CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 29 Jun 2024 06:16:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 ITR Filing 2023-24: Essential Documents Checklist for Hassle-Free Income Tax Returns https://www.nyca.in/itr-filing-2023-24-essential-documents-checklist-for-hassle-free-income-tax-returns/ https://www.nyca.in/itr-filing-2023-24-essential-documents-checklist-for-hassle-free-income-tax-returns/#respond Sat, 29 Jun 2024 05:10:53 +0000 https://www.nyca.in/?p=11777 Prepare for ITR filing 2023-24 with our comprehensive checklist of essential documents. Avoid last-minute rush and potential e-filing portal issues by gathering the required forms, bank statements, tax deduction proofs, and more. Ensure a smooth and timely filing process before the July 31 deadline

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The deadline for filing income tax returns for the financial year 2023-24 is approaching fast, with July 31 just over a month away.

To avoid the last-minute rush and potential issues with the income tax e-filing portal due to heavy traffic or your busy schedule, it’s crucial to start the process now.

You don’t need to log in to the income tax department’s official e-filing portal (incometax.gov.in) immediately. Begin with the first step: gathering all necessary documents.

Here is a list of essential documents you should obtain right away:

ITR Filing 2023-24: Must-Have Documents

Relevant ITR form: Ensure you use the correct form; otherwise, your return will be considered defective.

Bank TDS certificates

Bank account statements

Aadhaar and PAN: Ensure these are linked.

Form-26AS

Annual Information Statement (AIS)

Documents for Salaried Individuals:

  • Form-16 issued by employers: Include all forms if you changed jobs during the FY.
  • Past tax returns filed
  • Salary slips: Include income earned abroad, if applicable.
  • Rent agreements and receipts: To claim HRA.
  • Foreign bank account statements: If you were deputed abroad.
  • Transaction statements of foreign investments: To make relevant disclosures.
  • Form 67: If claiming credit for taxes paid in a foreign country with which India has a double taxation avoidance treaty.
  • Details of assets and liabilities: If your income exceeds Rs 50 lakh and you file returns using ITR-1, which includes the AL (asset-liability) schedule.

Tax Deduction Documents:

For Sections 80C and 80CCD(1B) Deductions:

  • Confirmation of ELSS investments
  • National Pension System (NPS) contribution proof
  • Life insurance premium receipts

For Section 80D:

  • Health insurance premium receipts
  • For Section 80E:

Interest certificate from the bank for education loan

  • For Section 24B:

Interest certificate from your bank to claim a deduction of up to Rs 2 lakh

  • For Section 80G:

Receipts of donations to eligible charitable institutions

For Income from Other Sources:

  • Capital gains/loss statements: Issued by mutual fund houses, intermediaries, stock brokers, etc.
  • Bank account statements and TDS certificates
  • Virtual Digital Assets (VDA) transaction statements: To make appropriate disclosures, particularly in the VDA schedule

You do not need to attach these documents with your ITR form when submitting returns. However, preserve them to address any queries that may arise due to discrepancies in Form-16, Form-26AS, or AIS. This is especially important if you chose the new tax regime in your investment declarations submitted to your employer but wish to switch to the old regime when filing returns.

For more details, refer to the source article.

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