The last date to file tax returns for those not subject to tax audit for the financial year 2022-23 (assessment year 2023-24) is July 31 unless extended by the government. To make the ITR filing process easier, it’s important to keep the necessary documents handy.
Form-16: This TDS (tax deducted at source) certificate given by an employer gives a detailed break-up of the salary and the tax deducted on it. It is mandatory for your employer to issue Form-16 if your employer has deducted TDS from your salary.
Bank/Post Office Interest Certificates: As per income tax rules, interest received from savings bank account, post office savings account, fixed deposits and recurring deposits are taxable. So don't forget to collect interest certificates
Form-16A and Other TDS Certificates: If interest earned on fixed deposits in a financial year is more than Rs 40,000/Rs 50,000 (for senior citizens), then the bank will deduct tax on it. Bank needs to issue Form 16A to the individual for the tax deducted. MFs and companies will issue you Form 16A for the tax deducted on the dividends paid, provided it exceeds Rs 5,000.
Those receiving monthly rent of Rs 50,000 or more from house, should get Form 16C (TDS certificate) from their tenant.
If you have sold land, property you should ask the buyer to furnish Form 16B for tax deducted on the amount. TDS is must if the property is sold for more than Rs 50 lakh.
Annual Information Statement (AIS): It contains details of all the financial transactions conducted by an individual in a particular financial year.
Form 26AS: It provides details of the taxes deducted and deposited against your PAN. Important to check for any tax mismatch
Tax-saving Investment, Expenditure Proofs: Individuals must gather tax-savings investment and expenditure proofs to claim deduction while filing the tax returns.
Capital Gains: Long-term gains on investments such as shares, debentures and property more than Rs 1 lakh per annum are considered capital gains. These are taxable so don't skip the details
Details of Foreign Assets: Individuals must ensure that all the assets they hold in any foreign country, including bank accounts, property and so on are mentioned in the ITR.
Aadhaar number: As per section 139AA of the Income-tax Act, 1961, an individual is required to mention his/her Aadhaar number while filing ITR. Needed to e-verify your ITR form.
Bank Account Details: It is must to give details of the bank account(s) held by you. Even if you have closed your account during the fiscal year, you will have to report it in your ITR.