The revenue enhancement come method is per annum given on date of thirty one Gregorian calendar months. This can be given by resident Associate in nursing non-resident pay receiving people and additionally for people that area unit partners in corporations with turnovers of but a quantity of Rs.1 Crore. The govt. has provided Associate in nursing exemption for those individuals whose total pay falls below Rs.5 lakhs below the condition that similar individuals do earn over Rs.10000 as Associate in nursing interest quantity from saving deposits.
Present is special form of Income Tax return:
- Form No 1: For people who derive income from salary or income or from one home property.
- Form No 2: For people whose income comes from another sources besides those mentioned in Form No 1 which do not include any earnings or gains from the profession.
- Form No 3: For people who are partners in firms and taxes can be charged on their income under the gains and head earnings but does not include bonuses, salary, commission, or any interests.
- Form No 4: For an individual person who carries out business with a proprietorship concern.
- Form No 5: For any person who take benefit of the Presumptive Taxation Scheme.
Documents required of Income Tax Return:-
There are main required
- Bank Account Number with IFSC Code
- TDS Certificate(Form 16/16A)
- Balance Sheet & Profit & loss Account
- Saving Certificate
- PAN Details
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