Classification of Income : - Income of Asseessee first needs to be Classified into following Five heads or Source of Income : -
Income from Salary : - Any Amount Received by Employee from Employer in form of Cash (Basic, Dearness Allowance, House Rent Allowance or any Other Allowances, Commission on Sale and Bonus etc.) or any Non Cash Facility shall be treated as Income from Salary of Asseessee. Primary Condition of Income from Salary is there must be the Relationship of Employee and Employer exist.
Income from. House Property: - Any Rental Income Received from Tenant for letting out of House or House with Attached Land shall be included in Income of Asseessee as Income from Housing Property.
Income from Profits and Gains from Business and Profession : - Any Profit / Gain or Loss any Activity of Business or Profession shall be included in Income of Assessee as Income from Business. If Assessee holds Capital Assets as Stock in Trade than any Gain arising from Sale or Transfer of Capital Assets shall be included in the Income of Asseessee as Income from Profits and Gains from Business and Profession.
Income from Capital Gains : - Any Gain or Loss on Sale or Transfer of Capital Assets shall be included in Income of Asseessee as Income from Capital Gains. If Assessee holds capital Assets as Stock in Trade than any Gain or Loss on Sale or Transfer of such Assets shall be included in Income of Asseessee as Income from Profits and Gains from Business and Profession.
Income from other Sources: - Any Income which is Chargeable under Income Tax but not included under any Head shall be included in the Income of Asseessee as Income from Other Sources.
Need of Information or Documents shall be based on anove classification of Income of Asseessee. As per the Provisions of Income Tax Act revenue Receipt are chargeable to Income Tax except Gain or Loss on Sale or Transfer of Capital Assets. Any Capital Receipts other than Gain or Loss on Sale or Transfer of Capital Assets shall be ignored while Calculating Taxable Income of Asseessee and Tax Liability their on.
Documents or Information Required for Income from Salary:-
Form 16 issued by Employer, if no Form 16 issued by Employer than details of Income from Salary :- Form 16 Required to get Break up Income from Salary along with Details of Value of Perquisites and Amount of Deduction made by Employer which are eligible for Claiming Deduction under Chapter VI of Income Tax Act.
Receipt of House Rent Paid (if any) whenever Assessee is claiming Exemption of House Rent Allowance.
Bill of Medical Expenditure if Exemption is Claimed (Up To Assessment Year 2018-19)
Documents or Information Required for Income from House Property: -
Details of Rental Income : - Gross Amount of Rent Received or Receivable.
Loan Statement of Housing Loan for Claiming Interest on Housing Loan.
Receipt of House Tax Paid: - Receipt of Payment of House Tax is required to Claim Deduction from Rental Income.
Ownership of Housing Property: - Rental Income will be included in the Income of Asseessee who have ownership rights on Property.
Documents or Information Required for Income from Profits and Gains from Business and Profession: -
Books of Accounts if Maintained by Asseessee (Audited if Assessee is required to get his or her Books of Accounts audited from Chartered Accountant in Practice):- Taxable Income shall be completed based on the Audited or Unaudited books of accounts.
Bank Statements or Copy of Bank Passbook : - Where assessee doesn't Required to maintain yof Accounts than in such case Gross Receipts or Turnover shall be calculated based on Transactions in bank Statements.
Nature of Business and Trade Name of Business
If Assessee not required to maintain books of Accounts then Amount Of Cash Holding, Amount of Sundry Creditors , Amount of Sundry Debtors, Bank Balance etc.
Documents or Information Required for Income from Capital Gains
Transaction Details of Sale /Transfer and Purchase of Capital Assets.
Trading Account Statements of Asseessee: - Trading Account Statements and Demate of Asseessee is required to ascertain the Amount of Capital Gain and Nature of Capital Gain i.e. Short Term Capital Gain or Long Term Capital Gain.
Details of Investment made in Capital Assets: :- Such Details Required for Claiming Exemption under Section 54.
Documents or Information Required for Income from Other Sources
Interest on Fixed Deposit Receipt and Recurring Deposits.
Interest on Recurring Deposits.
Interest on Saving Account even if Total Interest from Saving Accounts doesn't Exceed Rs. 10000 ( Disclosure of exempted Income is required).
Amount Received from Family Pension
Dividend Received on Investment made in Equity Share of Domestic Company (Disclosure of Dividend Income is must )
Any Amount Received in form of Casual Income (Income from Lottery, Income from Cross Word Puzzles, Income from Horse Races etc.)
Any Other Income which does not specially classified under any Head .
Documents or Information Required form Claiming Deduction under Chapter VI of Income Tax Act
Receipt of Life of Insurance Premium Paid
Receipt of Medical Insurance Premium Paid
Receipt e Tuition fees of Children Paid
Statement of Public Provident Fund
Receipt of Donation Paid to Trust or Donation Paid to Political Party.
Statement of Sukanya Smridhi Account
Details of Investment Made in Mutual Fund eligible for Deduction.
Other Information or Documents Required for Filling of Income Tax Return
Copy of PAN Card: - To get Details of PAN No. Name , Father's Name,Date of Birth.
Copy of Aadhar: - Quotation of Aadhar in Income Tax Return form is mandatory.
Bank Account Statements for Relevant Financial Year.
Login ID and Password if already Registered.
Aadhar OTP or EVC (Electronic Verification Code) for Verification of Income Tax Return. Verification of Income Tax Returns can be done either through Aadhar OTP or through Pre Validating Bank Account Number (If PAN Number , Mobile Number and Email is Quoted to Bank) or through Pre Validating Demat Number or Thorough EVC via ATM or Through Net Banking and Thorough Sending Signed Copy of Acknowledgement to CPC Bangalore.