Checklist for Income Tax returns Filing:
A Presumptive Tax payer
Tax return
B Person Having income from employment and business
B.1 Professionals total income from business and employment
less than 15 lakh and for other persons less than 50 lakh
1 Audited Financial statements (Balance sheet, cash flow
statement, Income statement)
2 Income from employment and Income from business
calculations forms
3 Tax calculation form
4 Tax setoff form
5 TDS made and deposited details
B.2 Professionals total income from business and employment
more than 15 lakh and for other persons more than 50 lakh
Audited Financial statements – Balance sheet, Cash flow
statement, Income statement and Appropriation of Profit
along with related schedules
Remuneration Payments to employees including Employer’s
contribution to retirement fund
Group, value and date of assets purchased or capitalized and
disposed
Depreciation, repairs and maintenance, depreciation base-
group wise information
Interest, Research and Development, Pollution control cost:
For each, actual cost, allowable cost and to be carried
forward / capitalized portion
Details of TDS made on applicable items and its deposit
Details of quantity and value of opening and closing stocks,
method of valuation (in case of trading stock, if any)
Cost of Sales
Insurance expenses paid and insurance claims received or
receivable
Written off debts or credits, contingent liabilities, statement
of changes in equity
Incomes or expenses included in Income statement but not
for tax purpose along with reasons thereof
Tax exempted amounts and expenses incurred to earn such
income
As necessary, income calculation form related to
employment, business and investment, repatriation, in case of
natural person gain from disposal of Non-business
chargeable asset (NBCA)
As necessary, tax calculation form related to employment,
business and investment, repatriation, in case of natural
person gain from disposal of Non-business chargeable asset
(NBCA)
Tax claim form containing details of installment tax and TDS
made on income of tax payer
Foreign Tax credit form
Medical tax credit form
B.3 Profits or gains in excess of Rs 5 crores
As per B.2 plus the following documents:
Annual Interest paid to single person in excess of Rs 50,000:
Payee name, address and Payment
Details of payment if payment made in excess of Rs 10 lakh
to a single person in a year and Details of receipt if received
in excess of Rs 10 lakh from a single person in any year:
Name, address, PAN, amount, reason for payment/receipt,
Forex gain or loss calculation along with method adopted
Details of LCs opened for export or import, LC- Bank,
amount, payment/receipt and outstanding amount
Import details: Imported goods name, quantity, value, import
duty, other government duties, transportation charges and
other expense,
Manufacturing Industry
Production details of main products and by products
Details of Quantity and value of Opening stock,
import/purchase/production, sales/consumption,
breakages/losses and Closing stock of main products,
byproducts, supplementary materials and packaging
materials
If price of product publicly published, evidence of that
Contractor
Contract, Lease agreement, supplementary contract
Cost estimates of each contract
Income and expenses details of each contract and in total
Payment certificated from contractee
Price variation details if price variation
If sub contractor appointed, payment made and TDS details
Person working on Commission Basis
Copy of document specifying commission rate and work to
be done
Evidence of Receipt of commission into Bank account or
otherwise
Details showing commission earned from each supply
Details of income other than agency income
Hotel Business
Separate income and expenditure statements for every line of
business including room, restaurant, laundry, etc.
Details of commission expenses
Travel, trekking and Rafting Business
Separate as well as consolidated income and expenditure
details of traveler ticket, cargo, hotel reservation, water
sports, trekking, site viewing and other services to tourists
If authorized seller of any airlines company (GSA),
agreement thereto and income thereof
Payment made to or received from foreign company and
TDS related to payments or receipts thereof
Details of foreign currency earned
Bank and Financial Institution
Calculation of bad debt claims or provision thereof claimed
as deduction
Interest income received from foreign loan and deposits
Details of interest free deposits
In case of Banks run in joint venture with foreign
commercial banks, agreement with foreign bank
Details of interest income and expenses as per classification
of loans and deposits
Details of income other than interest
Off balance sheet items
General Insurance Business
Sector wise Income and expenditure statement of general
insurance business
Amount transferred to or received from foreign country
under reinsurance
Details of Reinsurance premium paid to non-resident
The term details have been used for “Bibaran” in Nepali.
Form No. to be Income Return
filled
Day 1 Presumptive tax payer
Day 2 From amongst Natural person having both income from business and
income from employment, whose professional income less than 20
lakh or entity earning such income less than Rs 20 lakh; Other
income less than 50 lakh
Day 3 Income from Business, Investment and Employment
Day 4 Gain from NBCA and no other taxable income and PAN not taken
Day 5 Non resident person providing Water transport, Airlines and
Telecommunication entity
Forms or attachments to Income returns
Day 10 Tax calculation form (Natural person)- Schedule 1
Day 11 Tax calculation form (Entity) – Schedule 2
Day 15 Calculation of Income from Business form -Schedule 5
Day 16 Calculation of Income from Employment form – Schedule 6
Day 17 Calculation of Income from Investment form – Schedule 7
Day 18 Calculation of gain or loss on disposal of NBCA of natural person
form - Schedule 8
Day 19 Resident FPE in respect of repatriation – Schedule 9
Rent not related to business of a natural person
Tax credit claim forms to be attached to Income returns
Kre 01 Tax credit claim form Schedule 10
Kre 02 Medical tax credit claim form Schedule 11
Day 06 Foreign tax credit claim form Schedule 12
Notes:
In case of tax returns not certified by auditor, details of the reason notified by auditor to taxpayer
for not certifying tax return should also be submitted
