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