Question

Describe the key sources of information and data required to calculate taxable income

Answer 1

Key sources of information

1) for salary income - TDS certificate issued by the employer.

2) for house property - the rental income received for the house let out

3) capital gains - the amount recieved from sale of any property or belongings which can be sourced through complex amount received from the bank passbook.

4) business or profession - current account of the organisation describes the earnings through business

5) Income from other sources - any sought of income which is not in the above four heads of income.