Taxpayers Alert! Major Change in ITR Filing Process – Here's What You Must Prepare

As the new financial year (2024-25) kicks off, taxpayers across India are gearing up for income tax return (ITR) filing. With the deadline approaching and forms about to be released by the Income Tax Department, it is vital to keep all your documents ready for a smooth and error-free filing process.

🧾 What's in Form 16 – Part A?

Form 16 is one of the most essential documents for salaried employees during ITR filing. Its Part A contains details about the tax deducted and deposited by your employer on a quarterly basis.

Key details include:

• Employee’s name, address, and PAN

• Employer’s PAN and TAN (Tax Account Number)

• TDS amount and deposit confirmation for each quarter

This part serves as a reference tool to cross-check deductions reflected in your salary slip.

📌 Why You Must Be Document-Ready?

As deadlines get closer, the risk of filing errors and penalties increases. Being organized ensures that you stay compliant without unnecessary stress.

Documents to keep handy:

• Form 16 (Part A & B)

• Bank statements

• Investment proofs (Section 80C, 80D, etc.)

• Previous year's ITR copy

• Details of other income sources (rent, FD interest, etc.)

🔁 What's New This Year?

The Income Tax Department is expected to revise ITR forms and streamline the digital verification process, making e-filing faster and more user-friendly.

Additionally, taxpayers can now access their financial data using:

• AIS (Annual Information Statement)

• TIS (Taxpayer Information Summary)

These tools allow you to pre-check your financial records before filing.

✅ Pro Tips for Taxpayers

Collect all relevant documents in advance.

Ensure your PAN is linked to Aadhaar.

Review AIS/TIS thoroughly.

Avoid last-minute filing to reduce errors.

If confused, consult a tax expert.

This year’s ITR process is expected to be simpler, but only for those who prepare well. Stay ahead and ensure that your documents are accurate and up to date to enjoy a hassle-free filing experience.