ITR Filing For Financial Year 2023-24: What Are The Key Documents Required To File Income Tax Return?

According to Section 139(1) of the Income Tax Act, every taxpayer must file the return of their income by the maximum by the date that is prescribed by the Income Tax Department.

As the season to file income tax return commences once again, it is imperative for all the taxpayers to be completely prepared and arrange for all the necessary documents that one might need during the process of filing the return to ensure a smooth and accurate filing process. Dr. Suresh Surana, Founder of RSM India, provided his insights on what are some of the essential documents that every taxpayer should have at hand at the time of filing their tax returns.

According to Section 139(1) of the Income Tax Act, every taxpayer must file the return of their income by the maximum by the date that is prescribed by the Income Tax Department. This date occasionally varies on the basis of the assessment year and the taxpayer’s circumstances. The date can range from July 31, October 31, to November 30. For individual taxpayers who are not required to undergo a financial audit, the following documents are crucial:

1. Permanent Account Number (PAN) and Aadhaar Card: Section 139A(5) of the Income Tax Act mandates that taxpayers mention their PAN card detsils in all their returns, challans, and other necessary documents that are required in accordance with the Act. Additionally, Section 139AA(1) requires individuals eligible for an Aadhaar card to also mention it in their income tax return. Linking PAN with Aadhaar is essential to receive income tax refunds and interest.

2. Form 16 and Form 16A: Form 16 is provided by employers and contains wage data as well as tax deducted at source (TDS). Form 16A, provided by other TDS deductors such as banks or contractors, contains information on TDS deducted on non-salary payments, such as interest from fixed or recurring deposits.

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Form 26AS, Annual Information Statement (AIS), and Tax Information Statement (TIS): The form 26AS contains the details of purchases of properties, value more than one lac rupees in single or multiple transactions, TDS & TCS transactions made in a particular financial year.

4. Dividend Statements, Rental Income, and Other Passive Income Details: All the formal document such as demat account summary, dividend statement or even the rental receipts or proof of any other in come which is passive income like capital gains etc. should be easily accessible. However, it may be noted that these documents have not been specified as has to be submitted to the Income Tax Department but should ideally be kept for records.

5. Interest Certificates: Taxpayers that are eligible to claim benefits on interest paid on home loans or other loans need to remember to maintain the certificates for the interest paid for the same. These documents substantiate claims for deductions under various sections of the Income Tax Act.