the necessary documents ready. This comprehensive guide will outline the documents required for ITR filing for AY 2024-25, including a note on Form AIS and Form TIS.

Why is ITR Filing Important?

Why is ITR Filing Important?

Before diving into the list of documents, let’s briefly discuss why filing ITR is important:

  1. Legal Compliance: Filing ITR is mandatory for individuals whose income exceeds the basic exemption limit.
  2. Claiming Refunds: You can claim a refund for excess tax deducted or paid.
  3. Loan and Visa Applications: ITR receipts are often required when applying for loans or visas.
  4. Proof of Income: ITR serves as proof of income and helps in financial planning.
  5. Carry Forward Losses: Filing ITR allows you to carry forward losses to future years.

Basic Documents Required for ITR Filing

  1. PAN Card

The Permanent Account Number (PAN) is a mandatory document for filing ITR. It serves as a unique identifier for all tax-related information and transactions.

  1. Aadhaar Card

Linking your Aadhaar Card with your PAN is mandatory. The Aadhaar number is required for verification purposes during the ITR filing process.

  1. Bank Account Details

Provide details of all your bank accounts, including:

  • Bank name
  • Account number
  • IFSC code
  1. Form 16

Form 16 is issued by employers and contains details of the salary paid and TDS deducted. It is crucial for salaried individuals as it provides a summary of income and tax deductions.

  1. Form 16A

Form 16A is issued for TDS on income other than salary, such as interest income from fixed deposits, rent, etc.

  1. Form 26AS

Form 26AS is a consolidated tax statement that contains details of tax deducted, tax collected, and advance tax paid. It can be downloaded from the Income Tax e-filing portal.

  1. Salary Slips

Keep your monthly salary slips handy to cross-verify the salary details mentioned in Form 16.

1. Income from Salary

Form 16

Form 16

Form 16 is provided by the employer and is essential for salaried individuals. It contains detailed information about the salary paid, tax deducted at source (TDS), and other deductions. This form is crucial for filing your income tax return as it provides a summary of your income and tax deductions for the financial year.

Salary Slips

Monthly salary slips are necessary to cross-verify the income details mentioned in Form 16. These slips include information about your basic salary, allowances, deductions, and net salary. Keeping all your salary slips handy ensures that you can accurately report your income and claim any deductions.

2. Income from House Property

Rental Agreement

The rental agreement serves as proof of rental income earned from letting out your property. This document is essential to establish the terms of the rental arrangement and the amount of rent received. It also helps in claiming tax deductions on rental income.

Rent Receipts

Rent receipts are crucial for showing the rental income received during the financial year. These receipts should detail the amount of rent collected, the period for which it was received, and the tenant’s details. Rent receipts are necessary for reporting rental income accurately in your ITR.

Home Loan Interest Certificate

If you have taken a home loan, the interest paid on the loan is eligible for tax deduction under Section 24(b). The home loan interest certificate, provided by your bank or financial institution, details the interest paid during the financial year. This certificate is essential for claiming deductions on home loan interest.

3. Income from Capital Gains

Sale Deed

The sale deed is a legal document that records the transfer of ownership of a property from the seller to the buyer. It is essential for reporting capital gains from the sale of property. The sale deed includes details such as the sale price, date of sale, and the parties involved in the transaction.

Purchase Deed

The purchase deed is a legal document that records the purchase of a property. It is necessary for calculating the cost of acquisition of the property, which is used to determine capital gains. The purchase deed includes details such as the purchase price, date of purchase, and the parties involved in the transaction.

Brokerage Statements

Brokerage statements are provided by brokers and detail the sale and purchase of shares, mutual funds, and other securities. These statements are essential for reporting capital gains from the sale of securities. They include details such as the date of transaction, purchase price, sale price, and brokerage charges.

4. Income from Business/Profession

Profit and Loss Statement

The profit and loss statement (P&L) is a financial report that shows the income, expenses, and profit or loss of a business for a specific period. It is essential for reporting business income and expenses in your ITR. The P&L statement helps in determining the taxable income from your business.

