What documents are needed for filing an income tax return? A Complete Checklist for FY 2023-24 (AY 2024-25)

Tax season can often feel like a race against time, filled with confusing forms and financial jargon. However, the key to a stress-free and accurate tax filing experience is simple: preparation. The first and most crucial step in this preparation is gathering all the documents needed for filing an income tax return. This blog post serves as your comprehensive guide and income tax return documents checklist for the Financial Year 2023-24 (Assessment Year 2024-25). Having the correct documentation ready is not just about compliance; it’s essential for accurately reporting your income, maximizing your eligible tax deductions, and avoiding potential notices or queries from the Income Tax Department in the future. Whether you are a salaried individual or a small business owner, this checklist will ensure you are well-equipped for filing your income tax return in India.

General Documents Needed for Filing Income Tax Return (For Everyone)

Before we dive into the specific requirements for salaried employees or business owners, let’s cover the foundational documentation for income tax return filing that every single taxpayer in India must have on hand. These documents form the bedrock of your tax return, and without them, you cannot proceed with the filing process. It’s best to gather these first and ensure they are accurate and up-to-date.

PAN Card

Your Permanent Account Number (PAN) is the most critical piece of identification for all tax-related matters in India. It is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. Your PAN is mandatory for filing your income tax return, and it is used to track all your financial transactions, linking them to you for tax purposes. Ensure your name and date of birth on the PAN card match your other official documents to avoid any discrepancies during the e-filing process.

Aadhaar Card

The government has made it mandatory to link your PAN with your Aadhaar card. When filing your return, you must provide your 12-digit Aadhaar number. If your PAN is not linked to your Aadhaar by the specified deadline, it may become inoperative, which can prevent you from filing your ITR. You can easily check your PAN-Aadhaar linking status on the official income tax portal to ensure you are compliant. You can check the status here: Income Tax India Website.

Bank Account Details

You are required to provide details of all active bank accounts you hold in India. This includes the bank’s name, your account number, and the IFSC code for each account. It is not sufficient to provide details of just one account; all accounts must be listed in your return. More importantly, you must designate one of these accounts as your primary account for receiving any potential income tax refund. To ensure a smooth refund process, it is crucial to pre-validate this primary bank account on the Income Tax e-filing portal.

Form 26AS (Annual Tax Statement)

Form 26AS is your consolidated annual tax statement, often referred to as your tax passbook. It provides a comprehensive summary of all taxes that have been paid against your PAN. This includes details of Tax Deducted at Source (TDS) by your employer, banks, or other entities, Tax Collected at Source (TCS) by vendors, advance tax you have paid, and any self-assessment tax payments. For a deeper understanding of this, you can read our guide, Decoding TDS: Tax Deducted at Source Explained. You can download Form 26AS directly from the TRACES portal or through the Income Tax e-filing website.
Actionable Tip: Always cross-verify the TDS amounts shown in your Form 26AS with the figures mentioned in the TDS certificates (like Form 16) provided to you. Any mismatch should be rectified with the deductor immediately.

Annual Information Statement (AIS) and Taxpayer Information Summary (TIS)

The Annual Information Statement (AIS) is a more detailed and comprehensive statement than Form 26AS. It contains extensive details of various financial transactions you have undertaken during the financial year, regardless of whether tax was deducted on them. This includes information on savings account interest, dividend income, sale and purchase of securities and mutual funds, and more. The Taxpayer Information Summary (TIS) is a user-friendly summary of the information in the AIS. It is highly recommended to review both your AIS and TIS to ensure that you report all your income sources accurately in your ITR.

Documents Required for Salaried Individuals

If you are a salaried employee, your primary source of income is your salary, and the documentation process is relatively straightforward. Here are the specific documents required for income tax return India that you must collect from your employer and other relevant sources to file an accurate return.

Form 16 / Form 16A

Form 16 is the most crucial document for a salaried individual. It is a TDS certificate issued by your employer, confirming that they have deducted TDS on your salary and deposited it with the government. Form 16 has two main parts:

• Part A: Contains details like your employer’s and your name, address, PAN, and TAN. It also provides a quarterly summary of the tax deducted and deposited with the government.
• Part B: This part is an annexure containing a detailed breakup of your salary, including gross salary, allowances exempt under Section 10 (like HRA and LTA), and deductions allowed under Chapter VI-A (like Section 80C, 80D, etc.).

