Gather These 8 Essential Documents Before Filing Your FY 2024-25 ITR

The government has extended the deadline for filing Income Tax Returns (ITR) for the financial year 2024–25 to September 15, 2025, for taxpayers whose accounts do not require auditing. This primarily includes salaried individuals and pensioners. For other taxpayers whose accounts need auditing, the deadline remains unchanged for now. Despite the extension, it is recommended that taxpayers start collecting the necessary documents early to ensure a smooth and error-free filing process.

To help with this, here is a list of eight essential documents you should have ready:

1. Form 16:
   This is issued by your employer and contains a detailed breakdown of your salary, tax deductions, and the exemptions or deductions claimed. It helps in verifying the pre-filled details on the ITR portal and ensures your salary income is correctly reported.

2. Other TDS Certificates (Forms 16A, 16B, 16C, and 16D):
   These forms are applicable depending on the nature of your income:

   • Form 16A: For TDS on interest from fixed deposits or insurance commissions.

   • Form 16B: Issued when a buyer deducts TDS on property purchases above ₹50 lakh.

   • Form 16C: Given by a tenant if monthly rent paid to the landlord exceeds ₹50,000.

   • Form 16D: Applies in cases involving contractors or professionals under certain income thresholds.

3. Capital Gains Statement:
   If you’ve sold any capital assets such as stocks, mutual funds, or property, obtain a capital gains statement from your broker or AMC. It helps identify short-term and long-term gains, which are taxed differently. This is especially important as capital gains tax rules changed from July 23, 2024.

4. AIS, TIS, and Form 26AS:
   These serve as tax records:

   • Form 26AS: Lists TDS, TCS, and advance tax payments.

   • AIS (Annual Information Statement): Details all your financial transactions, including income, investments, and asset sales.

   • TIS (Taxpayer Information Summary): A concise version of the AIS.
     Reviewing these ensures that your reported income matches the tax department’s records. Discrepancies can be corrected by raising a request on the portal.

5. Foreign Income and Unlisted Shares:
   Disclosure of foreign assets, foreign bank accounts, and unlisted shares is mandatory—even if your income is below the basic exemption limit. You must furnish full details such as company name, number of shares, and country of origin.

6. Interest Certificates and Bank Statements:
   Banks and post offices issue interest certificates for fixed and recurring deposits. Additionally, downloading full-year bank statements helps in tracking interest income and reconciling data with your AIS or Form 26AS.

7. Proof of Tax-Saving Investments and Expenses:
   If filing under the old tax regime, gather evidence of tax-saving investments. These include:

   • Life Insurance premiums

   • Public Provident Fund (PPF)

   • Health insurance (Section 80D)

   • Home loan interest (Section 24)

   • National Pension System (Section 80CCD(1B))

8. PAN, Aadhaar, and Bank Account Details:
   These are mandatory for ITR filing. PAN is essential to file your return, and quoting Aadhaar is compulsory. Note that Aadhaar enrolment IDs are no longer accepted. Also, ensure you report all bank accounts held during the year, even if you are not expecting a refund.

Having these documents ready will help you file your ITR accurately, avoid notices, and speed up refunds.