ITR Filing Checklist for AY 2023-24

ITR-1, ITR-2, ITR-3, and ITR-4 are required to be filed by individuals and HUFs. They are distinguished on the basis of the nature of Income. Only Partnership Firms have the option to file ITR-4 if they are opting for Presumptive Taxation Scheme. Otherwise, they should file ITR-5.

Due Date for Filing ITR for FY 2022-23 | AY 2023-24

The due date for filing Income Tax Return (ITR) for FY 2022-23 | AY 2023-24 is 31st July 2023 for Non-Audit cases. For Audit cases, the Due Date is 31st October 2023.

First, we should decide which Income Tax Return (ITR) Form we should file based on our Income. Then we can use this checklist.

For Salaried Taxpayers

ITR-1 can be filed by individuals being a resident (other than not ordinarily resident) having a total income of upto Rs. 50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income upto Rs. 5,000.

It cannot be filed by an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income tax is deferred on ESOP.

Other than that ITR-2 has to be filed. Also if you have income from capital gain along with salary income, you need to file ITR-2.

For Non-Salaried Taxpayers

ITR-3 is required to be filed in case you have income from business and profession. In case you have opted for Presumptive Taxation Scheme, you can opt for Filing ITR-4.

General Checklist for ITR Filing

General

PAN and Aadhaar Number/ Aadhaar Enrolment ID

Salaried Taxpayer

Form 16

Income from House Property

Rent Receipts, Housing Loan Account Statement, PAN and Aadhaar Number of Tenant

Income for Bussiness and Profession

Bank statements, Fixed Assets Register, Balance Sheet, Profit and Loss Account

Presumptive Income from Bussiness or Profession

Bank statements, Gross Turnover/ Gross Receipts for calculating Income u/s 44AD/ 44ADA, Income computed on presumptive basis u/s 44AD/ 44ADA/ 44ADE

Capital Gain

Sale of House Property

Purchase and Sale Deed, Transfer expenses incurred, Proof of reinvestment if any, Proof of amount deposited in Capital Gain Account Scheme

Sale of Listed Equity Shares

Profit/loss report from Broker. (Preferably in Excel)

Income from Other Sources

Bank statements, Form 16A, Bank Interest Certificate

Other Information

Financial Particulars of Bussiness (including Sundry Creditors, Inventories, Sundry Debtors, Cash-In-Hand), Details of all active Bank accounts held in India (Minimum one account should be selected for refund credit), Exempt Income only for reporting purposes, GST Number and GST Turnover of applicable, Form 10E in case of relief u/s 89 is claimed, Taxpayer is Director in a Company – Name of Company, PAN of Company, DIN, Whether Shares are Listed/Unlisted, Taxpayer hold equity shares of Unlisted company – Name of Company, PAN of Company, Shares Opening Balance, Purchased, sold, Taxpayer Hold Foreign Assets – Bank Account, Shares, Capital Assets, Signing Authority, Trustee/Beneficiary in Trust, Any other Income from Foreign Trust, Asset and Liability Schedule if disclosed if your Income is more than Rs. 50 Lakhs

Chapter VI-A Deductions

Contribution to Provident Fund/ NPS, Tution Fees of Children, Stamp Duty and Registration Charges, Principal repayment on your home loan, Equity Linked Saving Scheme/ Mutual Fund Investment, Education Loan interest paid receipts, Receipts for medi-claim insurance (Both for self and family), Receipts of donations made

TDS and other Details

Form 16/ Form 16A, Form 26 AS, Annual Information Statement