ITR Filing Checklist: Documents to Keep Ready Before You File

Filing an income tax return usually takes far less time than people expect. What takes time is hunting for a missing certificate, or discovering halfway through that a figure in your records does not match what the Income Tax Department already holds. Gathering your documents first makes the filing itself straightforward and reduces the chance of a mismatch notice later.

Start with identity and account basics

Before looking at income figures, check that the basics are in order. These are simple, but problems here can stop a return from being processed or a refund from being paid.

• PAN and Aadhaar: confirm that the two are linked. An inoperative PAN can cause difficulties with filing and refunds.
• Login access: make sure you can sign in to the income tax e-filing portal and that your registered mobile number and email are current, since verification codes are sent there.
• Bank accounts: list every account you held during the year, including dormant ones. The account where you want a refund generally needs to be pre-validated on the portal.
• Last year's return: keep a copy handy. It helps with carried-forward losses, recurring deductions and consistency in how income is reported.

Download what the department already knows

The department receives information from employers, banks, brokers, registrars and others. Before you prepare anything, download these statements from the portal and read them carefully.

• Annual Information Statement (AIS): shows reported salary, interest, dividends, securities transactions, certain high-value transactions and more.
• Taxpayer Information Summary (TIS): a summarised version of the AIS, grouped by income category.
• Form 26AS: shows tax deducted or collected at source and tax you have paid directly.

If an entry looks wrong, for example interest on an account you closed years ago or a transaction that belongs to someone else, the portal generally allows you to submit feedback on it. Deal with such entries before filing rather than after.

Salary and employment documents

If you were employed during the year, collect:

• Form 16 from each employer. If you changed jobs, you should have one from every employer for the period you worked there.
• Salary slips, which help when Form 16 is delayed or when you need to check allowances.
• Details of any arrears or leave encashment received, since relief may be available in some cases.
• Rent receipts and the rental agreement if you claim house rent allowance, where your chosen tax regime allows it.

A common error when changing jobs is that both employers apply the basic exemption and standard deduction separately, leading to lower TDS than required. Adding up both Form 16s early shows whether any additional tax is payable.

Other income: interest, investments and property

Many people with salary income also have smaller income streams that are easy to overlook.

• Interest certificates from banks and the post office for savings accounts, fixed deposits and recurring deposits. Interest is generally taxable as it accrues, even if the deposit has not matured.
• Capital gains statements from your broker and mutual fund registrars, showing purchase dates, sale dates and costs for units or shares sold during the year.
• Property sale documents, including the sale deed, purchase deed and records of improvement costs, if you sold land or a building.
• Rental income records: rent received, municipal taxes paid and the tenant's details.
• Housing loan interest certificate from your lender, if you are repaying a home loan.
• Records of dividends, freelance fees, or any other receipts.

Deductions and tax-saving proofs

Which deductions you can claim depends largely on whether you choose the old or the new tax regime. The new regime currently allows fewer deductions, so compare both before deciding. If you are likely to use the old regime, keep proof of:

• Life insurance premiums, provident fund contributions, tuition fees and other eligible investments or payments
• Health insurance premiums and preventive health check-up payments
• Interest on an education loan
• Donations to eligible institutions, with receipts showing the required details

Keep the proofs even after filing. You may be asked to support a claim later, and a deduction without documentation is difficult to defend.

Business or professional income

If you run a business or practise a profession, the list grows. Generally you will need:

• Books of account, or at minimum a summary of receipts and expenses for the year
• Bank statements for all business accounts
• GST returns filed during the year, so that turnover can be reconciled
• Details of TDS deducted by your clients, which should appear in Form 26AS
• Challans for advance tax and self-assessment tax paid
• An audit report, where a tax audit applies to you

Whether you can use a presumptive scheme, and which ITR form applies, depends on your turnover, the nature of your work and other conditions. These are worth checking each year, as limits and rules are revised from time to time.

Assets and special situations

Some items apply only to certain taxpayers, but missing them can have serious consequences.

• Foreign assets or income: residents with foreign bank accounts, shares, property or employee stock options generally need to disclose them in specific schedules.
• Crypto or other virtual digital assets: transaction records from each exchange or wallet.
• Losses brought forward from earlier years, with details from previous returns.
• Tax notices or pending demands that relate to earlier years.

Before you file

Due dates, tax slabs, regime rules and ITR form eligibility are revised periodically, and the right approach depends on your own income and circumstances. Confirm the current requirements on the official portal or seek individual advice before filing. Remember too that a return is generally not treated as complete until it is verified within the prescribed time. If you would like help reconciling your documents or choosing between regimes, our team can assist.

Written by the Cine Craft Advisory editorial team.