ITR Filing news: Filing income tax returns gets stressful when documents are not in place. Many taxpayers end up rushing at the last minute which not only delays the process but also increases the chances of errors. With the government extending the ITR filing deadline for FY 2024-25 (AY 2025-26) to September 15, 2025 for those not required to get their accounts audited, taxpayers have some extra time. Experts however advise early preparation to avoid last minute hassle.
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Deadline Extended, But Preparation is Key
For individuals and businesses whose accounts need auditing, the due date remains the same. In all cases experts say keeping documents in order is the first step towards smooth filing. Document verification helps to cross check income and tax deducted at source with the details available in Form 26AS and Annual Information Statement (AIS) on the Income Tax Department portal.
Experts shared a list of documents every taxpayer should keep ready.
Key Documents for Hassle Free Filing
The first is Form 16 issued by the employer which has a breakup of salary, allowances and TDS deducted. Although the e-filing portal pre-fills most of this data, Form 16 helps to verify the accuracy.
The second is the Capital Gains Statement which should be collected from stockbrokers or mutual fund houses if equity shares, mutual funds or other assets were sold during the year. This is important to distinguish between short term and long term gains for correct tax calculation.
The third set includes AIS, TIS and Form 26AS which can be downloaded from the e-filing portal. These reflect incomes such as interest, dividends, rent, securities transactions and foreign remittances. Cross checking ensures that all reported incomes match with TDS records.
Don’t Miss Out on Deductions and Foreign Income
Taxpayers should also collect interest certificates and bank statements from banks, post offices or other institutions. These help to verify the income reported in AIS and ensure that no income is missed.
Those with foreign income or unlisted shares need to be extra cautious. As per the rules, residents with foreign assets or income are required to file ITR even if their income is below the taxable limit. Relevant records such as foreign bank account details or shareholding documents should be kept ready.For those opting for old tax regime,
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