DETAILED CHECKLIST FOR FILING INCOME TAX RETURN

ITR FILING

A detailed checklist for filing income tax returns for individuals and companies. Please note that this checklist provides a general overview, and it’s important to consult with a tax professional or chartered accountant for specific guidance based on your jurisdiction and circumstances.

Checklist for Individual Income Tax Return Filing:

1. Personal Information

  • Name, address, contact details, and PAN (Permanent Account Number).
  • Bank account details for refund purposes.
ITR FILING
2. Form Selection
  • Determine the appropriate income tax return (ITR) form based on your income sources, residential status, and other factors.
3. Income Details
  • Salary income: Form 16 provided by the employer.
  • Income from house property: Rent receipts, rental agreement, and details of home loan interest and principal.
  • Income from business or profession: Profit and loss statement, balance sheet, and other relevant financial documents.
  • Income from investments: Interest income, dividend income, capital gains from the sale of assets, etc.
  • Any other sources of income: Gifts, lottery winnings, etc.
4. Deductions and Exemptions:
  • Collect necessary documents for claiming deductions under various sections of the Income Tax Act, such as:

Section 80C: Investment proofs (e.g., life insurance premium, provident fund contributions, etc.).
Section 80D: Health insurance premium receipts.
Section 80G: Donation receipts.
Section 10 exemptions (if applicable): House rent allowance (HRA), leave travel allowance (LTA), etc.

5. TDS (Tax Deducted at Source)
    • Form 16/16A: TDS certificates received from employers, banks, or other deductors.
    • Form 26AS: Verify TDS details available in your Form 26AS with the TDS certificates received.
7. Bank Statements
  • Gather bank statements for all savings accounts, fixed deposits, and other relevant accounts.
8. Foreign Assets and Income (if applicable)
  • Provide details of foreign assets, foreign bank accounts, and any income earned abroad.
9. Other Documents and Information
  • Aadhaar card, PAN card, and other identification documents.
  • Details of previous tax filings and tax payments.
  • Details of any tax notices or assessments received.
6. Capital Gains
  • Details of sale and purchase of assets, such as property, shares, mutual funds, etc.
  • Calculation of capital gains and relevant exemptions (if applicable).

Checklist for Company Income Tax Return Filing

1. Company Information
  • Company name, registered office address, contact details, and PAN.
2. Financial Statements
  • Balance sheet, profit and loss account, and notes to accounts.
  • Cash flow statement (if applicable).
3. Audit Reports (if applicable)
  • Tax audit report (Form 3CD) prepared by a chartered accountant.
  • Transfer pricing audit report (Form 3CEB) (if applicable).
4. Tax Computation
  • Calculation of total income, deductions, exemptions, and tax liability.
5. TDS Compliance
  • TDS certificates (Form 16A) issued by deductors.
  • TDS returns (Form 26Q/27EQ) filed.
6. Tax Payments
  • Proof of tax payments made, such as challans, bank statements, etc.
7. Related Party Transactions (if applicable)
  • Details of transactions with related parties, including transfer pricing documentation.
8. Corporate Governance
  • Minutes of board meetings and general meetings.
  • Register of members, directors, and shares.

Read More: WHO SHOULD FILE INCOME TAX RETURN (ITR)?

9. Annual Compliance
  • Proof of filing annual returns with the Registrar of Companies (ROC).
  • Any other compliance-related documents specific to your company’s industry or activities.

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