ITR Filing: Documents to keep in hand before filing a return using ITR-1
Deadlines for filing tax returns, time, and tide never wait. As the deadline for filing income tax returns (ITRs) for the assessment year 2024–25 is July 31, individual taxpayers should start preparing for this.
However, you need to make sure that you have the required documents before you start filing your return on the income tax e-filing portal to make the correct disclosures.
The list of documents you must gather is rather short if you are required to file ITR-1 (Sahaj) as your applicable form. The list of documents and certifications required to file your return using this simple ITR form are provided here:
Form 16
Employers have till June 15 to provide Form 16 to their employees. It provides personal data, employer information, and deductions for taxes from salary. Form 16 determines whether the employer’s deductions of TDS match with details given in Form 26AS. Salary breakdowns, deductions under Chapter VI-A, and exemptions under Section 10 of the Income-tax Act are also included.
Form 26AS
TDS/TCS deposited by deductors/Collectors such as banks and employers all are in detail in Form 26AS. Download it via the official e-filing website. Before filing returns, contact deductor entities to address any differences found.
Annual Information of Statement (AIS) and Tax Information Statement (TIS)
A comprehensive view of taxes deducted and paid, along with other financial transactions, is provided by AIS, an extension of Form 26AS. It shows information on foreign remittances, rent received, tax refunds, savings account interest, and purchases and sales of stocks and immovable property. To declare all financial transactions that are subject to tax in your ITR and to claim credit for deductions, you must have access to both forms, TIS and AIS.
TDS certifications from banks
Download account statements and TDS certificates from different banks. For example, tax is deducted from the interest you earn on your fixed deposit are shown in these certifications. Verify the figures in Form 26AS with data of TDS withheld. If discrepancies are found, contact your bank so that the mistakes can be fixed.
Proofs of tax deductions
Your employers would have calculated your taxes as per the new tax regime, if you hadn’t told them in April 2023 that you planned to stick with the old tax system. Employers are required to abide by the new limited tax exemptions regime, which was deemed the default option for 2023–2024. Employees may have to pay more in taxes if they fail to opt for the old tax regime in April. When filing returns, they can select the old tax regime, but a mismatch in Form 16 and ITR data could lead to notices. You must have all the proof of deductions, in case you are going to file your ITR with Old Tax Regime.
