Tuesday, February 18, 2025

Streamlining Your Tax Filing Journey: Essential Documents for a Seamless Process and Quick Refund

To ensure you file your Income Tax Return returns (ITR) accurately and on time, collect all necessary documents related to investments and expenses that qualify for tax deductions. This includes home loan interest certificates, donation receipts, medical and life insurance premium receipts, and bank passbook.

To make sure your Income Tax Return (ITR) filing goes smoothly and you can claim any potential refunds, keep these essential documents handy:

  • Home Loan Interest Certificates: Proof of the interest you’ve paid on your home loan.
  • Donation Receipts: Documentation of any charitable donations you’ve made.
  • Insurance Premium Receipts: Receipts for medical and life insurance premiums.
  • Investment Proofs: Evidence of various investments that qualify for tax deductions.

The due date of July 31, 2o24 is appraoching and its that preparations must kick start to file your Income tax for assessment year 2024-25. Do no wait till end of the month as we have seen server glitches and rush. We should have some cushion if we need some extra papers or extra time.

Income tax return

Documents Needed By Taxpayers for Income Tax filing

The different documents and information needed to file the income tax returns are:

  • Residential status
  • Form to be filled for returns
  • Form 16 in case of salaried
  • Form 26AS captures details of income
  • Annual information statement (AIS) for other incomes like Stock market, rental income etc
  • Gifts received, overseas assets, and financial exposure (such as shares held outside India) should also be reported
  • Bank account should be enabled on the income tax portal and should be properly validated for proceeds of refunds
  • Please ensure that your Permanent Account Number (PAN) is active and linked with your Aadhaar number
  • Consult your tax advisors about the applicable ITR forms

Important

  • Do not fill wrong form
  • Do not use wrong assessment year

Other douments

  • Income and TDS proofs
  • Form 16, Form 16A
  • TDS, TCS certificates
  • Bank statements to verify interest income
  • Investment proofs
  • Life insurance premiums
  • Public Provident Fund (PPF) conrtibution
  • Medical insurance premium receipts for claiming deduction under Section 80D

Follow these steps and file your ITR return correctly and within stipulated time.

Disclaimer: This is not a legal advice. Please check the official website of Income Tax department and take advice of your CA.

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