Filing your Income Tax Return (ITR) might seem daunting, but having the right documents can simplify the process significantly. While the forms and procedures may vary based on your income sources, the core documents remain largely consistent. Here’s a comprehensive guide to the essential documents you’ll need for ITR filing.

Key Documents Required for ITR Filing

Know About Mandatory Income Tax Return Documents in 2024

PAN and Aadhaar

The most crucial documents are your Permanent Account Number (PAN) and Aadhaar card. These serve as proof of identity and are mandatory for filing ITR. Additionally, linking your Aadhaar with your PAN is required under Section 139AA of the Income Tax Act.

Form 16

Form 16, also known as the TDS Certificate for Salary, is issued by your employer. It includes details of your salary, allowances, exemptions, deductions, and the TDS amount. Besides Form 16, you might also need other TDS certificates like Form 16A, 16B, and 16C, depending on your income sources.

Form 26AS and Annual Information Statement

Form 26AS provides a comprehensive summary of your tax-related information. It shows details like tax paid, refunds, and TDS deducted. The Annual Information Statement (AIS) complements this by detailing all financial transactions, including salary, dividends, and interest income. Together, they are invaluable for accurate ITR filing.

Interest Income Statements

If you earn interest from fixed deposits, savings accounts, or mutual funds, you need to report this income. Interest income statements ensure you declare the correct amounts, avoiding discrepancies that might attract notices from the Income Tax Department.

Capital Gains Statements

Capital gains statements are necessary for those with income from the sale of capital assets. You must report all capital gains in your ITR, even if they are tax-exempt.

Deductions Under Section 80

Investments and expenses eligible for deductions under Section 80 can significantly reduce your tax liability. Here’s a breakdown of some key deductions and the required documents:

Section 80C: Includes investments in life insurance, PPF, EPF, NSC, tuition fees, home loan principal, and ELSS. Keep receipts and statements handy.
Section 80CCC: Contributions to pension funds require relevant receipts.
Sections 80CCD(1), 80CCD(1B), and 80CCD(2): Contributions to the National Pension System (NPS) need statements from the NPS or your employer.
Section 80D: Health insurance premium payments require receipts.
Sections 80DD, 80DDB, and 80E: Documents like medical certificates and loan statements are needed for deductions related to dependents with disabilities, specific medical treatments, and education loans.
Section 80G: Receipts for donations to approved charities.
Section 80GG: Rent receipts and agreements are necessary if claiming rent deductions.
Section 80TTA and 80TTB: Bank statements for interest on savings or deposits for senior citizens.
Section 80U: Medical certificates for disability deductions.

Additional Documents

Other documents that might be essential include:

Challan of Advance Tax or Self-Assessment Tax: If you’ve paid tax in advance, ensure you have Challan 280.
Miscellaneous: Rent agreements, bank statements, Form 15G/15H, dividend statements, agricultural income details, clubbed income details, and lottery receipts.

Conclusion

Organizing and preparing these documents can streamline your ITR filing process, ensuring compliance and accuracy. Whether you’re filing independently or through a professional, these documents form the backbone of your tax return. Stay informed and prepared to make your ITR filing as smooth as possible.