It’s ITR filing season, and for many, that means getting your documents in order! The deadline for filing Income Tax Returns (ITR) for Financial Year (FY) 2024-25 (Assessment Year 2025-26) has been extended to September 15, 2025, for individuals whose accounts don’t require an audit, like salaried folks and pensioners. This gives you a bit more breathing room to gather everything you need.
Essential Documents to Have Handy
Filing your ITR accurately requires a good collection of documents. Here’s a rundown of what you’ll need:
- Form 16: Your employer provides this, detailing your salary income and the tax (TDS) deducted from it. It’s your salary’s tax report card!
- Interest Certificates: Get these from your banks for any interest earned on savings accounts or fixed deposits. It’s crucial to match these with the Income Tax Department’s records.
- Bank Statements: Reviewing these helps you spot any income you might have forgotten to include.
- Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS): These are your best friends for cross-checking. You can download them from the income tax e-filing website. They give you a comprehensive view of all your financial transactions reported to the tax authorities. If anything looks off, contact the tax department to get it corrected!
- PAN and Aadhaar: Make sure your PAN and Aadhaar are linked, and have your Aadhaar number ready as it’s now mandatory to include in your ITR form.
- Details of All Active Bank Accounts: Even if you aren’t expecting a refund, you need to report all your active bank accounts with their account numbers and IFSC codes. This keeps things transparent and compliant.
Special Considerations
- Investments in Unlisted Equity Shares: If you’ve dabbled in these, you’ll need to file ITR-2 and provide detailed information about these investments.
- Capital Gains Statements: Got capital gains from selling shares or mutual funds? Get statements from your broker or mutual fund house. These are vital for classifying gains as short-term or long-term, especially with changes to capital gains taxation rules from July 2024. These statements will help you understand which gains fall under the old rules and which under the new.
- Foreign Assets/Bank Accounts: If you have investments in foreign assets or have signing authority in a foreign bank account, you must report these, regardless of your total taxable income. Full compliance here helps avoid any legal headaches.
7 Key Tips for a Smooth ITR Filing
A well-filed ITR means faster refunds and no penalties. Keep these pointers in mind:
- Pick the Right Form:
- ITR-1 (Sahaj): Ideal for salaried individuals, pensioners, and those with income from one house property and other sources, provided their total income is under ₹50 lakh.
- ITR-2: Go for this if you have capital gains, multiple properties, or foreign income.
- Old vs. New Tax Regime: Decide which regime suits you best. The new regime offers lower tax rates but fewer exemptions, while the old one allows for various deductions (like PPF, NSC, etc.).
- Keep Documents Ready: Gather Form 16 and use it to cross-verify against Form 26AS. Ensure your TDS and tax credits match up perfectly.
- Use Online or Offline Tools: The income tax department offers utilities, and platforms like Tax2win can even auto-fill data from your Form 16, simplifying the process.
- Don’t Miss Deadlines: While the ITR filing deadline for non-audit cases is September 15, 2025, remember to pay any self-assessment tax by July 31, 2025, to steer clear of potential penalties.
- Missed Earlier Returns? Don’t fret! You can use ITR-U to file belated returns for the past two years and catch up on your compliance.
- Verify Before You File: This is a big one! Double-check all information, especially your bank details and tax credits. A quick review can prevent delays or notices from the tax department.
Collecting these documents and keeping these tips in mind will set you up for a hassle-free ITR filing experience!