ITR Filing – Profits and Gains from Business or Profession.(Without accounting combo)

Description

Documents Required:

1. Summary of Income and Expenses
   • What it is: A simplified record listing the total income earned and expenses incurred from business or professional activities for the financial year.
   • Purpose: Helps estimate net taxable income from business activities, ensuring accurate tax filing without detailed financial statements.
2. Bank Statements for Business Transactions
   • What it is: Statements from any bank accounts where business-related transactions took place, showing deposits and expenses connected to your business or profession.
   • Purpose: Provides proof of income received and major expenses incurred, simplifying income verification.
3. GST Payment Receipts (if applicable)
   • What it is: Receipts or summaries of GST payments made during the financial year if your business is GST-registered.
   • Purpose: Confirms compliance with GST obligations, required for businesses or professions registered under GST.
4. Invoices or Payment Receipts for Services Rendered
   • What it is: A record of invoices sent to clients or customers and receipts of payments received for professional or business services.
   • Purpose: Supports income claims and provides a basic record for services offered, assisting in verifying revenue.
5. Professional Tax Payment Proof (if applicable)
   • What it is: Receipt showing professional tax paid, if applicable in your state for specific professions.
   • Purpose: Demonstrates compliance with local tax laws, relevant for professions where a state-level tax is required.