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Income Tax
Income Tax Return
Any individual earning an income above the minimum exempted amount is liable to pay income tax and file an Income Tax Return. Income can be earned from various sources such as salary, rental income, interest income, capital gains from the sale of property, shares, or mutual funds, agriculture income, or business/professional income.
An Income Tax Return is a form that must be filed with the Income Tax Department. The format and applicability of these forms are defined by the Income Tax Department, with separate disclosure requirements based on the income reported.
Benefits of Filing Income Tax Return
- Required for VISA Application
- Acts as Proof of Income
- Eases Loan Processing
- Helps in Claiming Refunds
Documents Required for Filing Income Tax Return (ITR)At WeTaxConsultant
We ensure a smooth and hassle-free ITR filing process. Below are the essential documents required based on different sources of income:
1. General Documents (Applicable to All)
- PAN Card – Mandatory for tax filing
- Aadhaar Card – Required for verification
- Bank Account Details – Passbook or statement for refund processing
- Form 26AS – Tax credit statement from the Income Tax Department
- Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) – Income details from IT department
2. For Salaried Individuals
- Form 16 – Issued by the employer, showing salary details & TDS deducted
- Salary Slips – Monthly salary breakdown
- Rent Receipts – If claiming HRA benefits
- Investment Proofs – For tax-saving deductions (PPF, LIC, ELSS, etc.)
3. For Self-Employed & Business Owners
- Profit & Loss Statement – Income & expense details
- Balance Sheet – Assets & liabilities of the business
- GST Returns – If applicable
- Bank Statements – For business transactions
4. For Rental Income
- Rental Agreement – Proof of rental income
- Property Tax Receipts – To claim deductions
5. For Capital Gains (Sale of Property, Shares, Mutual Funds, )
- Purchase & Sale Deed – For property transactions
- Brokerage Statements – For share trading details
- Mutual Fund Statements – If applicable
6. For Interest & Other Incomes
- Bank Interest Certificates – For savings/fixed deposit interest
- Dividend Statements – If earning dividends
- Other Investment Income Proofs
7. For Tax Deductions & Exemptions
- Home Loan Statement – For interest deduction under Section 80C & 24(b)
- Medical Insurance Receipts – For Section 80D deduction
- Education Loan Interest Certificate – For Section 80E deduction
At WeTaxConsultant , we help you file your ITR accurately and maximize your tax savings. Get in touch with us at www.wetaxconsultant.com for expert assistance!
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