ITR Filing 2025: Cover these documents including Form 16 now

News India Live, Digital Desk: Income tax returns in a few days (ITR) The filing season will begin. However, filing ITR has become much easier than a decade ago, but IT still needs to gather several documents. It can be said that this season will start with different companies with the release of Form 16 to their employees. Without Form 16, no salaried employee can file an ITR. However, except for Form 16, there are many documents that one should keep ready with him so that he can file an ITR when Form 16 comes.

The last date for filing ITR is 31 July. A person can certainly file income tax returns even after the time limit of July 3, but he will have to pay a fine which can range from Rs 1,000 to Rs 5,000 on the annual income basis. Documents collected for those who file tax in the old tax system have special importance.

Important documents

The documents required for filing ITR are PAN (Permanent Account Number) Card and Aadhaar card. The most important thing is that these two have to be linked. Apart from this, there are TDS certificates from banks. If banks do not send it to you, then you should ask them to email it. If you cannot do this, then you should go to your branch and ask for a printout. The bank account statement updated till March 31, 2025 must be collected. They should also be available online.

Tax savings investment

In a way, the most important documents associated with ITR are those that give someone the right to get tax deduction. There are many investments that are eligible for income tax deduction under Section 80C, 80D, 80E, 24B and 80G. The most common investments are under Section 80C, some of which are Public Provident Fund, Senior Citizen Savings Certificate, National Saving Certificate, National Pension System, Equity Linked Savings Scheme, Life Insurance Premium, Sukanya prosperity investment, children’s tuition fees etc.

Other investments qualified for income tax deduction are EMI paid on home loans. Under Section 24 (B) of the Income Tax Act, you can claim deduction on the interest paid on your home loan. Under Section 80C of the Income Tax Act, you can claim tax deduction on the original amount paid as part of the home loan.

Many people pay home rent and can also be eligible for house rent allowance (HRA). You need to keep rent receipts and rental agreements, which may be necessary for tax deduction. Also, if you have any property abroad and have income from foreign sources, it should be disclosed. Therefore, you will need details of foreign bank accounts, investment income etc. Experts say that if the total income is more than Rs 50 lakh, then you should tell the details of the property and the liabilities. This is especially important for those who file ITR-2.

Then there are many areas where income is from non-non-aviation sources. These can usually lead to capital benefits from mutual funds, stocks, crypto investment, technically called virtual digital assets. If a person wants to avoid the hurry of the last time to file an ITR, it is prudent to collect all the necessary documents according to their needs.

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