Balance Sheet

The balance sheet is a financial statement that provides a snapshot of the financial position of a business at a specific point in time. It includes details of assets, liabilities, and equity. The balance sheet is crucial for understanding the financial health of your business and for filing your ITR accurately.

Audit Reports

For businesses that require an audit under the Income Tax Act, audit reports are mandatory. These reports, prepared by a certified auditor, verify the accuracy of the financial statements and ensure compliance with tax laws. Audit reports are essential for businesses with a turnover exceeding the prescribed limits.

5. Income from Other Sources

Interest Certificates

Interest certificates are provided by banks and post offices and detail the interest earned on savings accounts, fixed deposits, recurring deposits, and other interest-bearing accounts. These certificates are necessary for reporting interest income and claiming deductions under Section 80TTA or 80TTB.

Dividend Statements

Dividend statements are provided by companies and mutual funds and detail the dividends received during the financial year. These statements are essential for reporting dividend income in your ITR. Dividends up to Rs. 10 lakhs are tax-free, but amounts exceeding this limit are taxable.

Lottery Winnings

If you have won any lottery or prize money, proof of winnings is required. This includes documents such as winning certificates, receipts, or any other official documentation that confirms the amount won. Lottery winnings are taxable at a flat rate, and accurate reporting is necessary to avoid any penalties.

Documents for Claiming Deductions

Documents for Claiming Deductions 

Claiming deductions can significantly reduce your taxable income, leading to lower tax liability. To ensure you can take full advantage of these deductions, it’s essential to have all the necessary documentation. Below is a comprehensive list of documents required for claiming various deductions under the Income Tax Act for AY 2024-25.

  1. Section 80C Deductions

Life Insurance Premium Receipts

  • Description: Proof of payment for life insurance premiums.
  • Details: Include the name of the policyholder, policy number, premium amount, and payment date.
  • Why It’s Needed: To claim deductions for premiums paid towards life insurance policies for self, spouse, or children.

PPF Passbook/Statement

  • Description: Record of contributions made to the Public Provident Fund (PPF).
  • Details: Include the account number, contribution amounts, and dates of deposit.
  • Why It’s Needed: To claim deductions for contributions made to the PPF account.

NSC Certificates

  • Description: National Savings Certificate (NSC) investment documents.
  • Details: Include the certificate number, investment amount, and date of purchase.
  • Why It’s Needed: To claim deductions for investments made in NSC.

ELSS Statements

  • Description: Equity Linked Savings Scheme (ELSS) investment statements.
  • Details: Include the mutual fund name, folio number, investment amount, and dates.
  • Why It’s Needed: To claim deductions for investments made in ELSS mutual funds.

Tuition Fee Receipts

  • Description: Proof of tuition fees paid for children’s education.
  • Details: Include the name of the child, name of the educational institution, fee amount, and payment date.
  • Why It’s Needed: To claim deductions for tuition fees paid for up to two children.
  1. Section 80D Deductions

Health Insurance Premium Receipts

  • Description: Proof of payment for health insurance premiums for self, spouse, children, and parents.
  • Details: Include the name of the insured, policy number, premium amount, and payment date.
  • Why It’s Needed: To claim deductions for premiums paid towards health insurance policies.

Medical Bills

  • Description: Receipts for preventive health check-ups.
  • Details: Include the name of the patient, healthcare provider, check-up details, and payment amount.
  • Why It’s Needed: To claim deductions for expenses incurred on preventive health check-ups up to a specified limit.
  1. Section 80E Deductions

Loan Repayment Statements

  • Description: Proof of interest paid on education loans.
  • Details: Include the loan account number, borrower’s name, interest amount, and payment dates.
  • Why It’s Needed: To claim deductions for interest paid on education loans for higher studies.
  1. Section 80G Deductions

Donation Receipts

  • Description: Proof of donations made to charitable institutions.
  • Details: Include the name of the donor, name of the charitable institution, donation amount, and receipt date.
  • Why It’s Needed: To claim deductions for donations made to approved charitable institutions and funds.
  1. Section 80TTA/80TTB Deductions

Bank Statements

  • Description: Statements showing interest earned on savings accounts or fixed deposits.
  • Details: Include the account number, interest amount, and dates of interest credit.
  • Why It’s Needed: To claim deductions for interest earned on savings accounts (under Section 80TTA) or for senior citizens on fixed deposits (under Section 80TTB).

