Are you about to file ITR-1? Here are the documents to keep at hand

ITR preparation checklist: Are you filing ITR for the first time? As the deadline of July 31 approaches for filing income tax returns (ITRs) for the assessment year 2024-25, it's crucial for individual taxpayers to prepare adequately.

Before logging onto the income tax e-filing portal (incometax.gov.in), ensure you have the following documents ready if you're using ITR-1 (Sahaj):

 Form 16

- This form, issued by employers by June 15, details your personal information, employer details, and tax deducted from your salary.

Form 26AS

- This document provides a summary of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) deposited with the Income Tax Department, along with other financial transactions.

Annual Information Statement (AIS)

 - An extended version of Form 26AS, AIS offers a comprehensive view of taxes paid, financial transactions, and income sources liable to tax.

Bank Statements and TDS Certificates

- Gather bank account statements and TDS certificates showing tax withheld on interests like fixed deposits. Ensure these figures match with Form 26AS to avoid discrepancies.

Tax Deduction Proofs

- Keep proof of deductions claimed under sections like 80C, 80CCD(1B), and 80D to avoid discrepancies between your declaration and actual data.

Experts advise preparing these documents in advance to streamline your tax filing process and avoid last-minute complications.

"Checking these documents ensures accurate reporting of income and deductions, preventing notices from the Income Tax Department. Remember, failing to disclose all financial details can lead to penalties," said Arpit Suri, CA and personal finance expert.