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.
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.
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.