Tax Return Preparation: Complete Guide 2023

If you are going to submit a tax return for the income year 2022-23 and looking for a practical guide for tax return preparation then the “Tax Return Preparation: Complete Guide 2023” book is perfect for you.

How an individual taxpayer will calculate his tax liability, where to invest or donate to avail tax rebate, how to prepare tax return form have been discussed step by step in this book using examples which will help you to calculate your own tax liability after reading the book.

Why is this book a complete practical guide for you?

See the below content and hope you will understand that a complete solution has been incorporated in the book so that you can easily prepare your own tax return by reading the book.

CHAPTER ONE: INTRODUCTION

1.1 Who is eligible to file a tax return?

1.2 When a taxpayer is required to pay minimum tax?

1.3 What is the amount of minimum tax?

1.4 What is the limit of tax-free income?

1.5 Slab-wise tax rates

CHAPTER TWO: REQUIRED DOCUMENTS

2.2 Necessary documents to prepare tax return and submit with the return

CHAPTER THREE: INVESTMENT ALLOWANCE AND TAX REBATE

3.1 Why investment or donation is important?

3.2 Where to invest for tax rebate?

3.3 Where to donate for tax rebate?

3.4 How much you shall invest?

3.5 How to calculate tax rebate?

CHAPTER FOUR: TAX LIABILITY CALCULATION

4.1 How to calculate tax liability by private employee

4.2 How to calculate tax liability by government employee

4.3 Tax liability calculation from house property income

4.4 Tax liability calculation by a teacher

4.5 Tax liability calculation by a doctor

4.6 Income from other sources

4.7 Income from interest on savings certificate

4.8 Spouse or minor children income

4.9 How to adjust the advance tax paid on cars?

4.10 How to adjust the excess payment of tax paid in previous year?

4.11 What would you do if you paid excess tax during the current year?

4.12 How to pay tax to the government treasury?

CHAPTER FIVE: TAX RETURN FORM FILL-UP

5.1 Single page tax return form fill-up

5.2 Tax return form fill-up for salaried person

5.3 Tax return form fill-up for all taxpayers

CHAPTER SIX: LIFESTYLE STATEMENT

6.1 Who is required to submit a lifestyle statement?

6.2 How to fill-up a lifestyle statement?

CHAPTER SEVEN: ASSETS, LIABILITIES AND EXPENSES STATEMENTS

7.1 Who is required to submit assets, liabilities and expenses statements?

7.2 How much house property or land will you show?

7.3 How much gold will you show?

7.4 How much cash or bank balance will you show?

7.5 Is there any benefit for overstating your assets?

7.6 When a taxpayer shall pay surcharge and how to calculate?

CHAPTER EIGHT: WHERE TO FILE TAX RETURN

8.1 Where to file a tax return?

8.2 When to file a tax return?

8.3 Which documents are required to be attached with the tax return form?

8.4 Preserve the acknowledgement receipt

8.5 Is a tax clearance certificate required to collect?

CHAPTER NINE: CONSEQUENCES FOR FAILURE TO SUBMIT TAX RETURN

9.1 What are the consequences for failure to file a tax return?

9.2 How to extend time for filing tax return?

9.3 How to calculate penalty in case of failure to file a tax return within the due date?

9.4 Where to submit a tax return in case of change of address?

9.5 What will you do if you fail to file returns for previous years?

APPENDIX

Appendix 1: Single page return form IT-GHA2020

Appendix 2: Salaried person tax return form IT-11UMA

Appendix 3: Tax return form for all taxpayers IT-11GA2016

Appendix 4: Time extension form