Tuesday, September 6, 2016

Details/documents required - Transactions on which tax is deducted and credit of which could be claimed

In order to submit income tax return as a business individual or AOP you may need following documents/details:
  1. In case you enjoy normal income of sales, purchases, you have to prepare your trading account comprising, gross sales, gross purchases (exclusive of sales tax), opening/closing stock and other direct and indirect expenses details. Special care should be given while mentioning opening stock in your trading account which is the closing stock of the previous year. In case you mention some other figure, there is a probability that your case will be selected for audit.
  2. In the equity folder please mention the details of your balance sheet. The data should comprise the machinery, figure, capital employed trade debtors/creditors. Figure of capital should (in normal circumstances) be less than the closing stock.
  3. If you are registered with sales tax as well one should have to mention his sales and purchases as per sales tax record, otherwise F.B.R. will issue you a notice indicating the discrepancies and you will be asked to reconcile the difference.
  4. You have to provide complete details of salaries paid during the year. These should be in consonance with the data declared in the withholding statements u/s 149, if you are obliged to e-file the same.
  5. Detail of rent paid during the year. In case rent is over Rs.150,000 you were required to deduct tax on the same otherwise the department can disallow the expense claimed on this account if the landlord is single.
6. Details of all other business expenses e.g. conveyance, communication, office supplies, lease charges, interest on business loan etc should be provide.
7. You should be in possession of copies of electricity, telephone/mobile phone certificates and bills of other utilities of business premises as well as of residence so that the expenses under these heads could be mentioned and you may know how much tax is deducted on your electricity bill and telephone/mobile bill.
8. In case of imports please mention the figure of imports under Final tax regime if the same are not consumed for self manufacturing.
9. In case tax is deducted on supplies/services or on contracts, a deduction certificate from the relevant institute/(s) should be made available to ascertain the figures and tax deduction details.
10. Please mention the detail of interest on business loan paid/financial charges paid on leased assets etc.
10. In order to fill in your wealth statement detail of any sort of loan as on 30.06.2015.
11. Bank statements of all the bank accounts maintained personally or in the name of business should be obtained from the banks. You have to mention the end balances as on 30.06.2015 in your wealth statement.
12. Certificate from banks regarding tax deduction on banking transactions/cash withdrawals as well as profits earned on bank deposits should be obtained to claim tax credits.
13. In case you have made any local or foreign trip, please keep the copy of air ticket in tact which contains the amount of income tax deduction which you can claim while submitting your income tax return
14. In case any investment is made in the shares of the company or mutual fund, detail of the same along with details of profits on sale of shares earned during the year please mention the same in the relevant column of “Final/Fixed/minimum tax” folder.
15. Any cash or capital dividend received should be mentioned in “Final/Fixed/Minimum tax” folder.
16. Detail of any function/gathering arranged in a marriage hall etc. along with invoice thereof so that credit of tax deducted may be claimed.
17. Tax is deducted by the educational institutions if the fee is more than Rs.200,000 per annum.
Following details
18. In case of purchase or sale of any vehicle during the year, copy of registration book/amount of consideration received.
19. Documents relating to any immovable or movable property acquired/sold during the year.
20. Detail of motor vehicles in your name e.g. make, engine capacity, year of acquisition, cost of acquisition and registration No.
21. Detail of token tax paid during the period 01.07.2014 to 30.06.2015
22. In case you have acquired any movable or immovable property on lease, the installments paid during the period 01.07.2014 to 30.06.2015.
23. Detail of any other income e.g.
a. Income from property (gross rent, tax deduction on rent [if any], property tax paid, insurance premium paid.
b. Details of profits earned on bank deposits/saving certificates etc. The following details should be provided:
i. Bank account No.
ii. Nature of deposits/saving certificates
iii. Gross profit earned during the year.
iv. Tax deductions made by the banks/National Savings
24. Detail of any foreign remittances received during the year.
25. Complete details of household expenses;
a. Gross amount of electricity bills
b. Gross amount of gas bills
c. Gross amount of telephone bills
d. Water bills
e. Insurance premium paid
f. Expenses on education of children.
g. Donation/zakat paid.
h. If you have joined any club detail of club fee.
i. In case any contribution in expenses is made by any other person, his/her NTN, name and amount contributed by him should be indicated.
26. Detail of any other income earned/gift/remittances received during the year.
27. In case of a withholding agents, copies of monthly withholding statements u/s 165/149.

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