First Time ITR Filing? Prepare These Essential Documents

First-Time ITR Filing? Prepare These Essential Documents

Filing your Income Tax Return ITR for the first time can seem overwhelming. But do not worry when you have all the required documents ready, the process becomes much easier. Whether you are a salaried employee, a freelancer, or a business owner, having these documents on hand will help you file your ITR smoothly and accurately.

Check out the complete set of documents required for ITR filing:

Documents Required for ITR Filing

1. Bank Statements

2. Your bank statements help verify the income received and transactions made during the financial year.

3. Loan Repayment Schedule (if any)

4. If you have any ongoing loans like home loans or personal loans, the repayment schedule helps calculate the deductions under Section 80C or 24(b).

5. Sundry Debtors

6. A list of people or businesses that owe you money helps accurately report receivables under your income.

7. Sundry Creditors

8. If you owe money to others, record these transactions to reflect your liabilities properly.

9. Closing Stock

10. If you run a business, include the value of your unsold inventory at the end of the financial year.

11. Additional Assets Purchased During the Year

12. Details of any fixed assets like machinery, computers, or furniture purchased should be reported.

    For First Time ITR Filers: Additional Documents Needed

    If this is your first time filing an ITR, you will also need to keep the following basic identification and contact details ready:

    1. Aadhaar Card

    2. To file your Income Tax Return, it is essential to have your Aadhaar number linked and ready.

    3. PAN Card

    4. A PAN is essential for tracking and managing your tax filings in India

    5. Mobile Number

    6. Ensure your mobile number is active and linked with your Aadhaar for OTP verification.

    7. Email ID

    8. Registration and communication from the Income Tax Department require a valid email address.

    9. Bank Details

    10. Ensure your bank account details such as the account number, IFSC code, and bank name are accurately provided for a smooth ITR process. account number. It is important to process refunds, if any.

    Conclusion

    First time ITR filing does not have to be difficult. By collecting all the above documents in advance, you can ensure a smooth and error free filing experience. If you are unsure or need help, it is always a good idea to consult a professional tax expert like Sri Balaji Tax Services to guide you through the process.