Tax Planning & Advance Tax Payments.

Description

Required Documents

1. Income Details (Salary, Business, etc.)
   • What it is: A comprehensive breakdown of all income sources for accurate tax calculation.
   • Documents Required:
     • Salary Slips – For salaried individuals, providing details of monthly earnings.
     • Profit and Loss Statement – For business owners or self-employed individuals.
     • Bank Statements – To assess interest income or other income sources.
2. Form 16 (Part A & B) and Form 12BA (if applicable)
   • What it is: Tax documents provided by employers to summarize salary income and TDS (Tax Deducted at Source).
   • Documents Required:
     • Form 16 (Part A & B) – To determine your total salary income and the TDS already deducted.
     • Form 12BA – If applicable, for perquisites and allowances.
3. Investment and Deductions Information
   • What it is: Records of eligible investments, expenses, and deductions that reduce taxable income.
   • Documents Required:
     • 80C Investment Proof – Life insurance premiums, ELSS, PPF, etc.
     • 80D (Medical Insurance) – Proof of insurance payments.
     • 80G (Donations) – Receipts for charitable donations.
     • Other Deduction Documents – Any relevant documents for additional deductions like 80E (education loans).
4. Capital Gains Documentation
   • What it is: Documentation showing any capital gains, including sale of assets like property, shares, etc.
   • Documents Required:
     • Sale and Purchase Agreements – For properties or assets sold.
     • Shares and Securities Transaction Statement – If capital gains arise from stock or mutual fund transactions.
5. Advance Tax Payment Receipts
   • What it is: Proof of payments made towards advance tax during the financial year.
   • Documents Required:
     • Challan for Advance Tax Payments – A copy of challans used to make advance tax payments.
6. Details of Previous Year’s Tax Returns (if applicable)
   • What it is: Last year’s tax return can provide insights into your tax liabilities and payments.
   • Documents Required:
     • ITR Acknowledgment or Copy – For any carry forward losses or adjustments.