Bank statement along with Form 16????

Question

I am a salaried employee, do I need to enclose bank statement along with form 16 while submitting income tax return on July 31' 2007.

Answer 1

No. You dont need to enclose bank statements. Form 16 and copies of investments/house rent receipts, etc would do.

Answer 2

No you are not required to submit bank statement along with form 16 but you are to submit all your sources and assets which means you should submit your balance sheet which gives the details of your sources and application. Balance sheet once prepared also serves the purpose when you require any loan or assessment of your status. Moreover, after lapse of 3 to 4 years it is very difficult to prove that the income saved by you in fact is in your hand and every year you could save which is represented by either cash in hand or with bank and your investments which is reflected in the balance sheet and you can instead of placing any reply place the balance sheet which speaks of itself. No doubt for this you are required to pay some additional fee to your Chartered Accountant but that pays you in long run.

Answer 3

If you have income other than Salary, such as dividends and interest then you may have to enclose some sort of evidence thereupon. Bank Statement is one such evidence. If salary is the only income you have, then Form 16 is sufficient.

Answer 4

Enclose maximum documents in support of your income, savings, investments etc.