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As per Income Tax Act, 1961 Income is Taxable under Five Heads
- Income From Salary
- Income From House Property
- Income From Business and Profession (PGBP)
- Income From Capital Gain
- Income from Other Sources
For Filling Income tax return one has to provide documents related to their respective income and Details of Savings for claiming exemptions U/s 80. Following Basic Documents are required for filing of any type of Income Tax Return.
- Pan
- AADHAR
- Bank Statement
- Mobile No. and Email-ID
- Passport No. (if any)
INCOME UNDER THE HEAD SALARY
- PAN
- AADHAR
- Bank Account Details
- Details of all your savings accounts while filing your ITR.
- Form 16- issued by your employer
- Month wise salary slips
- Foreign salary slips (if applicable) for an ordinary resident of India
- Rent receipts and Agr. for those who wish to claim HRA Exemption.
- Details of the withdrawn PF (if available)
INCOME UNDER THE HEAD HOUSE PROPERTY
Income earned as RENT on the Immovable Property that earning of rent from the property is taxable under this head of income. Following Documents are required for calculation on income under this head.
- Rent Agreement
- Form 16A on rent
- Interest Certificate from Bank- In the case of home loans, bank details
- Receipts of municipality taxes paid
- Home Loan Processing charges & Foreclosure charges
- Details of Pre-construction Interest
INCOME UNDER THE HEAD CAPITAL GAIN
An Income due to the sale purchase of the Capital Assets is required to show their income under this head of income like Profit/Gain on sale of Shares, Mutual Funds, Gold, property, etc. The common list of documents required is as follows:
- Statement of Profit and Gains from shares, mutual funds, etc.
- Purchase and sale Deed of the property including stamp valuation.
- Details of Cost of Improvements and Renovations made
- Proof of Exemptions Claimed for purchase of New House u/s 54
- Transfer expenses incurred
- Purchase deed in case of reinvestment
INCOME UNDER THE HEAD BUSINESS AND PROFESSION
- For Turnover up to 2 Crore: we have the option to file ITR showing a profit on a presumptive basis (8% or 6%) without preparing an audit of books of accounts. Documents required as follows:
- Bank Statement
- Gst Returns if any
- Form 16A- TDS Certificate
- Financial Details like Debtor, creditor, Inventory, and Cash.
- For Turnover More than 2 Crore: we have to prepare books of accounts and file Income Tax audit report with help of chartered accountant along with ITR. Documents required as follows:
- Complete Books of Accounts including Balance Sheet, Profit & Loss account with all schedules and Notes.
- Form 16A- TDS Certificate
- Challan copy of income tax payments
INCOME UNDER THE HEAD OTHER SOURCES
An Income does not fall in the Specific head of Income it will be taxable under this head of income. Type of Income includes Interest, Dividend, and Exempt Incomes, etc. The common list of documents required is as follows:
- Interest Certificates
- TDS certificate issued by banks and others.
- Dividend Statement
- PPF or other exempt income statements
DETAILS OF SAVINGS FOR CLAIMING EXEMPTIONS U/S 80.
Documents for the following types of exemptions are available under section 80:
- Section 80C (Max 1,50,000)
- Contribution to LIC
- Contribution to PPF
- The equity-linked saving scheme,
- Sukanya Smriddhi Yojana (SSY) ,
- Senior citizen savings scheme (SCSS),
- National saving certificate (NSC), tax-saving FD for 5 years,
- Section 8CCD: Contribution to NPS(Max 50,000)
- Section 80D: Premium paid for Health Insurance (Max 75,000)
- Section 80E: Interest on Education Loan
- Section 80G: Donations(Max 10% of Adjusted GTI)
- Section 80GG: Payment of House Rent(Max 60,000)
Disclaimer: This is only a knowledge-sharing initiative. In no event I shall be liable for any direct, indirect, special, or incidental damage resulting from, arising out of, or in connection with the use of the information
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