“Navigate the tax season with our detailed checklist for filing income tax returns, tailored for individuals and companies. Covering personal information, form selection, income details, deductions, TDS, capital gains, bank statements, foreign assets, and more. Consult with tax professionals for personalized guidance.”
A detailed checklist for filing income tax returns for individuals and companies. Please note that this checklist provides a general overview, and it’s important to consult with a tax professional or chartered accountant for specific guidance based on your jurisdiction and circumstances.
Checklist for Individual Income Tax Return Filing:
1. Personal Information:
- Name, address, contact details, and PAN (Permanent Account Number).
- Bank account details for refund purposes.
2. Form Selection:
- Determine the appropriate income tax return (ITR) form based on your income sources, residential status, and other factors.
3. Income Details:
- Salary income: Form 16 provided by the employer.
- Income from house property: Rent receipts, rental agreement, and details of home loan interest and principal.
- Income from business or profession: Profit and loss statement, balance sheet, and other relevant financial documents.
- Income from investments: Interest income, dividend income, capital gains from the sale of assets, etc.
- Any other sources of income: Gifts, lottery winnings, etc.
4. Deductions and Exemptions:
- Collect necessary documents for claiming deductions under various sections of the Income Tax Act, such as:
- Section 80C: Investment proofs (e.g., life insurance premium, provident fund contributions, etc.).
- Section 80D: Health insurance premium receipts.
- Section 80G: Donation receipts.
- Section 10 exemptions (if applicable): House rent allowance (HRA), leave travel allowance (LTA), etc.
5. TDS (Tax Deducted at Source):
- Form 16/16A: TDS certificates received from employers, banks, or other deductors.
- Form 26AS: Verify TDS details available in your Form 26AS with the TDS certificates received.
6. Capital Gains:
- Details of sale and purchase of assets, such as property, shares, mutual funds, etc.
- Calculation of capital gains and relevant exemptions (if applicable).
7. Bank Statements:
- Gather bank statements for all savings accounts, fixed deposits, and other relevant accounts.
8. Foreign Assets and Income (if applicable):
- Provide details of foreign assets, foreign bank accounts, and any income earned abroad.
9. Other Documents and Information:
- Aadhaar card, PAN card, and other identification documents.
- Details of previous tax filings and tax payments.
- Details of any tax notices or assessments received.
Checklist for Company Income Tax Return Filing:
1. Company Information:
- Company name, registered office address, contact details, and PAN.
2. Financial Statements:
- Balance sheet, profit and loss account, and notes to accounts.
- Cash flow statement (if applicable).
3. Audit Reports (if applicable):
- Tax audit report (Form 3CD) prepared by a chartered accountant.
- Transfer pricing audit report (Form 3CEB) (if applicable).
4. Tax Computation:
- Calculation of total income, deductions, exemptions, and tax liability.
5. TDS Compliance:
- TDS certificates (Form 16A) issued by deductors.
- TDS returns (Form 26Q/27EQ) filed.
6. Tax Payments:
- Proof of tax payments made, such as challans, bank statements, etc.
7. Related Party Transactions (if applicable):
- Details of transactions with related parties, including transfer pricing documentation.
8. Corporate Governance:
- Minutes of board meetings and general meetings.
- Register of members, directors, and shares.
9. Annual Compliance:
- Proof of filing annual returns with the Registrar of Companies (ROC).
- Any other compliance-related documents specific to your company’s industry or activities.
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Author is A Practicing Chartered Accountant with over 5 years of rich experience in Company Law, Audits, Accounts & taxation. She is keen in streamlining business accounts of the Company and provide Startup consultancy. She can be connected on sweta@caswetamakwana.com
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