ITR Filing for FY2023-24: Key documents required for filing income tax returns

financialexpress.com:

Question: As the income tax return filing season has set in, kindly guide on what are the key documents which taxpayers should possess for duly furnishing their tax returns?

Answer given by Dr. Suresh Surana, Founder, RSM India: Section 139(1) of the Income Tax Act mandates every taxpayer to furnish their return of income on or before the prescribed due date (i.e., 31st July, 31st October or 30th November of relevant Assessment Year as applicable). Individual taxpayers who are not required to audit their financials, need to take note of the following documents that they may require while filing their tax returns:

Permanent Account Number (PAN Card) and Aadhaar Card: Section 139A(5) of the I-T Act requires every person to quote his/her PAN in all his/her returns, challans and any other document as may be prescribed by the I-T Act. Section 139AA(1) of the I-T Act requires every person who is eligible to obtain Aadhaar card to quote the same in his/her return of income. Accordingly, taxpayers are also required to link their PAN card with Aadhaar card in order to receive income tax refund and interest thereon.

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Form 16/ Form 16A: Form 16 is issued by the employer comprises of all the details pertaining to salary and TDS deducted on the same, whereas Form 16A is issued by TDS deductors such as banks, contractors, etc., and includes information pertaining to TDS deducted on payments other than salaries, such as income from recurring deposits, fixed deposits, etc.

Form 26AS/ Annual Information Statement (AIS)/ Tax Information Statement (TIS): Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions