What are important documents required for filing ITR for AY 24-25
PAN CARD: It is a 10-digit number that contains both alphabets and numbers and is issued by the Income Tax Department of India, called the Permanent Account Number (PAN), to people, companies, and other entities. This tax number serves as an instrument for identifying and implementing operations in the field of finance as well as communication with tax authorities.
AADHAR CARD: The Aadhar card is a unique identification given by the Unique Identification Authority of India (UIDAI). It is a unique 12-digit biometric identification number allotted to every single person residing in India. The function of this card is to act as an identity proof as well as an address proof for the people of the country, and it is widely accepted as the official identity proof.
FORM 16: This is a document that is issued by your employer and contains details about your salary and tax deduction at source. It is very important for salaried personnel while filing an ITR. It has two parts. Part A gives the details about the deducted tax, which is deducted by the employer, and Part B gives the details about the TDS calculations.
FORM-16A/FORM-16B/FORM-16C: These three forms are crucial for the TDS incomes, which are not salary, for example, the sale of property or income for investment. From 16A is issued by the banks, while From 16B and From 16C are related to property and residential income.
ANNUAL INFORMATION STATEMENT/TAX INFORMATION STATEMENT/FORM 26AS: These documents showcases the taxes against your PAN card. It is done to ensure that the deductions match your records and that tax credits are claimed correctly.
AIS/TIS also gives details of other income, like dividends, capital gain, Bank interest, Rent, Investments etc.
Bank Details: You have to disclose all of your active bank accounts while you are filing an ITR.
Rental Income: You have to declare your rental income, if any, while filing an ITR.
Foreign Income: If you earn any income from abroad, you need to mention it so that you can claim your tax benefits under the Double Taxation Avoidance Agreement.
Home Loan Statement: In case you have a home loan, you should have a home loan statement and Bank certificate for principal and Interest Deduction.
Dividend income: Report the income generated through investment in shares or mutual funds to simplify your ITR filing and become an effective tax payer.
Details of Capital Gains: If you have capital gain Income or loss, same should be reported in the Income Tax Return (ITR).
