Documents Required for Income Tax Return (ITR) Filing in India FY 2023-24 (AY 2024-25)
1. PAN Card (Permanent Account Number)
Your PAN card is the foundation for all tax-related transactions. It serves as your unique identification number and is essential for ITR filing. Make sure your PAN is linked to your bank account for direct credit of any income tax refund. If you’ve misplaced your PAN card, you can find the PAN number on Form 26AS, Form 16, Form 12BB, or other relevant documents. Additionally, recent amendments allow taxpayers to file ITR using their Aadhaar number instead of PAN1.
2. Aadhaar Card
As per Section 139AA of the Income Tax Act, you must provide your Aadhaar card details while filing your returns. If you’ve applied for an Aadhaar card but haven’t received it yet, use the enrollment ID in your ITR. Linking your PAN and Aadhaar facilitates online verification through an OTP. Remember, the income tax return deadline for individuals is 31st July each year1.
3. Form 16
Form 16 is crucial for salaried employees. It contains details of your salary, allowances, deductions, and the amount of TDS (Tax Deducted at Source) deducted by your employer during the financial year. Form 16 consists of two parts: Part A (TDS details) and Part B (salary breakup). Ensure you have both parts handy while filing your ITR1.
4. Bank Statements
Collect your bank statements for the financial year. These statements provide evidence of your income, expenses, and transactions. Make sure they cover all your bank accounts, including savings, fixed deposits, and recurring deposits.
5. Investment Proofs
Gather proof of your investments, such as:
Fixed Deposits (FDs): Include FD certificates or statements.
Equity Investments: Provide details of stocks, mutual funds, or other equity investments.
Life Insurance Premiums: Keep records of premium payments.
Public Provident Fund (PPF): Maintain PPF passbooks or statements.
National Savings Certificate (NSC): Keep NSC certificates.
Tax-Saving Fixed Deposits: Collect certificates for tax-saving FDs.
Home Loan Interest: If you’ve taken a home loan, retain interest certificates.
6. Income from Other Sources
If you have income from sources other than your salary, such as rental income, interest income, or freelance earnings, gather relevant documents. For rental income, keep rent receipts, lease agreements, and TDS certificates. For interest income, maintain statements from fixed deposits, recurring deposits, or savings accounts.
7. Medical Bills and Health Insurance Premiums
If you’ve incurred medical expenses during the financial year, keep the bills handy. Additionally, if you’ve paid health insurance premiums, retain the payment receipts. These can be claimed as deductions under Section 80D.
8. Details of Deductions
Compile information related to deductions you’re eligible for, such as:
Section 80C Deductions: Include investments in instruments like PPF, ELSS (Equity-Linked Savings Scheme), and tax-saving FDs.
Section 80D Deductions: Claim deductions for health insurance premiums.
Section 80E Deductions: If you’ve paid interest on an education loan, keep the relevant documents.
Electric Vehicle Expenses: If you’ve purchased an electric vehicle, retain the bills for claiming deductions under Section 80EEB.
9. Bank Account Information
Provide accurate details of your bank accounts, including account numbers, IFSC codes, and branch names. This information is necessary for receiving any tax refunds directly.
Essential Documents for Claiming Deductions u/s 80C to 80U While Filing ITR
Filing Income Tax Returns (ITR) can be a meticulous process, especially when it comes to claiming various deductions available under sections 80C to 80U of the Income Tax Act. Compiling the necessary documents beforehand can save you from last-minute hassles and ensure you claim all eligible deductions correctly. Here’s a comprehensive guide on the documents you need to claim these deductions efficiently.
Home Loan Statement from Bank
Importance
Principal Amount Deduction: The home loan statement is crucial for claiming a deduction for the principal amount repaid during the year under section 80C, with a maximum limit of Rs. 1.5 lakhs.
Interest Deduction: For a self-occupied property, you can claim a deduction on interest up to Rs. 2 lakhs. If the property is let out, you can claim a loss up to Rs. 2 lakhs, with any remaining loss carried forward to the next eight assessment years.
