New Delhi:
Filing Income Tax Return (ITR) is a crucial task, requiring various documents to ensure accuracy and compliance with tax regulations.
Updated ITR Forms for A.Y. 2024-25
The Central Board of Direct Taxes (CBDT) has recently revised ITR Forms 1 to 6, effective from April 1, 2024.
These revisions aim to streamline the filing process, making it more accessible for taxpayers.
Essential Documents for ITR Filing
1) PAN and Aadhaar
Your Permanent Account Number (PAN) is paramount for ITR filing. Additionally, as per Section 139AA of the Indian Income Tax Act, providing your Aadhaar is mandatory for successful filing.
2) Form-16
If your income is from employment, Form-16 issued by your employer is crucial. It outlines your earnings and the applicable Tax Deducted at Source (TDS).
3) Salary Slip
Salary slips provide detailed information about your income components like House Rent Allowance (HRA), Leave Travel Allowance (LTA), Medical Allowance, etc., essential for accurate tax calculation.
TDS Certificates
For income other than salary, TDS certificates such as Form-16A (for bank deductions) are necessary.
Different forms like Form-16B and Form-16C apply to specific scenarios like property transactions and rent exceeding Rs 50,000 monthly, respectively.
Form 26AS
Form 26AS serves as a consolidated statement reflecting tax payments and deductions made against your PAN,
including TDS, self-assessment tax, and advance tax.
Additional Documents
Other vital documents include home loan statements and investment proofs, required for claiming deductions under various sections of the Income Tax Act.
Like Section 24 for home loan interest rebate and Sections 80C, 80CCD(1), and 80CCC for investments in insurance, ELSS, EPF, PPF, and NPS.
Such as Section 24 for home loan interest rebate and Sections 80C, 80CCD(1), and 80CCC for tax exemptions related to investments in insurance premiums, ELSS, EPF, PPF, and NPS.
