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Income Tax Consultants in Chennai

Income Tax

INTRODUCTION:

The Income Tax Act 1961

Income tax act is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. Recently the Government of India has brought out a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. Public Commentary has been called for the Draft Bill.[1] The redrafted bill is supposed to be made public soon.

Five Heads of Income Tax:

As per section14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income

1.Salaries

2.House Property

3.Profits and Gains of Business of Profession

4.Capital Gains

5.Other Sources

income tax

DOCUMENTS REQUIRED FOR FILING INCOME TAX :

1. PAN Card.

2.Pay Slip ( for 12 months)

3.FORM 16

4.BANK STATEMENT

Last Date for Filing: July 31st

1 Company PAN Card.

2. Bank Statement.

3. Sale and purchase invoice

4. Expenses Vouchers

5. Business details

Last Date for Filing: July 31st

1. Company PAN Card.

2. Bank Statement.

3. Sale and purchase invoice

4. Expenses Vouchers

5. Business details

Last Date for Filing: July 31st

1. Company PAN Card.

2. Bank Statement.

3. sale and purchace purchase invoice

4.Expenses Vouchers.

5. Business details

Last Date for Filing: September 30th

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