ITR filing 2024: Filing returns at the last minute? Know the list of crucial documents you would need

Income tax: Why you must gather all your vital documents before filing returns at the last minute

The due date for filing income tax returns for the financial year 2023-24 – July 31 - is nearly here.

There is absolutely no time to lose. According to the income tax department, over 5 crore tax-payers have already filed their returns so far and you need to act right now to prevent last-minute glitches from derailing the exercise.

Even before you log on to the official e-filing portal - www.incometax.gov.in - you need to start with gathering all the documents critical to the process. This will help you complete the process faster when you are filing at the last minute.

Here’s a list of essential documents that you must start obtaining right away:

ITR filing 2023-24: Must-have documents

The relevant ITR form – ensure that you file returns using the right form, else your return will be considered defective.

• Bank TDS certificates
• Bank account statements
• Aadhaar and PAN – ensure that these two are linked
• Form-26AS
• Annual Information Statement (AIS)
• Tax return filing documents that salaried individuals need
• Form-16 issued by employers – all the forms if you have switched jobs during the FY
• Past tax returns filed
• Salary slips, including income earned abroad, if any
• Rent agreements and receipts to claim HRA
• Foreign bank account statements if you were deputed abroad
• Transaction statements of foreign investments made to make the relevant disclosures
• Form 67 if you are claiming credit of taxes paid in a foreign country with which India has double taxation avoidance treaty
• Details of your assets and liabilities if your income exceeds Rs 50 lakh and you have to file returns using ITR-1, which contains AL (asset-liability) schedule

Tax deduction documents

Do note that you need not attach these documents with your ITR form when you submit returns. However, preserve these documents to address any queries that may arise due to any mismatch in Form-16 and Form-26AS or AIS. This is particularly the case if you have chosen the new regime in your proposed investment declarations submitted to the employer but wish to switch to the old regime while filing returns.

For Sections 80C and 80CCD(1B) deductions

• Confirmation of having invested in equity-linked saving schemes (ELSS)
• National Pension System (NPS) own contribution proof
• Premium receipts of life insurance premiums paid

• Health insurance premium receipts

• Interest certificate from the bank that has extended the education loan
• For Section 24B
• Interest certificate from your bank to claim deduction of up to Rs 2 lakh under section 24(B)

For Section 80G

• Receipts of donations to charitable institutions eligible for deductions under section 80G
• Earn income from other sources? Keep these documents at hand
• Capital gains/loss statements issued by mutual fund house or 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