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Information Required to file Income Tax Return Correctly.

Income tax returns in present times require many details. Gone are the days when you could file the returns randomly giving approximate details. Income Tax department has various resources to collect your data. This ranges from your Bank accounts, Spending habits through Credit card, Property purchase details and several other places which we may not aware of. Any Variance from your returns and actual data could lead to a tax notice from the Income Tax department. Thus, it is very much important that everyone discloses almost everything in the returns. Below is the list of important information that you should give to your CA or Advocate or tabulate yourself before filing your Returns.

There is nothing to get scared. It is always recommended to be take precautions rather then answering the authorities later.

Please check the list below.

Checklist for Return Filings
1The amount of cash deposited in your bank accounts during the financial Year
2Details of Purchase of any Property During the Financial Year and its registry paper
3Details of Sale of any Property During the Financial Year and its registry paper
4Total loan EMI repayments by cash, Rest would have been paid from Bank
5Interest Income from various sources
a) Loans and Advances to others
2) FDR in bank
3) MIS accounts
4) Savings Accounts
5) Recurring Deposit Account
6) PPF Account
7) NSC Interest
8) PPF Interest
9) Any other Interest
6Rent Income details
7Property Taxes paid for different rent Incomes
8Details of Share Trading (if any)
9Investment in PPF, NSC, Mutual Funds, Life Insurance Premium, NPS
10Any health Insurance
11Turnover of business – Copy of GST Returns if GST registered
12Estimated profit of the business
13Gift Received from Family members, friends or any other person.
14Any Income in name of your child – Minor
15Details of Housing Loan
16Details of other Loans
17Details of Salary Income
18Rental Income from plant and machinery
19Foreign Travel Details if any
20Payment of Education fees for children
21Any other Information which is relevant as per you. 

Taxation is simple. If you have any doubts on the matter, Please feel free to comment below and we will be happy to help you. We wish you a great day ahead.

Tax Beginner Team
Tax Beginner Teamhttps://www.taxbeginner.com
Passionate about educating the upcoming youth about tax laws and updates. We try to write our articles based on our experiences and helping the youth save huge consultancy costs. Like Share and Subscribe to our pages on social media and Spread the knowledge.


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