Form 16A is a similar TDS certificate but is issued for tax deducted on income other than salary, such as interest earned from fixed deposits or recurring deposits.

Salary Slips

Your monthly salary slips are essential documents that provide a detailed breakdown of your salary components. They are useful for verifying information like your basic salary, Dearness Allowance (DA), House Rent Allowance (HRA), travel allowance, and other perquisites. In a situation where your employer fails to issue Form 16, you can use your salary slips in conjunction with Form 26AS to calculate your total income and file your ITR.

Rent Receipts (for HRA Exemption)

If you live in rented accommodation and receive HRA as part of your salary, you can claim an exemption on it. To do so, you need to have valid rent receipts from your landlord as proof of rent paid. If the total rent paid during the financial year exceeds ₹1 lakh, it is mandatory to provide the PAN of your landlord to your employer and for your own records. Without these receipts, your HRA claim can be rejected by the tax authorities during scrutiny.

Essential Documentation for Business Owners & Professionals

For self-employed individuals, freelancers, and small business owners, the income tax return filing requirements are more detailed and complex. Proper bookkeeping throughout the year is vital. Ensure you have the following ready to accurately compute your business income and tax liability.

Business Financial Statements

Maintaining proper financial statements is the cornerstone of business tax filing. These statements provide a clear picture of your business’s financial health and performance during the year.

• Balance Sheet: This statement provides a snapshot of your business’s financial position at the end of the financial year. It lists all your business assets (like cash, inventory, machinery) and liabilities (like loans, outstanding payments).
• Profit & Loss (P&L) Statement: Also known as an Income Statement, this document summarises your business’s revenues, costs, and expenses incurred during the fiscal year. It is used to calculate your net profit or loss, which is the figure you report as your business income.

It is highly advisable to have these statements prepared and certified by a professional accountant.

Bank Account Statements

You will need the bank account statements for all current and savings accounts maintained for your business. These statements are crucial for reconciling your income and expenses as recorded in your books of accounts. They serve as primary evidence for transactions and help verify the figures reported in your P&L statement.

GST Records (if applicable)

If your business is registered under GST, maintaining meticulous GST records is mandatory. You will need copies of all GST returns filed during the year, such as GSTR-1 (details of outward supplies) and GSTR-3B (monthly summary return). The total turnover reported in your GST returns should match the revenue figures in your P&L statement. Any significant discrepancies can attract attention from the tax authorities. You can access all your GST filings on the official GST Portal.

Details of Sundry Debtors & Creditors

You should have a detailed list of your sundry debtors (customers who owe you money) and sundry creditors (suppliers you owe money to) as of the end of the financial year. This information is a key component of your Balance Sheet and is essential for accurate financial reporting and determining the financial health of your business.

Documents for Claiming Deductions & Exemptions (Section 80)

One of the most important parts of filing your tax return is claiming deductions to lower your taxable income. However, you cannot claim any deduction without having valid proof. Here’s a checklist of the necessary documents for ITR India to claim some of the most popular tax-saving deductions.

Section 80C Investment Proofs

Section 80C of the Income Tax Act allows you to claim deductions up to ₹1.5 lakh for various investments and expenses. For a comprehensive overview of eligible investments, refer to our guide on Understanding Section 80C: Benefits and Investment Options. Keep the following proofs handy:

• Employee’s Provident Fund (EPF): Your EPF passbook or statement showing your contribution.
• Public Provident Fund (PPF): Your PPF account passbook or statement.
• Life Insurance Premiums: Receipts for premium payments made for yourself, your spouse, or your children.
• Equity Linked Saving Scheme (ELSS): A statement from the mutual fund house detailing your investment.
• Home Loan Principal Repayment: The loan statement from your bank showing the principal amount repaid during the year.
• Children’s Tuition Fees: Receipts for tuition fees paid for up to two children.

Section 80D: Health Insurance Premiums

To claim a deduction for health insurance premiums paid, you need the premium payment receipts. You can claim this for policies covering yourself, your spouse, dependent children, and your parents.

Home Loan Interest Certificate (Section 24)

If you have a home loan, you can claim a deduction on the interest paid under Section 24. Your bank or financial institution will provide a home loan interest certificate that clearly bifurcates the total EMI paid during the year into its principal and interest components.

Donation Receipts (Section 80G)

If you have made donations to eligible trusts or charitable institutions, you can claim a deduction under Section 80G. To do so, you must have a valid donation receipt which includes the name, address, and PAN of the institution, along with your name and the amount donated.

How to File Your Income Tax Return in India with TaxRobo

Once you have meticulously gathered all the documents needed for filing an income tax return, the next stage is the filing process itself. While the government’s e-filing portal has become more user-friendly, navigating the various forms and rules can still be daunting.

Here is a simplified overview of the process:

1. Choose the correct ITR Form: Based on your income sources, select the appropriate ITR form (ITR-1, ITR-2, ITR-3, or ITR-4).
2. Compile Information: Collate all your income, deduction, and tax payment details from the documents you have gathered.
3. File the Return: Log in to the income tax portal, fill in the details in the chosen form, and submit your return.
4. Verify Your Return: The final and most critical step is to e-verify your return using Aadhaar OTP, net banking, or other available methods. Your return is not considered filed until it is verified.

While you can file the return yourself, the process can be complex and time-consuming. For an error-free, optimized, and seamless experience, let TaxRobo’s experts handle your ITR filing. Our professionals ensure accuracy and help you maximize your tax savings.
Ready to file your taxes with ease? Get expert assistance with TaxRobo’s ITR Filing Service

Conclusion

Being organized is the secret to a hassle-free tax season. By preparing a checklist and gathering your documents in advance, you can avoid last-minute stress and ensure an accurate filing. This guide has covered the main categories of documents: general documents for everyone, specific papers for salaried individuals and business owners, and proofs for claiming deductions. Remember, having the complete list of documents needed for filing an income tax return is the first and most critical step towards a smooth and compliant tax filing journey.

Start gathering your documents early, and don’t hesitate to seek professional help. If you have any questions or need assistance with your tax filing, contact the experts at TaxRobo. We’re here to make taxes simple for you.

Frequently Asked Questions (FAQs)

Q1. Do I need to attach or upload these documents when filing my ITR online?

A: No, you do not need to upload these documents during the online filing process. The income tax return forms are annexure-less. However, it is mandatory to keep these documents safe and available in your records. The Income Tax Department may ask you to produce them later during an assessment, scrutiny, or inquiry to verify the claims you have made in your return.

Q2. What should I do if my employer has not provided Form 16?

A: Even if your employer has not issued Form 16, you can still file your income tax return. You can calculate your total salary income by using your monthly salary slips. For the tax deducted (TDS) part, you can refer to your Form 26AS, which will reflect the tax deposited by your employer against your PAN. You can then manually fill in your income and TDS details to file your return. Our Step-by-Step Guide to Filing Income Tax Returns for Salaried Individuals in India can walk you through this entire process.

Q3. What is the difference between AIS and Form 26AS?

A: Form 26AS primarily contains information about tax that has been deducted or collected at source (TDS/TCS) and taxes you have paid (advance tax/self-assessment tax). The Annual Information Statement (AIS) is far more comprehensive. It includes a wide range of financial transaction details, such as savings account interest, sale/purchase of securities, dividend income, and foreign remittances, even if no tax was deducted on them. It is advisable to review both statements carefully before filing to ensure no income is missed.

Q4. Is it mandatory to file an income tax return if my income is below the taxable limit?

A: If your gross total income (before any deductions) is below the basic exemption limit, it is not mandatory for you to file an income tax return. However, it is highly advisable to file a ‘Nil Return’. A filed ITR acts as a legal proof of income and is often required for loan applications, credit card processing, and visa applications. It also allows you to claim a tax refund if any TDS was deducted.