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Income Tax returns



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What is Income Tax?

Income Tax is a type of tax that is levied by the government on an individual’s earning/salary. The government uses the collected tax money to improve infrastructure, defense and various other purposes including the development of the country. The income tax is counted as a stable source of income for the government to facilitate a diverse range of services to the people of the nation. The income tax is also used for paying government employees their salary.

It is classified as below:

Income from Salary Income from salary and pension are covered under here
Income from Other Sources Income from savings bank account interest, fixed deposits, winning KBC
Income from House Property This is rental income mostly
Income from Capital Gains Income from sale of a capital asset such as mutual funds, shares, house property
Income from Business and Profession This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers

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How is Income tax calculated?

Tax is calculated on the basis of legal entity of business, like for Individuals, HUF it is calculated on the basis of Tax slab which is further on the basis of age

For Companies it is calculated at a flat rate on the basis of turnover

For Partnership firms, AOP, Trust it is calculated on the basis of tax rate applicable to them


Documents Required:

The requirement will depend on case to case basis, however grossly the below will be required:


Abstract of bank statements:

  •  Proof of investments and Form 16 (Salary certificate issued by the employer)
  •  Form 16A / TDS certificate
  •  Challan of tax payment made like advance tax or self assessment tax
  •  Proof of investments in property
  •  Documents on purchase and sale of investments/assets
  •  TDS certificates issued
  •  Home loan certificate