Income Tax Act makes it mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return if their income exceeds the exemption limit as prescribed.
It is mandatory for Partnership firms to file income tax return – irrespective of amount of income or loss.
It is mandatory for all companies to file income tax return.
It is mandatory to file Income tax returns for most types of every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
DOCUMENTS REQUIRED
___________
- Pan Card
Aadhar Card
Bank Statement
Amount of Loan taken (If any)
Details of Sales, Purchases, Receipts, Payments, Expenses, Other incomes, other details as may be required (For Business)
Amount paid towards LIC, Medical Insurance, Investment
Amount paid towards LIC, Medical Insurance, Investment
Details of Movable, Immovable Asset owned, Bought, Sold during the year
Amount of Loan Given (If any)