Additional Sections
Section 80EE: Provides additional benefits for interest paid by first-time homebuyers, subject to certain conditions.
Section 80EEA: Offers further benefits for interest on home loans for affordable housing.
Required Documents
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Home loan statement from the bank indicating the principal and interest amounts paid.
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School Fee Receipt for Tuition Fees
Importance
Tuition Fees Deduction: The receipt should break down the tuition fees paid, which are deductible under section 80C for up to two children.
Required Documents
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Fee receipts indicating the tuition fee component.
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Contribution to PPF, Life Insurance Premium Receipts
Importance
PPF Contributions: Contributions to the Public Provident Fund (PPF) are eligible for deduction under section 80C.
Life Insurance Premiums: Premiums paid for life insurance policies, including 5-year tax-saving fixed deposits, also qualify under section 80C.
Required Documents
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PPF passbook or statement showing contributions.
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Life insurance premium receipts.
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Fixed deposit receipts for tax-saving FDs.
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Investment in NPS
Importance
Section 80CCD and 80CCD (1B): Investments in the National Pension Scheme (NPS) are deductible up to a ceiling of Rs. 1.5 lakhs under section 80CCD and an additional Rs. 50,000 under section 80CCD (1B).
Required Document
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NPS account statement showing contributions.
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Donation Receipts
Importance
Section 80G: Donations made to eligible institutions can be deducted at 50% or 100% of the donation amount, provided the donation is not made in cash for amounts exceeding Rs. 2000.
Required Documents
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Donation receipts from the charitable institution.
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Proof of payment mode if the donation exceeds Rs. 2000.
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Details of Medical Insurance
Importance
Section 80D: Deductions are available for medical insurance premiums paid for self, spouse, children, and parents. The deduction limit is Rs. 25,000 per year, which increases to Rs. 50,000 if the insured member is a senior citizen. Additionally, deductions up to Rs. 50,000 are available for senior citizen parents’ medical expenditures if they are not insured.
Required Documents
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Medical insurance premium receipts.
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Medical expenditure receipts for senior citizens (if applicable).
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Education Loan
Importance
Section 80E: Deduction is available for interest paid on education loans for higher studies of self, spouse, or children. This deduction is available for eight years starting from the year repayment begins.
Required Documents
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Interest certificate from the financial institution showing the interest paid.
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Receipts of Any Other Investments
Importance
Other Investments: Taxpayers need to collect receipts for any other investments eligible for deductions under various sections of the Income Tax Act.
Required Documents
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Receipts or proof of other eligible investments.
Do I Need to Attach the Documents with the Income Tax Return?
Filing Requirements
No Attachment Needed: You do not need to attach any documents while filing your ITR online.
Retention: Maintain all relevant documents for at least six years from the end of the relevant assessment year for future reference.
Verification
Scrutiny: In case of scrutiny, the tax authorities may request these documents to verify the claims made in your ITR.
Disallowance: Failure to provide necessary documents upon request may lead to disallowance of the claimed deductions.
Digital Safety
Scanned Copies: Keep scanned copies of all important documents for easy access and backup.
Organized Filing: Organize your documents systematically for quick retrieval when needed.
Preparing and compiling the necessary documents for claiming deductions under sections 80C to 80U of the Income Tax Act is essential for a smooth and hassle-free ITR filing process.
Conclusion
Understanding the specific documents required for different sections of the Income Tax Return (ITR) filing process is crucial for accurate and compliant tax reporting. Whether claiming deductions under various sections, reporting capital gains, income from house property, or fulfilling the requirements as a businessman or professional, having the right documents ensures a smooth and error-free filing process. Although you do not need to attach these documents with your ITR, maintaining them properly is essential for future reference and verification by tax authorities.
By organizing these essential documents, you’ll be well-prepared to file your ITR accurately and on time. Remember to cross-check your details, claim eligible deductions, and ensure compliance with tax laws.
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Authors
Rohit Yadav
Business Legal Advisor
Rohit Yadav A business legal advisor, also known as a business attorney or corporate lawyer, is a professional who provides legal guidance and support to businesses. Their role is crucial in helping businesses navigate legal complexities.
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