Points worth remembering while filing Return
What are the important points which one suit keep in mind while repairing Returns of Income?
1. Use corrects Form of Return;
2. File return before due date;
3. Fill up the Form completely and special attention should be given to A.Y. and PAN ;
4. Following documents must be attached with the Return of Income:
5. Computation of total income and tax calculation
6. Proof of payment of TDS/Advance Tax/Self Assessment Tax.In near future probably from F.Y. 2007-08, there will be no requirement of attachment of TDS Certificate with the Return of Income.
7. Proof of investment against which deduction u/s.80C or Chapter VI-A have been claimed.
Some of the documents are related to specific income:
For salary income: Form 16 should be attached;
For House Property Income: Copy of receipt for payment of Municipal Tax should be attached;
In case of Capital Gain: Computation sheet of capital gains segregating Short Term Capital Gain & Long Term Capital Gain should be enclosed;
If exemption has been claimed under capital gains: The necessary evidence of investment in residential units should be attached;
If gift has been received: The deed of gift should attached;
In case of business : where the regular books of accounts are maintained: Trading accounts, P&L Account & Balance Sheet of the assessee should be attached;
In case of Proprietorship Firm: The P&L A/c & Balance Sheet of the Proprietorship firm should also be attached separately;
In case of Firm: Personal account of partners should be attached;
In case of business where audit is carried out: The copies of audited P&L Account, Balance Sheet and Auditor’s Report should be attached;
Loan confirmation should be attached;
If depreciation is claimed: A complete Chart of depreciation should also be attached
What papers should be filed by Charitable Trusts or Societies claiming exemption u/s. 11 of the Income-tax Act?
A Charitable Trust or Society registered u/s. 12 or 12AA of the I.T. Act is required to furnish its Return u/s. 139(4A).Following papers should be filed with the Return: