First-time taxpayer? Keep these essential documents handy to file ITR before September 15 

The number of income tax return (ITR) filers in India has steadily risen over the past several years, reflecting the government’s sustained efforts to simplify the tax filing process, increase awareness, and encourage voluntary compliance. For instance, the number of ITR filed (including revised returns) in FY24 stood at 8.61 crore compared to 7.78 crore in FY23–a year-on-year growth of 10.69%, or 83.16 lakh returns.

A similar trend is also expected this year, which means that over 10 million new taxpayers may file their returns for the first time.

While the government has simplified tax filing through pre-filled forms, online verification, and AI-powered support tools, ensuring your ITR is filed accurately requires the right documentation.

Deepak Kumar Jain, founder and CEO of TaxManager.in, lists essential documents you should gather before filing your return. Each plays a key role in ensuring the correct computation and reporting of your income, taxes, and deductions.

1. Permanent Account Number (PAN): It is a unique 10-character alphanumeric identifier issued by the Income Tax Department to individuals, companies, and other entities.

Purpose: Income earned, tax payments, and ITR details are linked with PAN. TDS deducted is deposited under the PAN of the income earner. PAN serves as the login user ID for the Income Tax portal.

2. Form 16: TDS certificate issued by the employer instead of the Salary Certificate. 

Purpose: Form 16 contains the annual salary breakup and TDS deducted. Based on the Form 16 details on salary and TDS deducted, an assessee can fill the required details schedule of salary of the ITR form and file accurately.

3. Form 26AS: Annual consolidated statement by the Income Tax department containing all income and tax details of an assessee.

Purpose: 26AS is a statement that contains all tax details such as TDS, advance tax, and self-assessment tax–an assessee should reconcile all tax details and fill the same in ITR. The Income Tax department matches the details of the tax in 26AS, and that is furnished in ITR.

4. Annual Information Statement (AIS): AIS is a detailed statement containing all information relating to income earned during the year.

Purpose: Detailed and comprehensive details of all financial transactions such as salary income, interest income, sale and purchase of securities, high-value purchases, and more. It helps the taxpayer cross-check reported and unreported income.

5. Bank account statements: From all active savings and current accounts.

Purpose: Helps report interest income and verify financial transactions. Also aids in identifying investments, deposits, and high-value transactions that may affect tax liability.

6. Investment proofs: Documents supporting PPF, ELSS, LIC premium, and 80C, among others, are required to claim the tax benefits through deductions.

Purpose: Helps you claim deductions and reduce the tax liability u/s 80C to 80U of the Income Tax Act.

7. Capital gains statements from mutual funds, shares, and real estate are needed to declare gains or losses.

Purpose: Mandatory if you've sold assets like property, stocks, or mutual funds. Required for calculating capital gains tax and availing exemptions under Sections 54, 54F, etc.

Optional but Useful Documents:

Rent receipts/HRA proofs: For claiming House Rent Allowance exemption.

Loan statements: For interest deductions on home loans (Section 24) or education loans (Section 80E).

Business income details: If self-employed or running a business.

Foreign income/assets disclosure: Mandatory for residents with overseas income or holdings.

Aadhaar card – Mandatory to link with PAN and for ITR verification.