“ I am extremely thankful to Shivam for helping me solve a seemingly intricate issue of overpaid TDS on a property transaction. Sarabjeet Singh
WHAT IS INCOME TAX?
Income Tax is a Direct tax. It is the main source of revenue and expenditure of the government. It is charged on every type of annual income, The year in which income is earned is called the previous year, and the year in which it is charged to tax is called the assessment year. People will have to pay a penalty of Rs.1,000/5000 if they do not file ITR for the present FY (Financial Year). It is standard proof of income of a person who established a record with the tax department.
.
Documents needed for filing Income Tax Returns
- PAN and Adhar
- Form 16
- Documents for Income from Other Sources
- Details of Tax Saving Investments
- Details of any Other Deductions
- Bank Statement
Documents to claim the Deductions –
Documents to claim the Deductions –
- Your contribution to Provident Fund/ LIC Premium
- Your children’s school Tution fees
- Life insurance premium payment
- Principal repayment on your home loan
- Equity Linked Savings Scheme/Mutual funds investment
- Interest paid on housing loan.
The maximum amount that can be claimed under Section 80C has been changed to Rs.1,50,000.