Additional Documents for Other Deductions

Additional Documents for Deductions in ITR Filing Processs

Section 24(b) – Home Loan Interest

  • Home Loan Interest Certificate: Provided by the bank or financial institution, detailing the interest paid on the home loan during the financial year.

Section 80DD/80DDB – Medical Treatment

  • Medical Certificates: Issued by a certified medical practitioner, detailing the medical condition and treatment costs for specified diseases or conditions.

Section 80EE/80EEA – Additional Home Loan Interest

  • Loan Sanction Letter and Interest Certificate: For claiming additional deductions on interest paid on home loans for first-time homebuyers or under affordable housing schemes.

Section 80U – Disability

  • Disability Certificate: Issued by a recognized medical authority, detailing the type and extent of disability for claiming deductions.

Other Important Documents for ITR Filing

In addition to the primary documents required for filing Income Tax Returns (ITR), there are several other important documents that can aid in accurately reporting your income and claiming deductions. Here’s a comprehensive guide to these documents for AY 2024-25.

  1. Proof of Investment

Investment Statements

  • Description: Statements for investments in mutual funds, stocks, bonds, etc.
  • Details: These statements should include the name of the fund or security, folio number, transaction dates, number of units or shares, purchase price, and current value.
  • Why It’s Needed: To report capital gains or losses and to claim any applicable deductions on investments.

Fixed Deposit Receipts

  • Description: Proof of fixed deposits made in banks or financial institutions.
  • Details: Include the deposit amount, interest rate, tenure, maturity date, and interest earned.
  • Why It’s Needed: To report interest income and to claim deductions under Section 80C if the fixed deposit is a tax-saving FD.
  1. Tax Saving Instruments

Tax Saving FD Receipts

  • Description: Receipts for fixed deposits that are eligible for tax saving.
  • Details: Include the deposit amount, tenure, interest rate, maturity date, and the section under which the deduction is claimed.
  • Why It’s Needed: To claim deductions under Section 80C for investments in tax-saving fixed deposits with a tenure of 5 years or more.

Senior Citizen Savings Scheme (SCSS)

  • Description: Investment proof for the Senior Citizen Savings Scheme.
  • Details: Include the account number, investment amount, interest rate, and tenure.
  • Why It’s Needed: To claim deductions under Section 80C for investments made in the SCSS by senior citizens.
  1. Home Loan Documents

Loan Sanction Letter

  • Description: Letter from the bank or financial institution sanctioning the home loan.
  • Details: Include the loan amount, interest rate, tenure, and EMI details.
  • Why It’s Needed: To claim deductions on interest paid under Section 24(b) and principal repayment under Section 80C.

Repayment Schedule

  • Description: Detailed schedule of EMIs paid for the home loan.
  • Details: Include the EMI amount, principal and interest components, and payment dates.
  • Why It’s Needed: To accurately report the interest and principal repayments for claiming deductions.
  1. Travel and Overseas Income

Travel Bills

  • Description: Bills and receipts for travel expenses for claiming Leave Travel Allowance (LTA).
  • Details: Include the travel dates, destinations, amount spent, and names of the family members (if applicable).
  • Why It’s Needed: To claim exemptions under LTA for travel expenses incurred for self and family.

Foreign Income Statements

  • Description: Proof of income earned overseas.
  • Details: Include the nature of income, country of origin, amount earned, and tax paid in the foreign country.
  • Why It’s Needed: To report foreign income and claim tax relief under the Double Taxation Avoidance Agreement (DTAA) if applicable.
  1. Agricultural Income

Land Ownership Documents

  • Description: Proof of ownership of agricultural land.
  • Details: Include the land title deed, ownership details, and location of the land.
  • Why It’s Needed: To substantiate the source of agricultural income and claim exemptions under the Income Tax Act.

Income Receipts

  • Description: Receipts from the sale of agricultural produce.
  • Details: Include the type of produce, quantity sold, sale price, and buyer details.
  • Why It’s Needed: To report agricultural income accurately and claim any applicable exemptions.

