Take extra care with your first return. Missing or incorrect information here is the most common cause of later tax disputes.
What you must declare in your first return
- Fixed assets: land, apartments, houses or vehicles in your name. If left out in year one, it becomes hard to explain them or their income later.
- Bank accounts and cash: balances on 30 June and the source of funds.
- Savings certificates and fixed deposits in your name.
Documents you will need
- Salary statement and tax deduction certificate
- Bank statements (1 July – 30 June)
- TIN certificate and National ID
- For rental income: tenancy agreement, rent receipts and withholding tax challans
- Proof of rebate-eligible investments: savings certificates, provident fund, life insurance
- Land or apartment purchase deeds, if any
- Vehicle advance tax receipt, if any
- Home loan sanction letter and 30 June balance, if any
- Proof of any other income