Tick-tock on the ITR clock: The eight essential documents

July 31 due date to file ITR for FY 2022-23 is here

Today is the last day to file income tax returns (ITR) for the financial year 2022-23 (AY 2023-24).

If you are a salaried individual planning to file your returns – using ITR-1 SAHAJ – on your own through the income tax department’s e-filing portal, you should keep these eight documents handy.

Also read: Moneycontrol's definitive guide to filing your income tax returns for FY 2022-23

Form 16: This is the most important document for salaried individuals. It contains details of your salary, allowances, and deductions.

TDS certificates: You will need to have the details of tax deducted at source (TDS) for all the sources of income.

Bank statements: Keep your bank statements across all bank accounts for the entire financial year at hand. This will help you calculate your interest income and deductions.

Investment proof: You will maintain proof of your investments in instruments such as Public Provident Fund (PPF), equity-linked saving scheme (ELSS) and National Pension System (NPS). You will need the information to enter the details in the form. Do note, however, that these do not have to be submitted to the income tax (I-T) department along with your returns.

Also read: Section 80D: Ensure you claim all tax benefits on health insurance premiums while filing I-T returns

Rent receipts: If you are claiming house rent allowance (HRA) as an exemption, ensure that you have the rent receipts in place. While they do not have to be furnished along with the returns, you need to preserve them should the I-T department raise any query.

Insurance premiums: If you have paid any insurance premiums, you will need to have proof of payment. If you have purchased or renewed your policy online, you should find it in your mailbox, along with other policy documents sent by your insurer.

Donation receipts: In case you have made any donations to charitable organisations, you will need to ensure that the donation receipts are in place. Since these donation-linked deductions do not find place in forms-16, you will have to claim these at the time of filing your ITR.

The income tax department will not ask you to furnish these documents while filing returns, but the need could arise later should the tax authorities have doubts at the time of processing your returns or even later.

Also read: ITR filing: Using AI and tech, Income-Tax department sends notices to tax evaders for fake donations

PAN: You will need your PAN details to register on the income tax e-filing portal, if you have not done so already. Your PAN will act as your user ID.

In addition to these documents, you will also need to have your Aadhaar number and e-filing password handy.

Once you have all these documents at hand, you can file your returns online through the I-T department’s e-filing portal.

Consequences of late ITR filing
It is important to file your ITR on time - by July 31 - to avoid penalties. If you miss the ITR filing due date, you will have to pay interest under Section 234A of up to 1 percent per month on any unpaid tax amount. A late fee of Rs 5,000 under Section 234F will also need to be forked out. This is limited to Rs 1,000 if the total income is less than Rs 5 lakh.