Steps to File ITR Online with Comprehensive Documentation

  1. Collect All Documents: Ensure you have all the necessary documents listed above, categorized by income source and deductions.
  2. Login to the Income Tax Portal: Visit Income Tax e-filing and log in using your PAN, password, and Captcha code.
  3. Download Form 26AS: Verify TDS details with Form 26AS.
  4. Access AIS and TIS: Check your Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) for a summary of your financial transactions.
  5. Select the Appropriate ITR Form: Choose the relevant ITR form based on your income sources and deductions.
  6. Fill in the Details: Enter your personal, income, and tax details as per the documents.
  7. Claim Deductions: Enter details of deductions and exemptions supported by the documents.
  8. Verify and Submit: Review all the details, verify the return using Aadhaar OTP or other methods, and submit the return.
  9. E-Verification: Complete the e-verification process within 120 days of filing the return to ensure it is processed.

Note on Form AIS and Form TIS

Note on Form AIS and Form TIS

What is Form AIS?

The Annual Information Statement (AIS) is a comprehensive statement that includes details of your financial transactions in a financial year. The AIS provides a summary of various incomes earned, such as salary, interest, dividends, securities transactions, mutual fund transactions, etc. It is a vital tool to cross-check and verify the income declared in your ITR.

What is Form TIS?

The Taxpayer Information Summary (TIS) is an aggregated summary of data presented in the AIS. It offers a simplified view of your financial transactions, making it easier for taxpayers to understand and use the data while filing their ITR. TIS helps in ensuring that the taxpayer has not missed reporting any income.

How to Access Form AIS and Form TIS

  1. Login to the Income Tax Portal:
    • Visit the Income Tax e-filing portal: Income Tax e-filing
    • Log in using your PAN, password, and Captcha code.
  2. Navigate to AIS:
    • After logging in, go to the ‘Services’ section.
    • Click on ‘Annual Information Statement (AIS)’.
  3. View and Download AIS:
    • You can view the AIS on the portal or download it in PDF format.
  4. View TIS:
    • The TIS will be displayed alongside the AIS, providing an aggregated summary of your transactions.

Steps to File ITR Online

  1. Collect All Documents: Gather all the necessary documents mentioned above.
  2. Login to the Income Tax Portal: Visit Income Tax e-filing and log in using your PAN, password, and Captcha code.
  3. Download Form 26AS: Verify TDS details with Form 26AS.
  4. Access AIS and TIS: Check your AIS and TIS for a summary of your financial transactions.
  5. Select the Appropriate ITR Form: Choose the relevant ITR form based on your income source.
  6. Fill in the Details: Enter your personal, income, and tax details as per the documents.
  7. Claim Deductions: Enter details of deductions and exemptions.
  8. Verify and Submit: Review all the details, verify the return using Aadhaar OTP or other methods, and submit the return.
  9. E-Verification: Complete the e-verification process within 120 days of filing the return.

Tips for Accurate ITR Filing

  1. Double-Check Information: Ensure all details are accurate and match the documents.
  2. Use AIS and TIS: Cross-check your income and transactions with AIS and TIS to avoid discrepancies.
  3. Claim All Deductions: Don’t miss out on claiming eligible deductions.
  4. File Before Deadline: Avoid last-minute rush and penalties by filing on time.
  5. Seek Professional Help: If in doubt, consult a tax professional to ensure accurate filing.

Conclusion

Filing your Income Tax Return accurately is crucial to avoid penalties and ensure smooth processing. Having all the necessary documents ready beforehand can make the ITR filing process seamless. This comprehensive guide covers all the documents required for ITR filing for AY 2024-25, ensuring you are well-prepared.

At Apkireturn, we assist individuals in navigating the complexities of income tax filing. If you need further assistance or have any questions regarding the documents required for ITR filing, feel free to contact our expert team.

For more detailed guides and professional assistance, Our team of experts at Apkireturn can guide you through the process of ITR filing and ensure accuracy. or call us at +91 7665156000. Let us help you make your tax filing process smooth and hassle-free.

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