Income tax panel
Income tax is tax levied on the income of a person by the Government of India as per the provisions of Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March. Its is mandatory for individuals, Corporates, Non Residents, partnership firms, Limited Liability Partnerships, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
Documents required for income tax filling
- PAN card copy of the tax payer.
- Form 16 issued by employer for salaried employees.
- Bank statement from bank interest on saving account.
- Form 26AS from income tax department for the summary of taxes deducted.
- Section 80 investment documents like PPF,NSC,ULIPS,ELSS,LIC.
