Basic Documents Required For Return Filing
- Income Tax ID & Password
- Bank Statements of All Accounts for Concerned Period
- Investment Proofs
- Form 16 Received from employer
- Any other Tax saving investment proof.
Meaning of Salary under Income Tax Act
Under the Income Tax Act, the term salary is defined to include the following:
- Wages;
- Annuity or pension;
- Gratuity;
- Fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
- Advance of salary;
- Payment received by an employee in respect of any period of leave not availed by him/her;
- The portion of annual accretion in any previous year to the balance at the credit of an employee participating in a recognised provident fund to the extent it is taxable;
- Transferred balance in a recognised provident fund to the extent it is taxable;
- Contribution by the Central Government to the account of an employee under a pension scheme referred to in section 80CCD (i.e NPS);
Deductions From Salary Income ( Tax Savings)
- Contribution Towards PF
- House Rent Allowance
- Deductions For LIC/Health Insurance/ Tution Fees/ Home Loan/ Investment
- Investment in ULIP Plan, Tax saver FDs.
- Donations