Business

ITR filling AY 2024-25: essential documents you need

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PAN Card

Your PAN is utilized for TDS deductions and should be linked to your bank account to receive direct income tax refunds.

 

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Aadhar Card

By linking your PAN and Aadhaar, you can verify your ITR online using an OTP.

 

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Bank account details

You must include all active bank accounts in your ITR, including one account designated for tax refunds. 

 

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Form 26AS

This is an annual tax statement that shows the taxes paid against your PAN. It comprises TDS information from banks, employers, and other institutions.

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Form 16

This is provided by the company and includes information about your salary and TDS (Tax Deducted at Source). For salaried individuals, filing an ITR is important.

 

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Form-16A/Form-16 B/ Form-16C:

These forms are required to collect TDS on non-salary income. Form 16A is issued by banks, whereas Forms 16B and 16C report property transactions and rental income.

 

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Home loan statement

When filing taxes, you must include information on the principal and interest payments on your mortgage. If you have a home loan, obtain statements.

 

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Foreign income

Documents relating to income generated abroad are required to claim tax or DTAA (Double Taxation Avoidance Agreement) benefits.

 

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Capital Gains Data

If you've sold assets such as stocks or real estate, keep the broker statements or sale deeds to record any capital gains or losses.

 

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Rental Income

If you earn money from your house or property, you must record it while completing your income tax return. Also, if you are paying rent, acquire receipts from the landlord. 

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