Filing ITR for FY 2023-24? Key Documents for Salaried Taxpayers: Form 16, AIS, and More – Essential Checks Before E-Filing

It is time to file your income tax return for the financial year 2023-24. The deadline is July 31, 2024.

As a salaried person here are the important documents you need:

Form 16: This is provided by your employer and shows your salary details and tax deducted.

Form 26AS: This form shows the tax deposited with the government on your behalf.

Annual Information Statement: This statement gives a summary of your financial transactions during the year.

Make sure to choose the correct tax form when filing on the Income Tax Department’s website, incometax.gov.in.ITR Form

Selecting the right ITR form is crucial to avoid issues. Here’s a guide for salaried individuals:

ITR 1 (SAHAJ): For residents with a total income upto Rs.50 lakh. Not for those with income from multiple house properties, capital gains, directorships in companies, unlisted equity shares, foreign income or assets, or carry-forward losses.

ITR 2: This form applies to taxpayers who do not qualify to file ITR 1 and those with no income from business or profession.

ITR 3: Solely for business or professional earners and not for whoever has an income from any business or profession.

ITR 4 (SUGAM): New resident taxpayers with income upto Rs.50 lakhs derived from a salary, one house property and the business/ professional income would be on a presumptive basis.

Essential Documents

Form 16 and Form 12BA: Form 16 details your taxable employment income and tax deductions. Ensure it includes a full breakdown of salary components and benefits (Form 12BA).

Forms 16A, 16B, 16C:

Form 16A: Details non-employment income and tax deductions (e.g.bank interest, Rent etc.).

Form 16B: Details taxes deducted on the sale of immovable property.

Form 16C: Details taxes deducted on rental income from house property.

Form 26AS: A consolidated tax statement from the Income Tax Department showing TDS on various incomes. Download from the e-filing portal.

Annual Information Statement (AIS): Summarizes financial transactions reported by banks and institutions, including all sources of income. Download from the e-filing portal.

Housing Loan Certificate: If you have a housing loan, get a certificate from the bank showing the principal and interest paid to claim deductions.

Capital Gains Statement: For sales of capital assets, obtain details of sale price, purchase cost, and expenses to compute gains or losses. Use online statements for shares/securities and invoices for other assets.

Donation Certificate for Section 80G: For claiming deductions on donations, ensure the receipt includes the donee’s details, PAN, donation amount, and payment mode.