There are certain documents required to be submitted and held as evidence under Income Tax Act, 1961 and Income Tax Rules, 1962.
All the persons on whom Income Tax is applicable are accordingly required to act and submit such documents to Income Tax Department.
“Person” has been defined under Income Tax Act, 1961 as:
- a Hindu undivided family,
- a company,
- a limited liability firm,
- a firm,
- a one-person company,
- an association of persons or a body of individuals, whether incorporated or not,
- a local authority, and
- every artificial juridical person, not falling within any of the above category.
The Income Tax Department identifies the person by their PAN i.e. Permanent Account Number.
To get PAN, the person has to submit the following documents along with Form 49A (Application for Allotment of PAN)
In Case of Individual & HUF Person
- Proof of Identity
- Proof of Address
- Proof of Date of BirthIn Case of Other than Individual & HUF Person
Copy of Registration Certificate
- Proof of Address
- Copy of Board Resolution
To get TAN (Tax Deduction and Collection Account Number), the person has to submit the following documents along with Form 49B (Application for Allotment of Tax Deduction and Collection Account Number)
- Copy of PAN Card
The Basic documents are required for filing Income Tax returns as per the mode of Source of Income. These documents should be kept by a Person who is liable to file Income Tax Return. The following is the list of documents person wise.
|Type of Income/Tax Saving Investment||Name of Document|
|Capital Gains Income|
|Income from other Sources|
|Income from Business or Profession|
|Tax Saving Investments|
|Tax deduction on Medical Expenses|
|Leave Travel Allowance|
A charitable or religious trust has to get registration by filing Form 10A along with following documents:
- Certified true copy of trust deed
- Documents evidencing the creation of trust
- Copy of accounts for the previous 3 years immediately preceding the year in which application is made, if applicable.
Maintenance of accounts by certain persons carrying on profession or business under section 44AA
Every person has to maintain books of account and other documents as may enable to calculate total income in accordance to provisions of the Act.
- Daily Voucher such as Cash receipt voucher, Cash Payment Voucher, Bank Payment Voucher, Bank receipt Vouchers
- Purchase Bills
- Sales Bills
- Debit Note
- Credit Note
- Inventory Registers
- Party Ledgers
- Fixed assets Registers
- Investments Registers
- Bank Statements
- Bank Pass Book
- Confirmation of Accounts
- Production Flow Chart
- Stock Register
- Audited Annual Accounts
- Tax Audit Report
- Details about related Party Transactions
- Electricity Bills
- Water bills
- Other utilities bill
- Contract note related to Investments
- Import or export related papers such as clearing and forwarding bills, bill of entry, custom duty payment challan, Invoice, exchange rate etc.
- Every person also has to keep followings along with the details furnished in Point 1 above.
- TDS Return copy
- TCS Return copy
- Annual Return copy
- Service Tax Return copy
- Excise duty Return copy
- CST/VAT Return copy
- Other Statutory Returns copy
- Copy of payment challan of all statutory obligations
- Certificate of exemption for TDS
- Other certificates related to exemption or tax benefits under different provisions of the Act.
- Every person has to keep the followings documents, such as:
- Memorandum and Articles of Association, if applicable
- Partnership deed, if applicable
- Trust deed, if applicable
- Limited Liability partnership deed, if applicable
- Registration Certificates, if applicable
- Import export code number certificate, if applicable
- Excise Registration number certificate, if applicable
- Service Tax Registration number certificate, if applicable
- CST / VAT Registration number certificate, if applicable
- Shop & Establishment number certificate, if applicable
- Professional Tax number certificate, if applicable
- Every person, who avails the loan facilities, has to keep in records the following, wherever applicable:
- Loan agreement with financial institution or bank
- Loan confirmation letter
- Loan disbursement letter
- Repayment of loan receipts
- Loan closure letter
In conclusion, Income tax also known as direct tax is levied directly on a person’s income and paid directly to government. On the other hand, Indirect tax is levied on commodities and services and paid through the supplier to government as per the respective provisions in respective acts. Every “person” as defined in Income Tax Act, 1961, has to keep all such documents as proofs of each and every transaction related to his/her Income and expenses and to justify to the government that the Taxable Income as shown is correct and accurate. Tax, thus computed on this taxable income, is also fair and correct. In case, there is any doubt regarding the computation, Income Tax department may ask for the production of any details along with the documentary proof to justify the computation.