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To file Income Tax Returns in India, there is a list of preparations you need to make so that you can make your ITR filing process hassle-free. Considering this, the Government of India gives taxpayers sufficient time to compile their documents, like the bank statements, salary/income details, previous year's tax statements, etc.
Every individual liable to file taxes is required to possess these documents for hassle free filing. The process of filing taxes and the documents required vary depending on the income earned and the source of income like business profit, investment profit, salary income, etc.
Here, we are providing you with a checklist of the most important documents for filing an Income Tax Return (ITR) that you must have ready before you start filing your Income Tax Return for FY 2022-23 (2023-24).
Income Tax Return (ITR) documents differ as per the earning sources of the tax filer. But, certain documents are mandatory for every taxpayer, irrespective of income sources. Here is a list of such common ITR documents that are required to file ITR in FY 2023-24 (AY 2024-25)
The following documents are important and should be compiled by the taxpayer to avoid last-minute hassle:
The documents which are needed for Capital Gain Income are as mentioned below:
The below-mentioned details are required to be quoted correctly to make full and true disclosure of your income from house property:
If you are opting presumptive scheme as a businessman under sec 44AD or as a professional u/s 44ADA, then you require only the following information :
It is also important to reconcile your 26AS statement to check whether the TDS deducted in your business name is being reflected completely and correctly.
In case you are running a business(not opting for presumptive taxation) and the total turnover or sales exceeds Rs. 1 crores during the financial year, you need to get your accounts audited under section 44AB. This limit is 10 crores applicable from the F.Y. 2021-22. Additionally, a professional like Chartered accountants, Doctors, Lawyers, etc., with a total receipt exceeding Rs 50 lakhs are required to get accounts audited. In case of audit requirement, all the books of accounts need to be maintained properly.
Filing Income Tax Returns can be challenging and time-consuming if you have income from multiple sources. You might also miss out on some deductions and benefits that can increase your refund from Income Tax Department. To avoid this, you can consult with tax professionals. Book eCA today for a smooth and rewarding tax filing experience.
An income tax return is a paperless return. Hence, no documents are required to be attached while filing ITR. However, it is advisable to keep the income and tax-deductible documents safe for 7 years. This will be useful if your file is taken for in-depth scrutiny by the income tax department.
As per the latest provision from the financial year 2021-22, income tax returns can either be filed by quoting PAN or Aadhar numbers interchangeably.
Earlier, Form 16 was a basic document for a salaried employee to file ITR. Filing ITR without Form 16 was impossible for a majority of salaried employees. However, these days even if you don't have Form 16, several other documents can be used as a reference to file ITR. In addition to this, tax2win helps you file your ITR without form 16, all you need to have is the knowledge of basic details about your income and other earnings.
The disability or severe disability certificate needs to be provided by the person only when the Income Tax Department asks you to submit the same; at the time of filing the returns, you may not need it.
There is no need to produce documents at the time of filing returns. The document needs to be submitted only in case if the return has been selected for scrutiny; the documents then can be uploaded on the Income Tax Portal under the e-proceedings tab.
No documents are needed for filing returns for agricultural income. However, in the case of exempt agriculture income, the assessee needs to produce details in Schedule EI (Exempt Income) of the income tax return form.
No, only some bank details are required while filing ITR, which include:
But a Bank statement is required in some situations like if you want to know the interest income or any other income credited in your bank account.
The documents used at the time of filing the original return, along with the documents related to details that are to be corrected, would be required when the revised return is filed. Also, the acknowledgment number of the original ITR filed is mandatory while filing a revised return.
Tax2win automatically lets you file your tax return without worrying about these many documents. For e-filing your income tax return, all you need to do is select between self-filing and assisted filing, and get your return filed easily. So don’t wait for the last date to file ITR, get started now!
