The government had extended the income tax return (ITR) filing deadline for the financial year 2024-25 (assessment year 2025-26) to September 15 from July 31, giving taxpayers additional time.This relief applies to taxpayers who are not required to get their accounts audited, such as salaried individuals and pensioners, ET reported.Document verification plays a crucial role in ensuring the accuracy of a return. Income details and tax deducted at source (TDS) shown in certificates should be cross-checked with Form 26AS and the Annual Information Statement (AIS) available on the Income Tax Department’s portal.As the deadline is just around the corner, taxpayers are advised to keep all key documents ready to make their income tax return filing easier at the last-minute.
Form 16
This is essential for salaried individuals. Employers are required to deduct tax at source before paying salaries and provide Form 16 as proof. It helps employees verify and cross-check their salary details, which are usually pre-filled in the online ITR form on the e-filing portal.
Capital gains statement
If you’ve sold equity shares or mutual funds, the gains need to be reported in your return. A capital gains statement from your stockbroker or mutual fund house will classify them as short- or long-term, simplifying the process.
Annual Information Statement (AIS) and Form 26AS
Taxpayers should download AIS, the Taxpayer Information Summary (TIS) and Form 26AS from the e-filing website. AIS, which extends beyond Form 26AS, covers savings account interest, dividends, rent, securities and property transactions, and foreign remittances.
Interest certificates and bank statements
Collect interest certificates from banks, post offices and other institutions. Downloading bank statements for FY 2024-25 is also advised, as they can help verify interest income, dividend details, and even income not reflected in AIS, TIS or Form 26AS.
Foreign income and unlisted shares documents
Resident individuals are required to report all foreign assets and income. Filing ITR is mandatory if you own foreign assets or hold signing authority in a foreign bank account, irrespective of taxable income.
Tax-saving investments and expenditure proofs
Those opting for the old tax regime should gather proof of investments and expenses. Deductions can be claimed under Sections 80C, 80CCD (1B), 80D, 80DD and 80TTA. Exemptions such as House Rent Allowance (HRA) and Leave Travel Allowance (LTA) may also be claimed.
PAN, Aadhaar and bank account details
Keeping these ready, along with account numbers and IFSC codes, ensures a smoother filing process.
What happens if you miss the deadline?
There is late fees for taxpayers should they miss the deadline and file their return late. The standard penalty is Rs 5,000, while those with total income below Rs 5 lakh pay a reduced fee of Rs 1,000. In addition, a 1 per cent monthly interest on any unpaid tax is charged, separate from the late-filing penalty.
