Filing your income tax return (ITR) can seem complicated, but it’s easier when you gather the right documents ahead of time. Whether you are filing your taxes yourself or working with a tax professional, having these documents organized will ensure that you file accurately and on time.
This guide will walk you through the essential documents needed to file your income tax return, especially for salaried individuals, in a simple and easy-to-understand way.
Income Tax Return Filing Deadline
The deadline to file your ITR depends on the financial year (FY). For FY 2023-24, the last date to file for most individuals is 31st July 2024. If you miss this date, you can still file your ITR by 31st December 2024, but a late fee will apply. Similarly, for FY 2024-25, the deadline to file your return is 31st July 2025, and the belated filing deadline is 31st December 2025.
Missing these deadlines may result in penalties, interest charges, and additional fees. So, it’s best to file on time.
Form 16: Your Key Document for ITR Filing
Form 16 is one of the most important documents if you are a salaried individual. It shows the Tax Deducted at Source (TDS) that your employer has deducted from your salary and deposited with the government.
Form 16 consists of two parts:
- Part A: Contains your employer’s details and TDS deducted.
- Part B: Breaks down your salary, deductions, and tax details.
Before you file your ITR, verify that the details in Form 16 are correct. If you spot any mistakes, contact your employer to get them fixed.
Salary Slips for the Whole Year
You’ll need salary slips for each month of the financial year. These slips show your salary, TDS deducted, and other details like House Rent Allowance (HRA), Provident Fund (PF) contributions, and other deductions, which can impact your tax calculations.
It’s a good idea to cross-check your salary slips with Form 16 to ensure everything matches. If there’s a mismatch, you should verify the information with your employer.
Interest Certificates from Banks and Post Offices
If you earn interest on your savings account, fixed deposits, or post office deposits, this interest is taxable under the section income from other sources. To include this interest in your ITR, you’ll need to get interest certificates from your bank or post office, showing the interest earned and whether TDS was deducted.
If TDS has been deducted, you will receive Form 16A from the bank. Under Section 80TTA, you can claim a deduction on the interest earned from savings accounts (up to Rs 10,000 per year). For example, if you earned Rs 25,000 in interest, you can claim Rs 10,000 as a deduction, and the remaining amount will be taxable.
TDS Certificates: Form 16A, 16B, and 16C
Apart from Form 16, you might have other TDS certificates. These include:
- Form 16A: For non-salary income where TDS was deducted, like payments to contractors or professionals.
- Form 16B: For TDS deducted from the sale of property.
- Form 16C: For TDS on rent payments (if the rent is more than Rs 50,000 per month).
Make sure these certificates are also included in Form 26AS, your tax credit statement, which we will discuss next.
Form 26AS: Your Tax Credit Statement
Form 26AS is a summary of all taxes that have been deducted from your income. It includes:
- TDS deducted by your employer or bank.
- Advance tax and self-assessment tax payments you made.
- GST details, if applicable.
You can view Form 26AS online on the Income Tax Department’s website. Check to make sure the details in Form 26AS match the taxes listed in Form 16 and other TDS certificates.
Home Loan Statements: Tax Benefits on Home Loan
If you have a home loan, you can claim tax benefits for the principal and interest paid. To do this, you need to collect your home loan statement from the bank. The statement will show how much of your payment was applied to the interest and principal.
You can claim deductions under:
- Section 80C for the principal repayment.
- Section 24 for the interest paid.
If you haven’t submitted this information to your employer, make sure to include it in your ITR. You may need the home loan statement and a declaration of income/loss from the property.
Aadhaar, Bank Account, and Other Details
When you file your ITR online, you must provide your Aadhaar number, which must be linked to your PAN. This is necessary for e-verification of your ITR. You don’t need to send hard copies to the CPC Bangalore office if you e-verify.
You’ll also need your bank account details, such as:
- IFSC code
- Account number
- Bank name (this will auto-populate after you enter the IFSC code)
- Select the account where you would like to receive your tax refund, if applicable.
Make sure your mobile number and email address are correct so you can receive updates about your ITR, refunds, or any notices from the Income Tax Department.
Tax-Saving Investment Proofs: Claiming Deductions
If you file taxes under the old tax regime, you can claim tax deductions of up to Rs 1,50,000 under Section 80C, 80CCC, and 80CCD(1). For this, gather documents that show your investments, such as:
- PPF statement.
- Life insurance premium receipts.
- Tuition fee payment receipts.
- ELSS investment proofs.
- Health insurance receipts (Section 80D).
- Education loan interest receipts (Section 80E).
If you’re a salaried individual, submit these documents to your employer so they can recalculate your TDS. For others, you need to calculate your tax liability and file your ITR accordingly.
Proofs for Other Deductions
In addition to Section 80C deductions, there are other deductions like Section 80G (for donations) and Section 80E (for education loans). Keep the receipts for these contributions to claim them when filing your ITR.
Do You Need to Submit Any Documents with Your Tax Return?
You do not need to submit documents or proofs when filing your ITR. Even if you’re filing your ITR-V manually to the CPC Bangalore office, there’s no need to attach any documents unless the Income Tax Department requests them during a scrutiny.
However, under Section 139AA, providing your Aadhaar number is mandatory when filing your ITR. If you are using a tax expert, make sure they have your Aadhaar details to avoid any delays.
Final Thoughts
Now that you know the essential documents required to file your income tax return, ensure you gather them ahead of time. This will help you file your ITR correctly and on time, avoiding unnecessary penalties and late fees.
Key Takeaways:
- Collect all necessary documents early to ensure timely ITR filing.
- Verify that the details in Form 16, salary slips, and other documents are accurate.
- Keep your tax-saving investment proofs, interest certificates, and other important documents safe.
- Filing your income tax return accurately will help you avoid mistakes and take full advantage of available deductions.
By staying organized and following these steps, you’ll make ITR filing much easier and avoid any potential issues with the Income Tax Department.
