Taxation Querry-1

Its very nice to hear that you have deep interest in gaining knowledge in taxation matters....

The field of taxation is too vast & you need to learn every perspective.

Here are some common documents required for preparing IT Return------



Form No. 16 (received from the employer): This will help to know your income from salary and tax deducted by your employer from your salary income.

 Form No. 16A (received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property, et cetera.

 Summary of all bank accounts operated during the year: This summary will give an idea about all the income earned during the year and investments and expenditure incurred. This assures that no part of income is left out and you do not miss out any eligible deductions.

 Details of property owned during the year: If you have bought some property during the year, you will need details of rent received & receipts of municipal tax paid during the year. In addition to this, if you have taken this property through a loan, do carry the loan details and a copy of certificate of interest paid during the year.

 Sale & purchase bill / documents / contract note in respect of investments / assets sold during the year: You will also need purchase documents corresponding to the sales made during the year. In case of a large number of transactions, it is advisable that you prepare a statement of sale and corresponding purchase of these investments and arrive at the amount of profit or loss, before actually calculating your taxable income.