Taxation

Amount of tax payable on the income earned by an individual is called income tax. Income tax returns are to be filed by individuals, HUF, partnership firms, AOP, BOI, trusts, LLP ( Limited Liability Partnerships), companies (OPC, private & public).

Documents which are mandatory:

• PAN Number
• Form 16 for salaried employees
• Documents related to interest income
• Section 80C, Investment documents for investment in PPF, ULIPS,
• HRA income if applicable
• Capital Gain Income if applicable

Guidelines

All individual whose income exceeds Rs 2,50,000 has to file tax returns.

• If not filed it may lead to imposing of heavy fines by the IT Department via notice asking you to file your return. Interests keeps adding till the returns filed and tax paid. Additional Penalties may also be levied by the tax regulatory authority.