What is Income Tax :


The Central Government has been empowered by Entry 82 of the Union List of Schedule VII of the Constitution of India to levy tax on all income other than agricultural income (subject to Section 10(1)).[1] The Income Tax Law comprises The Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and Judicial pronouncements by Supreme Court and High Courts.

 

The government of on taxable income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by CBDT and is part of the Department of Revenue under the Ministry of FinanceGovt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.


MINIMUM REQUIREMENTS FOR FILING OF INCOME TAX RETURNS

  • Copy of  Pan Card
  • Copy of Last Year’s Income tax return (If filed)
  • Bank Statement from 1st April 2014 to 31st March 2015(For Assessment Year 2015-2016)
  • TDS Certificates 1st April 2014 to 31st March 2015(For Assessment Year 2015-2016)
  • Savings Certificates/deductions (Like LIP, Mediclaim, NSE, PPF Deposit etc)
  • Statement of Computation of Income or Salary Certificate etc. wherever applicable.*

 

 

* The above mentioned details may vary from client to client as per their various transaction done during the Previous Year as applicable as per Income Tax Act, 1961.