ITR filing FY 2024-25: Keep THESE documents ready before you file your income tax returns
Taxpayers in the country are now gearing up for filing their income tax returns for the Financial Year 2024-25 i.e., assessment year 2025-26. Keeping the same thing in mind, prudent taxpayers should focus on gathering crucial documents ahead of the recently extended filing deadline of September 15, 2025. Once the relevant documents are gathered it will help in seamless submission of income tax details and filing of accurate returns.
Below are seven key documents that you must keep ready when filing your income tax returns:
1. PAN, Aadhaar and bank passbooks
A valid and operational Permanent Account Number (PAN) linked with your Aadhaar is mandatory for income tax purposes under Section 139AA of the income tax act. Furthermore, bank account details including account numbers and IFSC codes are essential for claiming and receiving refunds.
2. Tax deduction certificates
Then we come to the significant tax deduction certificates and documents such as Form 16 (salary details) and Form 16A (non-salary TDS data) along with the consolidated Form 26AS. All these documents are extremely important. They are fundamental in nature. These documents holistically detail tax deducted at source (TDS) details, advanced tax paid and refunds.
3. AIS and TIS
In addition to the Form 26AS, you should as a prudent taxpayer download your Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) by logging into the e-filing portal to verify income sources, deductions, dividend details and credits.
4. Investment proofs and deductions
You should also keep original receipts for investments made under Sections 80C, 80D, 80E, housing loan interest, rent agreements, insurance policy number details along with documented donations to charitable institutions such as hospitals, non-government organisations along with other similar institutions, especially under the old tax regime.
5. Capital gains and asset statements
Through your respective broker, asset management company or registrar, you should apply and request them to provide you with your capital gains statements, including details of equities, mutual funds, property sales and share buybacks. This will help your chartered accountant in calculating your total tax liability smoothly.
6. Foreign income and assets documentation
If you are someone who has earned income or holds assets abroad then you must keep clear records such as bank account statements, Form 67 (used for claiming tax relief under the Double Taxation Avoidance Agreement or DTAA). Not on this, you should also keep complete details of foreign investments or property. These documents are crucial for accurate income tax calculation, filing and proper compliance with the law of the nation.
7. Past tax returns and audit reports
Past year returns, audit report details (Form 3CB-3CD) along with reports of international or specified domestic transactions (Form 3CEB) are essential for audit applicable cases.
As a well informed taxpayer you should verify Form 16 against Form 26AS and AIS, particularly for any mistakes, errors or omissions in pre-filled data. This is important because new excel and online filing utilities are now active for ITR-2 and ITR-3 along with a host of other important digital improvements on the official website of income tax.
Disclaimer: This article is for informational purposes only and does not constitute professional tax advice. Readers should consult a qualified tax advisor for guidance specific to their financial circumstances.
