Documents for Tax Return Submission – Every year, we are required to file income tax returns by either 30th November (for Old Assessees) or 30th June (for New Assesseaes) following the conclusion of the financial year. During the process of submitting our returns, there are occasions when we may be uncertain about which documents should accompany the tax returns.
At this juncture, we must make a decision regarding the documents that need to be submitted to the tax authority and those that do not. Let’s dig into the specific document requirements for tax return submission.
General Documents for Tax Return Submission
Since we are about to submit our income tax returns, it’s important to note that all the documents to be provided will be directly or indirectly related to income. If an individual has earned and received any income during the year, it is imperative to furnish documents as evidence of such income. The same principle applies to asset acquisitions; supporting documents for any additions or disposals of assets must be included along with the tax returns. Below is a list of the general documents required for submission with tax returns:
- Copy of TIN Certificate;
- PP Size photo – One copy (if first time);
- Copy of NID;
- TIN of spouse (if available);
If have Income from Employment/ Salary
- Salary Certificate;
- TDS Challan copies, if tax deducted monthly;
- Bank statements where salary credited;
- Provident Fund related information (contribution and interest);
- Leave encashment certificate; if any
- Final payment-related documents in case of final payments;
If have income from Bank interest, FDR Interest, DPS Interest and Dividend
- Bank statements in support of bank interest;
- FDR Statements in support of FDR interest;
- DPS Statements in support of DPS interest;
- Dividend details;
If have interest income from Shanchaypatra
- Tax Certificate from the Bank where Shanchaypatra interest credited;
- Bank statements where Shanchaypatra interest credited;
If have rental income
- Rent Agreement;
- Receipt of rent collection;
- Bank statements where rental income credited;
- Expenditure information
- Documents regarding common expenditure;
- Repairs and maintenance;
- Land revenue paid;
- Land development payment;
- Insurance premium;
- Interest payments;
- City corporation tax or local tax;
If have income from Business or Profession
- Purchase account book;
- Sales account book;
- Profit-loss account/ income statement;
- Statement of financial status/ balance sheet;
- Bank statements maintained for the business;
- Details of income & expenditure in case of having income from profession;
If have Agricultural Income
- Proof of sale of the goods;
- Expenditure incurred in the agricultural process;
- Books of accounts, if any;
- proof of cash payment of expenditure;
If have Capital gain/ loss
- Documents in support of sale of the assets (Dead, Agreement or any other documents);
- Proof of sale proceeds received in cash or through banking channel;
- Supporting documents regarding the expenditure incurred in selling of the assets;
Documents in support of Investment allowance
In order to reduced income tax liability you can invest in the allowable area as mentioned under 6th Schedule of Income Tax Act 2023.
Here is the list for your ready reference: https://www.taxvatpoint.com/allowable-investment-options-for-tax-purposes-in-bangladesh/
Below are the documents you have to collect/ furnish in support of Investment Allowance
- Copy of Life insurance premium;
- Copy of Provident Fund information;
- Documents in support of Shanchaypatra purchase;
- Documents in support of purchase of Unit Certificate, Mutual Fund, ETF etc,;
- Bank statements of DPS;
- Certificate from Security House in support of share investment;
- Contribution to benevolent fund;
- Group insurance premium documents;
- Documents in support of allowable expenditure under Part 3 of 6th Schedule of ITA 2023 ;
Documents in support of Assets & Liabilites
Supporting documents for the following cases have to be furnished along with the tax returns:
- Assets addition;
- Assets sale;
- Loan taken;
- Loan pay off;
- Loan given to others;
- Any other assets;
Documents in support of life style expenses
- Proof/ documents in support of life style expenses, especially required if the expenses are increased significantly over the period
Conclusion - Documents for Tax Return Submission
In this blog post we try to accommodated all the applicable documents that may be required from time to time. for tax returns preparation and submission. However, the list will be changed based on the circumstances and the nature of the income. When submitting any documents please try to consider whether the documents are required to demonstrate your income or expenditure.
Documents for Tax Return Submission - Source/ Reference:
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