One of the most crucial aspects of filing your income tax return (ITR) is ensuring that you have all the necessary documents handy. Right! But yet a vast number of taxpayers are still not familiar with the essential documents. Thus, here is a comprehensive ITR document checklist that can help you stay organized and ensure you don't miss out on any crucial information while filing your income tax returns.

In this blog, we will provide you with an ITR document checklist for the financial year 2022-23 (assessment year 2023-24), to make the process of filing your ITR as smooth and hassle-free as possible. Whether you're a salaried individual or a self-employed professional, this checklist will help you gather all the essential documents required to file your ITR accurately and on time. So, let's dive in & learn more about it…

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ITR Filing Forms For AY 2023-24

This is the foremost thing taxpayers should know which ITR form is suitable for them among the seven forms. There are 7 types of ITR forms ITR-1 to ITR-7 as of now & individuals must opt for the suitable form. Thus, below is a detailed description of these 7 ITR forms & required documents. These are as follows:

ITR-1

If an individual is a resident and their total income are equal to or below Rs. 50 lakh, they can utilize ITR-1. The applicable income sources for ITR-1 are salary or pension, single-house property (without any carried forward losses), and other sources. In case the individual has agricultural income up to Rs. 5,000, they can opt for ITR-1.

Required documents: Form 16, Bank Statement, TDS certificate.

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ITR-2

ITR-2 is the applicable form for filing income tax returns for resident individuals or a Hindu Undivided Family (HUF) with a total income exceeding Rs. 50 lakh. It is also mandatory for resident individuals who have capital gains or income from multiple house properties, foreign assets or income, hold a directorship in a company, or possess unlisted equity shares.

Moreover, if an individual has had tax deducted on cash withdrawals above Rs. 1 crore (under section 194N), they can also utilize ITR-2 Form to file their income tax returns using ITR-2.

Required Documents: Form 16, Form 16A, Details of capital gains, if any bank statements.

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ITR-3

Resident individuals or a Hindu Undivided Family (HUF) who earn income from business or profession must file their income tax returns using ITR-3. Moreover, if a resident individual is a director in a company, has made an investment in unlisted equity shares, or is a partner in a firm, ITR-3 is also mandatory. This form includes income from house property, salary or pension, and other sources.

Required Documents: Form 16, Form 16A, Details of capital gains, if any bank statements, Books of accounts, Profit and loss account.

ITR-4 (Sugam)

ITR-4, also known as Sugam, is the form utilized by individuals, Hindu Undivided Families (HUFs), or partnership firms to file their income tax returns. The eligibility criteria for filling out the ITR-4 form are outlined below:

• If any individual is getting income through the business as per the income scheme under sections 44AD and 44AE.
• When an individual’s income is through the profession as per the presumptive income scheme under section 44AD.
• If the income is from house property but is not more than Rs.50 lakh.
• When an individual wants to fetch his income on a presumptive basis then it is taken as a presumptive scheme under sections 44AD, 44AE, and 44ADA.

Required Documents: Form 16, Form 16A, Bank statements.

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ITR-5

Entities including firms, an association of persons (AOP), body of individuals (BOI), limited liability partnerships (LLP), the artificial juridical person (AJP), and firms other than an LLP who do not claim an exemption under section 11 of the Income Tax Act must file their income tax returns using ITR-5.

Required Documents: TDS certificate, Bank statements, Books of accounts, Profit and loss account.

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ITR-6

ITR-6 Form is to be filled out by the companies who do not claim tax exemption on their income under section 11 of the income tax act. This tax return must be filled out only by electronic methods.

Required Documents: Books of accounts, Profit and loss account, TDS certificate, Bank statements.

ITR-7

Taxpayers who claim an exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C), or Section 139 (4D) are eligible to file the ITR-7 form for Income Tax Return.

Required Documents: Audit report, if applicable TDS certificate, Bank statements.

Also, Read: "Hire Expert eCA For Your ITR Filing Needs & Maximize Your Tax Refunds".

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