Individual Taxpayers’ Pre-Requirements for FY 2023–2024 Income Tax Return Filing (AY – 2024–25)

First of all, for individual taxpayers in India, filing income tax returns (ITRs) is a crucial yearly duty that guarantees compliance to tax laws and regulations while disclosing their earnings and tax liabilities. In order to accelerate the filing process and prevent any errors or delays, taxpayers need to make sure they have all the necessary requirements in place. The main requirements for individual taxpayers filing their income tax returns for the fiscal year 2023–2024 (AY – 2024–25) will be covered in this article.

1. PAN Card: In India, filing income tax returns requires a Permanent Account Number (PAN). Before starting the ITR filing process, taxpayers must make sure they have a valid PAN card issued by the Income Tax Department. It’s crucial to update the information with the appropriate authorities if there are any changes or inconsistencies with the PAN details.
2. Aadhar Card: In accordance with the Income Tax Act, taxpayers must link their Aadhaar card to their PAN. To prevent any issues when submitting, taxpayers should make sure that their Aadhaar card is connected to their PAN. Also, the Aadhaar card is essential to the tax return’s e-verification. Code for e-verification of ITR shall be sent only to mobile no. linked with Aaadhar no. So before filing ITR make sure your mobile no. is linked with Aadhar and it is active.
3. Form 16: Employers provide employees with this important form, which records their income from salary, deductions, and TDS (tax deducted at source) for the financial year. Before completing their tax returns, taxpayers should get Form 16 from their employers by the deadline and confirm the information provided.
4. Form 26AS: This is a combined statement that shows all tax-related data, including advance tax payments made by the taxpayer throughout the financial year and TDS and TCS (Tax Collected at Source). It is important that taxpayers check Form 26AS to make sure the tax credits they claim on their returns are correct.
5. Bank Statements: In order to file income tax returns, bank statements for each savings and current account held throughout the financial year are a necessity. To ensure thorough reporting of financial transactions in their tax returns, taxpayers should assemble their bank statements and reconcile their income, expenses, and investments.
6. Investment Proof: Taxpayers should save documentation of their investments if they have made them in tax-saving schemes like Equity Linked Savings Schemes (ELSS), Public Provident Funds (PPF), Life Insurance Premium, Home Loan Repayment and Provident Funds (PF). To claim deductions under different provisions of the Income Tax Act, these documents will be required.
7. Other Income Documents: Taxpayers who get income from sources other than salaries, such as capital gains, rental income, interest income, etc., are required to keep the records confirming their income. In order to prevent penalties or notice from tax authorities, it is necessary that all sources of income be correctly reported on the tax return.

   In summary, ensuring compliance to tax rules and regulations starts with making sure all the requirements are followed in order to file income tax returns. Individual taxpayers can accelerate the filing procedure and accurately record their income and tax liabilities for the financial year 2023–24 (AY 2024-25) by getting necessary documents such as bank statements, investment proof, Form 16 and 26AS, Aadhaar card, PAN card, and other income documents.
   To prevent last-minute rushes or mistakes during the filing process, taxpayers should begin collecting these prerequisites well in advance. To further streamline the procedure and guarantee proper and timely submission of income tax returns, tax specialists can be consulted or online tax filing platforms can be utilised.

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