When the deadline to file income tax return is approaching fast, first thing that takes of your mind is what all are the documents needed to collect and keep ready for return filing?

Therefore, here in this article we have explained in detail about which type of income leviable to tax? who are required to file the return of income? And finally what are the documents required to file the return of income?

1. Who is required to file ITR as per Income Tax Act,1961?

The “Person” who is –

Age Annual Income
Less than 60 years More than Rs.2,50,000/-
More than 60 but less than 80 years More than Rs.3,00,000/-
More than 80 years More than Rs.5,00,000/-

2. What is the definition of a “person” under Income Tax Act,1961?

Person includes :

  • an Individual;
  • a Hindu Undivided Family (HUF);
  • a Company;
  • a Firm
  • an association of persons or a body of individuals, whether incorporated or not;
  • a local authority; and every artificial juridical person not falling within any of the preceding sub-clauses.
  • Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income.

3. What are the types of income on which tax is leviable?

There are 5 heads of income as per Income Tax Act,1961

It includes remuneration received by an employee from an employer for services rendered.

Income from a house, a shop, an office, a building (not used for a business purpose) for e.g. Rental income.

  • Income from Business & Profession :-

Business means trade, commerce or any kind of manufacturing activity carried for earning profit.

Profession means person providing services against their skill and knowledge for e.g. Doctor, CA, Engineer etc.

  • Income from Capital Gain:-

Income from sale of capital asset (Investment or real estate).

Income not chargeable under the above heads then it is chargeable under this head e.g. Bank Interest, dividend etc.

4. What are the general documents required irrespective of nature of income and type of person?

Documents required for filing Income Tax Returna. Copy of PAN card,

b. Copy of AADHAR card,

c. Bank Statement / Bank passbook,

d. Income Tax Login id & password.

5. Income & person specific documents required to file return of income.

Type of Income / Investment List of documents required
Salary Income
  • Form 16 (Part A & B)
Income from Capital Gain

 

  • Purchase and sale deed of immovable property.
  • Contract Notes for sale of shares/mutual funds etc.
  • Broker’s ledger statement.
  • Demat account statement.
Income From House Property
  • Rent agreement of Shop/House/office etc.
  • Housing loan interest certificate.
Income from Business & Profession

 

  • Books of accounts maintained:-

Sale bills, Purchase bills, Expense Voucher, Bank Statements, Stock register, Fixed Assets Register, Accounts, Tax audit report (if audit required)

  • TDS Returns & payment challan.
  • GST Challan & returns.
  • Income Tax payment challan copy.
Income from Other Sources

 

  • Bank pass book for interest & Dividend income.
  • FD Interest certificate from bank.
Details of Investment for 80C/80D/80G Deduction

 

  • Statement of LIC Premium paid.
  • Tax saver FD receipt.
  • Tuition fees payment receipt.
  • NSC/KVP receipt.
  • Medical insurance premium payment receipt.
  • Donation receipt.
  • PPF Passbook.
  • Housing loan interest certificate.

From the detailed information narrated above, it can be clearly seen that different persons earning different types of income required to maintain various documents. So, be ready with your list of documents to make it easier for you to file return of income.

Author Bio

Qualification: CA in Job / Business
Company: Sarangdhar & Co
Location: Kalyan, Maharashtra, IN
Member Since: 14 May 2020 | Total Posts: 1

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