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Tax Tips: Useful information for taxpayers, keep these 10 documents ready to file ITR..

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The process of filing an Income Tax Return (ITR) has started. You must also be preparing to file your return. However, before filing the return, you must gather the necessary documents. By doing this, you will be able to file error-free returns and avoid the hassle later. So let's know what documents you will need to file income tax returns.

PAN and Aadhaar
PAN is an important document when filing income tax returns. To log in or register on the Income Tax e-filing portal, taxpayers have to provide their PAN or Aadhaar. Any tax deducted or collected from the taxpayer during the year is deposited based on PAN. It is important to mention the correct PAN in the ITR form while filing tax returns.

Form-16 is an important document required for filing ITR by salaried individuals. It is a TDS certificate issued by the employer to the employees. It provides information about the total tax deducted from the employee's salary during the financial year and deposited against his PAN, the total salary income paid and the deductions and exemptions claimed by the employee as per the tax regime chosen.

Form 16A and other TDS certificates from banks
Tax can be deducted on other income such as interest earned from fixed deposits, recurring deposits, dividends, etc. Banks, companies, and other financial institutions have to issue Form 16A if tax has been deducted during the financial year for which the tax return is being filed. It is a TDS certificate issued to an individual certifying the tax deducted on interest/dividends, etc. paid to the individual.

Interest certificate
An individual can receive interest income from various sources other than banks. These include interest earned from investments in post office schemes, RBI floating rate bonds, sovereign gold bonds, etc. It is important to collect interest certificates for interest earned from various sources to report the correct income in the ITR form.

Annual Information Statement (AIS)
Taxpayers should download their AIS from the Income Tax e-filing portal. This statement contains information about most of a person's income in the relevant financial year. This includes interest received on balances in savings accounts, capital gains from selling shares and mutual funds, salary received from employer and dividends received, etc.

This is a tax passbook that reflects the tax deducted from various incomes during the financial year and deposited against the taxpayer's PAN. If the tax (TCS) is collected from the taxpayer on expenses such as buying a car or traveling abroad, such tax will also be reflected in Form 26AS.

Capital Gains
The taxpayer is required to report income from capital gains in the ITR form. One can earn capital gains by selling land, building, house, equity shares, equity mutual funds, gold, etc.

Proof of tax-saving investments and expenses
While filing ITR this year, individuals willing to file returns under the old tax regime should specifically opt for this. This is because the new tax regime is the default tax regime. Only a person filing ITR under the old tax regime can claim various deductions from income and exemption from tax for specified income. Exemptions. These include deductions up to Rs 1.5 lakh under section 80C; and deductions up to Rs 25,000/50,000 under section 80D.

Foreign income and unlisted shares
Many individuals have started investing directly in foreign shares. If there is any capital gain or dividend from foreign shares, such information should be reported in ITR. Resident individuals must report foreign assets in ITR.

Bank account
The taxpayer has to provide information about all his bank accounts during the financial year 2023-24. It is mandatory to provide information about bank accounts whether there is an income tax refund or not. While providing information about bank accounts, mention the name of the banks, account number, account type, and IFSC code.

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